TL;DR
- Coinbase completed on October 1, 2026 the migration of its international exchange to Deribit, leaving the previous platform in read-only mode.
- Affected institutional clients must use new Deribit endpoints and API keys; canceled orders must be manually recreated on the new platform.
- Migrated perpetual positions settle once a day at 08:00 UTC, replacing the five-minute cycle of the previous exchange.
Coinbase completed yesterday the migration of Coinbase International Exchange to Deribit, putting an end to operations on its former international platform.
The maintenance was marked as complete at 10:02 UTC, according to the migration status report published by the company. From that moment on, the previous exchange operates exclusively in read-only mode and all trading activity was transferred to Deribit.
This process aims to unify derivatives liquidity that until then was distributed between both platforms. The affected institutional accounts belong to non-US institutions in selected jurisdictions, and the available products continue to depend on the account type and the client’s geographic location.
Coinbase and Deribit: New Connections, New Rules
Clients who operated through API or FIX connections must migrate to Deribit’s endpoints and generate new API keys specific to that platform. The previous exchange’s keys are not compatible and there is no parallel operation window on the original platform.
Additionally, the IP allowlists linked to API keys are not automatically transferred. Instrument names and order attributes also change, while open orders on the previous exchange were canceled at the time of the cutover, with no possibility of a direct transfer. Those wishing to maintain those positions must recreate them manually on Deribit.
Regarding the legal structure, Coinbase Bermuda Limited acts as broker, custodian and principal counterparty for institutional clients, routing orders to Deribit according to the institutional guide published by the company.
The settlement cycle for migrated perpetual positions changed considerably: instead of the five-minute cycle operated by the previous exchange, settlement now occurs once a day at 08:00 UTC. Credits and debits are applied to cash balances without closing positions, and funding accrues continuously until it is settled at the same daily time.
The Trading History Remains Separate
The trading history also presents particularities to consider. Block trade entries labeled as “Migration” recreate positions at the previous exchange’s settlement price and represent accounting records, not new trades. Any difference between that price and Deribit’s mark price at the time of reopening can generate unrealized gains or losses immediately.
The trading history prior to the migration does not appear on Deribit. Coinbase reported that the previous exchange’s trading and order history APIs will remain accessible for approximately 12 months, leaving institutions with separate records depending on the period of activity.
For users of the Coinbase website and app, the main workflows remain intact, although screens and market data may present changes. The availability of options for retail users in selected non-US jurisdictions is expected for late October, subject to access conditions.
