Coinbase will move institutional accounts from its International Exchange to Deribit on September 9, 2025. The migration involves canceling all open orders, settling positions at market prices, and recreating them on Deribit within a 30-minute window. Clients who do not want to participate must close their International Exchange account before August 28, 2025.
Why the move
Coinbase acquired Deribit in a $2.9 billion deal. The migration consolidates institutional derivatives trading onto Deribit's platform. The company says the move will streamline operations for institutional clients, though it requires a one-time cutover.
What clients need to do
New Deribit subaccounts will be available in a read-only state on August 31, 2025. Clients can use that window to verify access and generate new API keys. Existing International Exchange API keys will not work on Deribit — endpoints and credentials must be updated. Legacy International Exchange APIs will remain accessible for historical data for about 12 months, but that history will not appear on Deribit.
Existing margin loans will not transfer. Clients must close them before the cutover. Post-migration margin requirements will depend on the selected Deribit mode and any custom institutional arrangement.
Custody and counterparty structures
The setup after migration varies by client. Some will retain Coinbase Bermuda Limited as broker and custodian. Others will trade directly with Deribit FZE while keeping Coinbase custody. Certain third-party-custody arrangements will move to Deribit Panama. Coinbase expects no trading or settlement fees for the migration itself.
What stays behind
The migration applies only to Coinbase International Exchange institutional clients — retail users are not affected. Legacy International Exchange APIs will remain available for historical data retrieval for roughly 12 months, but no new trading activity will occur on that platform after September 9.
Coinbase notes that all dates, timelines, and milestones are estimates and may change. Clients should monitor official communications for any updates.
