Coinbase Completes Deribit Migration, Shuts Down International Exchange

Coinbase Exchange Transition Complete

Coinbase completed the full migration of its International Exchange to Deribit on October 1st, effectively ending trading on the older venue. The International Exchange is now read-only, with all trading activity transferred to Deribit. The migration status report indicated completion at 10:02 UTC.

Impact on Institutional Clients

The shift primarily affects non-US institutional clients in select jurisdictions. These accounts will need to establish new trading connections and utilize Deribit API keys, as existing International Exchange keys are no longer functional. API-key IP allowlists and instrument names also require updates. Open orders were canceled and must be recreated on Deribit.

Settlement and Funding Rate Changes

Perpetual positions now settle daily at 08:00 UTC, a change from the previous five-minute cycle. Settlement occurs via cash balance adjustments, while funding accrues continuously and cash-settles at the same time. The funding rate is quoted on an eight-hour basis. Historical trade data from the International Exchange will remain accessible via API for approximately 12 months, but will not appear on Deribit.

Retail Access and Future Plans

Coinbase app and website users retain their existing accounts, though market data and screens may differ. Advanced Trade API users also need the new Deribit gateway. Coinbase plans to roll out in-app options for eligible users in select non-US jurisdictions starting in late October, subject to availability. The company continues to operate Coinbase Derivatives futures and US Prime options access separately.

Source: CryptoSlate