Coinbase will transfer institutional clients from its International Exchange to Deribit on September 9, 2026, as part of integrating the crypto options exchange it acquired for $2.9 billion. The migration requires institutional users to opt out by August 28 or automatically accept new terms. On migration day, positions will be settled and recreated on Deribit within a 30-minute window. The move aims to consolidate institutional trading onto Deribit’s platform and strengthen Coinbase’s offshore derivatives business. Retail users on the Coinbase app or website are not affected.
Coinbase has scheduled the migration of institutional clients from its International Exchange to Deribit for September 9, a major integration step following its $2.9 billion acquisition of the crypto options exchange. The move applies only to institutional customers and excludes retail users of the Coinbase app or website.
Institutional clients that do not wish to migrate must close all positions and permanently close their International Exchange accounts by August 28. Accounts left open after that date will automatically be treated as having accepted the new terms and transferred to Deribit.
Coinbase will offer read-only Deribit subaccounts starting August 31, allowing institutions to verify access, create new API keys, validate portfolio mapping, and check position or withdrawal limits. All dates are tentative and subject to change.
On September 9, Coinbase expects approximately 30 minutes for the conversion. All International Exchange order books will close, positions will be liquidated, and profits and losses settled before funds transfer to Deribit. Positions will be recreated on Deribit through matched migration trades at the settlement price.
Because settlement occurs independently on each exchange before the move, price differentials may arise when trading resumes, leading to unrealized gains or losses. Coinbase will not charge trading or settlement costs for the migration, and transferred positions are legally binding, not new positions.
Existing International Exchange API keys will stop working, requiring new credentials from the Deribit system. Historical data will remain accessible via old APIs for about 12 months without being displayed by Deribit. Any margin loans must be cleared.
The migration is part of Coinbase’s broader effort to connect with Deribit and strengthen its position in the institutional crypto derivatives market. The choice of custodian depends on the client’s location and account configuration. The next major milestones include the opt-out deadline on August 28 and read-only access from August 31, with full migration on September 9.
