Overview
As an institutional client of Coinbase International Exchange, your account, positions, and balances will be migrated to Deribit, with the migration completing on September 9, 2026. This FAQ covers what to expect, what actions you must take, and key considerations for your trading operations, legal/compliance, and finance teams.
Getting Started
Q: What is happening and why?
A: Coinbase International Exchange is consolidating into Deribit as part of a platform-wide infrastructure upgrade. Following this transition, Deribit will serve as the single, scaled venue for Coinbase's global derivatives business — bringing together liquidity that was previously split across two platforms into one unified pool. The combined platform offers broader product coverage including options, a more scalable matching engine, and enhanced risk infrastructure.
Q: What are the key deadlines?
A:
August 28, 2026 — Last day to opt out of migration by closing your positions.
August 31, 2026 — Verify your Deribit account access is set up and working ahead of migration.
September 9, 2026 — Migration Day. Your positions and balances move to Deribit.
Contact your Account Manager or email exchangeops@coinbase.com with questions.
Q: What if I do not want to migrate?
A: If you do not wish to migrate, you must close your account before August 28, 2026. Please contact clientonboarding@coinbase.com. If you do not close your account, you will be deemed to have accepted the new terms and the migration.
Your Account
Q: What happens to my Coinbase International Exchange account?
A:On September 9, 2026, your trading activity moves from Coinbase International Exchange to Deribit. All open positions and balances will be migrated automatically — you don't need to do anything.
What that looks like for your account:
If you don’t have a Deribit account, a Deribit account will be created for you automatically.
If you already have a Deribit account, your Coinbase International Exchange portfolios will be mapped to new subaccounts within your existing Deribit main account. Each subaccount name will match your Coinbase International Exchange Portfolio UID.
Q: Will my subaccount structure on Coinbase International Exchange be preserved?
A: Your Coinbase International Exchange portfolios will be mapped to corresponding Deribit subaccounts. Each migrated portfolio will be assigned to a separate, labeled subaccount within your Deribit main account.
Q: What is my legal relationship after the migration and what do I need to do?
A: It depends on your current account setup. Here's who will be servicing you and for what:
If you only have a Coinbase International Exchange account, Coinbase Bermuda Limited (CBBM) will act as your broker and custodian. Your orders are routed through CBBM to Deribit for execution, with CBBM as your primary counterparty. There is no added latency with this setup, and execution speed is the same as trading directly on Deribit. No action is required — you are already party to the CBBM agreement; updated agreement will be sent via email notice and is available here.
If you trade on both Coinbase International Exchange and Deribit Exchange, CBBM will serve as custodian only. You will trade directly on Deribit Exchange with Deribit FZE as your counterparty, not through CBBM as a broker. No action is required — you are already party to both CBBM and Deribit agreements; updated agreements will be sent via email notice and are available here (CBBM) and here (Deribit).
If you are using a third-party custodian on Coinbase International Exchange and plan to continue using a third-party custodian, your trading relationship moves to Deribit Panama. Your account manager will be in touch with next steps.
If you have both a Coinbase International Exchange account and a Deribit Panama account, your relationship will move to CBBM and your Deribit Panama account will be closed. No action is required — you are already party to the CBBM agreement; updated agreement will be sent via email notice and is available here.
If you have both a Coinbase International Exchange account and a Deribit Panama account accessed via a third-party custodian, your CBBM account will close and your relationship will move to Deribit Panama. You have the option to manually move CBBM collateral to the third-party custodian or if you take no action we will move it to native Deribit custody. Additional details will be sent via email notice. You are already party to the Deribit Panama agreement which is available here.
Your account manager will reach out with specific instructions if any further action is required for your entity.
Migration Process
Q: What is the migration process on September 9?
A: The migration follows a phased approach to ensure a smooth transition:
Pre-Migration (August 31): Your Deribit subaccounts will be provisioned earlier than the migration date in a read-only state. Use this window to get your environment ready before migration day:
Generate and configure API keys for your new Deribit subaccounts
Review your subaccount structure and confirm portfolio mappings
Request any account limits you need (position limits, withdrawal limits, etc.) — getting these approved early avoids delays on migration day
Familiarize yourself with the Deribit interface if you are new to the platform.
Migration Day (Sept 9): The migration will take place with an expected downtime of approximately 30 minutes, during which the following occurs:
All open Coinbase International Exchange orders are canceled.
