Coinbase completed the migration of Coinbase International Exchange to Deribit on Oct. 1, according to the company's status report, which marked maintenance complete at 10:02 UTC. The former venue is now read-only, and all trading activity has moved to Deribit.

The switch creates immediate operational work for affected institutional clients — non-US institutions in selected jurisdictions. They face new trading connections, a different settlement cycle and separate historical records. Coinbase says the consolidation pools derivatives liquidity that was previously split across the two venues, though available products and access still depend on account type and location.

The connectivity changes are blunt. Institutions using API or FIX connections need Deribit endpoints and newly created Deribit API keys. International Exchange keys will not work, and there is no parallel trading window on the former venue. Deribit's API migration guide notes that IP allowlists attached to old keys do not carry over, instrument names and order attributes have changed, and open International Exchange orders were canceled at the halt rather than transferred. Any client wanting to reinstate a canceled order must recreate it manually on the new venue.

Execution has moved to Deribit, but the legal structure sits with Coinbase. Coinbase Bermuda Limited continues to act as broker, custodian and primary counterparty for these clients, routing their orders to Deribit, according to Coinbase's institutional guidance.

Settlement mechanics have also shifted. Migrated perpetual positions now settle once a day at 08:00 UTC, replacing International Exchange's five-minute cycle. Settlement credits profits or deducts losses from cash balances without closing the positions. Funding accrues continuously and cash-settles at the same daily time; the quoted eight-hour funding rate remains a separate display convention rather than an actual settlement interval.

Historical records require care from operations and reporting teams. Block-trade entries tagged "Migration" recreate positions at the International Exchange settlement price. Coinbase emphasizes these are booking artifacts, not new buying or selling. A gap between that settlement price and Deribit's mark at reopening can generate immediate unrealized profit or loss on migrated positions.

Legacy International Exchange trading history does not appear on Deribit at all. Coinbase says historical trade and order APIs will remain accessible for approximately 12 months after migration, leaving institutions to reconcile two separate record sets for activity before and after the switch.

The path differs for Coinbase app and website users. They keep their existing Coinbase account and familiar core workflows, although screens and market data may change. Customers using the Coinbase Advanced Trade API for derivatives still need to move to the new Deribit-powered gateway.

The cutover does not make every derivatives product available everywhere at once. Coinbase continues to identify its CFTC-regulated Coinbase Deribatives futures separately, and US Prime options access follows its own timeline. The retail FAQ plans in-app options for eligible users in selected non-US jurisdictions from late October, subject to availability.

Institutions now have roughly 12 months to pull their legacy trade and order records from the old APIs before access ends.