Coinbase completes Deribit migration, ends International Exchange trading

Coinbase completed the migration of Coinbase International Exchange trading to Deribit on October 1, 2026, ending trading on the former venue. Coinbase's migration status report marked maintenance complete at 10:02 UTC that day. The former exchange is now read-only, with no parallel trading window. Affected institutional accounts belong to non-US institutions in selected jurisdictions. Coinbase says the consolidation pools derivatives liquidity previously split across the venues. Product availability and access still depend on account type and location. Institutions using API or FIX connections need Deribit endpoints and newly created Deribit API keys; International Exchange keys will not work. Deribit's API migration guide says API-key IP allowlists do not transfer. Instrument names and order attributes also change. Open International Exchange orders were canceled at the halt rather than transferred, so clients wishing to reinstate them must recreate them on Deribit. According to Coinbase's institutional guidance, Coinbase Bermuda Limited acts as these clients' broker, custodian and primary counterparty and routes their orders to Deribit. Migrated perpetual positions now settle daily at 08:00 UTC instead of on International Exchange's five-minute cycle. Settlement adjusts cash balances for profits or losses without closing positions. Funding accrues continuously and cash-settles at the same daily time; the quoted eight-hour funding rate is a separate convention. Block-trade entries tagged "Migration" recreate positions at the International Exchange settlement price; they do not represent new buying or selling. A difference between that price and Deribit's mark at reopening can create immediate unrealized profit or loss. Legacy International Exchange trading history does not appear on Deribit. Coinbase says historical trade and order APIs will remain accessible for approximately 12 months after migration, leaving institutions with separate records for activity before and after the switch. Coinbase app and website users keep their Coinbase accounts and core workflows, although screens and market data may change. Customers using the Coinbase Advanced Trade API for derivatives need the new Deribit-powered gateway. The migration does not make every derivatives product immediately available everywhere. Coinbase continues to identify its CFTC-regulated Coinbase Derivatives futures separately, while US Prime options access follows a different timeline. Coinbase's retail FAQ plans in-app options for eligible users in selected non-US jurisdictions from late October, subject to availability.