Positions are settled at the mark price (PnL crystallized, funding paid).
Resulting balances are transferred to your new Deribit subaccounts.
Positions are recreated on Deribit at the same settlement price via matched migration trades.
Q: How will my positions appear during the migration window?
A: During the ~30-minute migration window, your positions will be in transit. You will not be able to trade or modify positions during this time. Once the migration is complete, your positions will appear in your new Deribit subaccounts.
Q: What artifacts should I expect post-migration?
A: When your positions are migrated, they will be booked as block trades against a Deribit at your Coinbase International Exchange settlement price. These trades will appear in your trade history and are a standard part of the migration process — they do not reflect actual trading activity.
Because Coinbase International Exchange and Deribit settle markets independently before the cutover, there may be a price difference between the two. If so, you will see immediate unrealized PnL when Deribit markets reopen, reflecting that gap. This is expected and not an error.
Q: How do I identify migration trades in my Deribit account?
A: Migration trades will be clearly identifiable and tagged as "Migration" in your Deribit trade history, distinct from your regular trading activity.
Q: Will my Coinbase International Exchange trading history be available after the migration?
A: Coinbase International Exchange APIs will remain accessible for historical trade and order data for approximately 12 months post-migration. Coinbase International Exchange trading history will not appear in Deribit. Clients should update bookmarks, API endpoints, and integrations to Deribit.
Q: Are there any tax implications from the migration?
A: The tax treatment of the migration will depend on your particular circumstances and your jurisdiction, so you should consult your tax advisor. If you need records for tax or reporting purposes, we recommend saving a copy of your trading history before the migration for your records. Coinbase does not provide tax advice.
Platform & API Changes
Q: Will the Deribit UI be different from what I'm used to on Coinbase International Exchange?
A: Yes, the UI will be different. You can familiarize yourself with the new interface at test.deribit.com.
Q: What API changes are required?
A: You must update API endpoints from Coinbase International Exchange to Deribit. This is a required action as Coinbase International Exchange API endpoints will no longer support trading after September 9.
Q: Will my existing Coinbase International Exchange API keys work on Deribit?
A: No. You will need to create new API keys on Deribit. You can do this once your Deribit account is provisioned.
Q: What connectivity options are available on Deribit?
A: Deribit offers REST API, WebSocket, FIX, and SBE (binary) connectivity. The new Deribit matching engine adds multicast market data feeds available in Equinix LD4, AWS eu-west-2, and ap-northeast-1.
Q: Will order types change?
A: Yes, order types will change. You can reference the Deribit support page Order attributes for full details on supported order attributes.
Q: Will options trading be available to Coinbase International Exchange institutional clients after migration?
A: Yes. After migration to Deribit, institutional clients will have access to the full options suite — the same options available to retail and all other Deribit users — including listed options on BTC, ETH, and other assets.
Q: Will there be changes to settlement intervals?
A: Yes. On Coinbase International Exchange, perpetual contracts settle every 5 minutes. On Deribit, settlement happens once daily at 08:00 UTC.
At 08:00 UTC each day, Deribit realizes all session PnL on your open perpetual positions — profits are credited and losses are deducted from your cash balance. Your open positions remain open; settlement does not close them. After settlement completes, session PnL counters reset to zero for the new 24-hour window.
Q: Will there be changes to funding intervals?
A: Yes. Funding works differently on Deribit than on Coinbase International Exchange.
On Coinbase International Exchange, funding is applied hourly with no rate clamp — meaning the funding rate can move freely based on the premium between mark price and index price.
On Deribit, funding accrues continuously in real time and is reflected in your realized session PnL (RSPL). Cash settlement happens once daily at 08:00 UTC. The rate is expressed as an 8-hour rate.
Two key differences from Coinbase International Exchange:
Damper: funding rate drops to 0% when the mark price is within ±0.025% of the index. You only pay or receive funding when there's a meaningful price gap.
Cap: Deribit caps the funding rate, unlike Coinbase International Exchange which has no clamp. The cap varies by coin: ±0.5% for BTC, ±1.0% for ETH, and ±5.0% for USDC/USDT per 8 hours.
For full details, see Deribit's Funding Specifications
Q: Will reporting and trade export formats change?
A: Yes. Reporting and trade exports will follow Deribit's format — see Deribit's reporting documentation here: https://support.deribit.com/hc/en-us/articles/31320939469725-Taxes-on-Deribit
Past Coinbase International Exchange reporting and trade exports will not be available on Deribit. For access to historical Coinbase International Exchange trade data, see "Will my Coinbase International Exchange trading history be available after migration? in the QnA
Fees
Q: Will my trading fees change?
