Coinbase Moves Derivatives to Deribit, What Changes Now? - Blockonomi

by · Blockonomi

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  • Coinbase completed the International Exchange migration to Deribit on Oct. 1.
  • Institutional clients must create new Deribit API keys and update trading connections.
  • Open orders were canceled during the cutover and must be recreated where needed.
  • Migrated perpetual positions now settle daily at 08:00 UTC instead of every five minutes.
  • Legacy International Exchange trading records remain separate from Deribit records.

Coinbase completed the migration of Coinbase International Exchange to Deribit on Oct. 1, moving trading activity to the derivatives platform. The former international venue is now read-only after maintenance ended at 10:02 UTC. The change affects eligible non-US institutional accounts in selected jurisdictions.

Coinbase Shifts International Trading to Deribit

Institutional clients must connect through Deribit endpoints and create new Deribit API keys. Existing International Exchange keys no longer work. IP allowlists also do not transfer, so firms using API or FIX connections must update access settings before placing trades.

Coinbase canceled open International Exchange orders when trading stopped instead of moving them automatically. Clients must recreate orders they still want. Instrument names and some order fields also differ on Deribit. Coinbase recently received Coinbase Clearing approval for a separate US derivatives operation.

Settlement and Records Change After Cutover

Migrated perpetual positions now settle once daily at 08:00 UTC rather than every five minutes. The process credits profits or deducts losses from cash balances without closing positions. Funding continues to build during the day and settles at the same daily time.

Migration entries can also affect account records. Block trades marked “Migration” recreate positions at the former venue’s settlement price rather than record new purchases or sales. A difference between that price and Deribit’s reopening mark can create immediate unrealized profit or loss.

Historical records remain split between the two venues. Deribit does not display old International Exchange trading history. Coinbase says former trade and order APIs will remain available for about 12 months. Coinbase has also added fixed-rate Bitcoin-backed loans through Morpho Midnight.

Retail Access Follows a Different Route

Coinbase app and website users keep their accounts and core workflows, although market data and some screens may change. Advanced Trade API customers using derivatives must move to the new Deribit-powered gateway, while product access varies by account type and location.

The company keeps its CFTC-regulated Coinbase Derivatives futures separate from this international migration. Its product push includes Coinbase tokenized stocks on Aave V4, where selected tokenized equities can support USDC borrowing on Base. US Prime options follow another rollout schedule.

Coinbase plans in-app options for eligible users in selected non-US markets from late October, subject to availability. The Oct. 1 cutover changes trading infrastructure immediately for migrated institutions while leaving other Coinbase derivatives products on separate access paths.

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