Coinbase moves institutional clients to Deribit on 9 September

Coinbase has announced that it will transfer the accounts, balances and positions of its institutional clients on the International Exchange to Deribit, the world’s largest crypto options exchange. The migration is scheduled for 9 September and will involve a trading pause of approximately 30 minutes.

In brief:

• Coinbase is moving institutional clients from its International Exchange to Deribit on 9 September.
• Outstanding orders will be cancelled and positions will be settled at the market price and recreated on Deribit.
• Clients who do not wish to take part must close their positions and accounts before 28 August.

What happens during the migration

During the transition, all outstanding orders will be cancelled. Positions will be settled at the market price at the time of migration and then recreated on Deribit at the same reference price. In this way, clients’ positions remain substantively intact, even though the platform on which they are held changes.

Existing API keys and margin loans will not carry over to Deribit. Clients will therefore need to take action on these themselves. More details on the technical process can be found in the official documentation from Coinbase and the FAQ on the migration.

Deadline for those who do not wish to migrate

Not every client has to agree to the transition. Those who decline the migration to Deribit must have closed their positions and accounts by 28 August. After that date, the option to settle independently will expire.

The move fits into a broader trend in which exchanges are increasingly concentrating their institutional services on specialised platforms. Deribit handles the vast majority of global trading volume in crypto options and futures, thereby attracting institutional players that need deeper liquidity and more advanced trading options.