A: Yes, trading fees will change and follow Deribit's fee schedule, Add link to new fee schedule
Q: Will my existing fee tier or volume-based pricing carry over?
A: Yes. We will initially use your Coinbase International Exchange trading volume to determine your starting fee tier on Deribit. Moving forward, your fee tier will be based on your Deribit trading volume. Deribit operates on a Last 30 Days (L30D) volume tier, which allows for daily tier upgrades.
Q: Will there be any fees associated with the migration itself?
A: No. No trading or settlement fees will be incurred during the migration process.
Margin & Collateral
Q: How will my margin framework change after the migration?
A: When your account migrates to Deribit, you will be defaulted to Cross Standard Margin (X:SM). Under X:SM, margin requirements are calculated separately for each position and then summed across all assets together. Because it pools all your collateral currencies, you can hold one asset and use it to meet margin requirements on positions in another — for example, BTC holdings can support ETH-settled positions. Haircuts and collateral fees apply to non-settlement currencies.
Deribit offers four margin modes in total. If X:SM does not fit your setup, you can switch to Segregated Standard Margin (S:SM), which keeps each asset and its liquidations fully independent; Segregated Portfolio Margin (S:PM), which uses scenario-based margin across a single asset's portfolio; or Cross Portfolio Margin (X:PM), which applies scenario-based margin across all assets combined. Portfolio margin modes generally benefit larger, hedged books.
To change your margin mode, navigate to the Change Margin Model page on Deribit. Each main account and subaccount can set its own margin model independently.
Q: Will the collateral / margin requirements change?
A: Yes. Margin requirements will differ on Deribit depending on the margin mode you select (S:SM, S:PM, X:SM, or X:PM). A portfolio-specific risk comparison will be provided ahead of migration.
Q: What are custom capital efficiency options on Deribit?
A: Deribit offers several institutional capital efficiency features: Full Account Balance Review (FABR), Margin Scaledown, and Margin Buffer. Your account manager will contact you separately about which package applies to your account based on your existing Coinbase International Exchange arrangements.
Q: Will margin loan terms change?
A: Existing margin loans will not migrate to Deribit. All margin loans must be closed out prior to the cutover date. Post-migration, institutional clients will be transitioned to the applicable custom agreements, such as FABR, Margin Scaledown, and Margin Buffer, to manage their capital efficiency needs.
Q: Will the insurance fund change?
A: The mechanics of the insurance fund will remain unchanged. And the combined platform will have a larger insurance fund, providing a more robust safety net for traders.
Important Information
This page is provided for general informational purposes only and does not constitute financial, investment, legal, tax, or accounting advice, or a recommendation to enter into any transaction.
Dates and availability. All dates, timelines, and milestones described above — including the transition/migration date — are current estimates and are subject to change, with notice where required.
Product availability (including options, dated futures, perpetuals, and spot) is being rolled out on a phased basis and may vary by product, platform, and over time. Some products and features may not launch on the dates indicated, or at all.
Eligibility and markets. Products and services are available only to eligible users in supported jurisdictions, and are subject to applicable eligibility and onboarding requirements. They are not available where prohibited by law. Eligibility and available products may differ depending on your location, account type, and the platform you use. Check the Coinbase app, website, or Deribit platform for what is available to you.
Providing entities. Depending on your account type and jurisdiction, derivatives products and related services are provided by different entities, including Coinbase Bermuda Limited (BMA regulated), Deribit FZE (VARA regulated), DRB Panama, Inc., and Coinbase Financial Markets, Inc (NFA member). Your relationship and applicable terms depend on the entity you contract with. Nothing here amends your existing agreements; in the event of any conflict, your applicable user/account agreements and the relevant platform trading rules govern.
Risk. Trading crypto assets and derivatives involves significant risk, including the use of leverage, and may result in the loss of some or all of your funds. Past performance is not indicative of future results. You should carefully consider whether trading is appropriate for you in light of your circumstances and financial resources.
Tax. The tax treatment of any transaction or migration depends on your individual circumstances and jurisdiction. Coinbase and Deribit do not provide tax advice; consult your own tax advisor.
This page may be updated from time to time. Statements regarding future products, features, or performance are forward-looking and subject to change.