Coinbase International Exchange is consolidating into Deribit as Coinbase's single global derivatives venue. Your account, portfolios, balances, and positions move to Deribit on 1 October 2026 (subject to change). After the cutover you will trade in one shared liquidity pool, on Deribit's new matching engine, with access to Deribit's options markets and a broader product suite.
This article is for Coinbase International Exchange (INTX) institutional clients. If you trade perpetuals only through the Coinbase or Coinbase Advanced app, the transition is automatic on Coinbase and no action is required. If you already trade only on Deribit and have no International Exchange account, your Deribit account is unchanged. See Already a Deribit client below.
All dates below are current estimates and may change. Your account manager will confirm the cutover window. For questions, contact your account manager or email exchangeops@coinbase.com.
Who this is for
Use this guide if you hold an institutional Coinbase International Exchange account and trade via the International Exchange interface, API, or FIX.
Do not use this guide if you only trade perpetuals in the Coinbase app or website, or if you are a Coinbase Prime client with no International Exchange account. Those audiences are covered on the Coinbase Help Center.
Key dates
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22 September 2026 (completed). The pre-migration period starts. Your newly created Deribit account is provisioned in a read-only state. Use this window to verify access, create API keys, confirm mappings, request limits, and export history.
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1 October 2026. Migration day. Expected downtime of about 30 minutes. Positions and balances move to Deribit. International Exchange trading endpoints stop accepting orders.
Some accounts with no balance and/or no positions may be moved before 1 October, at Coinbase's discretion.
Two stages
Pre-migration (from 22 September 2026)
A new Deribit main account is created for you automatically. Your first International Exchange portfolio is set up as that main account. Each subsequent International Exchange portfolio maps to a Deribit subaccount whose name matches your International Exchange portfolio UID.
The account is read-only for trading until migration day.
Log in with your existing International Exchange credentials. On the log in page, choose Sign in with Coinbase INTX Account, then confirm every portfolio mapping.
Sign in with Coinbase INTX Account
Also use this window to:
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Generate and configure new Deribit API keys on each account that will trade (International Exchange keys do not work on Deribit)
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Request position limits, withdrawal limits, and any other limits you need on day one
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Export International Exchange trade, order, funding, and fee history (Deribit will not show it)
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Familiarize yourself with the Deribit interface on production (read-only) and on test.deribit.com
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Enable two-factor authentication and review account security
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Recreate API IP allowlists. International Exchange allowlists do not copy across
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Point vendors, OMS/EMS, and administrators at Deribit endpoints and instrument names
Generate a deposit address on the Deposit tab. It remains the same as your existing International Exchange deposit address.
Generate a deposit address
Withdrawal addresses. Withdrawal addresses for both the main account and subaccounts are copied directly from the corresponding INTX portfolios. Withdrawal addresses for subaccounts are not visible in the UI and are only available via API. Withdrawals from subaccounts are not allowed. You will still see your INTX withdrawal addresses in the INTX UI until the end of 2026.
Deribit subaccounts do not share margin, positions, or collateral. Multi-portfolio isolation on International Exchange is preserved by landing each portfolio on its own subaccount. A subaccount login cannot see the main account or sibling subaccounts. A main account login can see all subaccounts.
Migration day (1 October 2026)
Expected downtime is about 30 minutes starting 09:00 UTC (subject to change). There is no parallel run. During the window you cannot trade or modify positions.
Your positions remain open and continuous through the transition. The migration moves each position from the International Exchange to Deribit. It does not close your position or end your economic exposure, even though your history will show a valuation entry and a corresponding booking trade.
The sequence is:
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All open International Exchange orders are cancelled. Resting orders, including stops, take profit, iceberg, and good til time orders, do not migrate. Place them again on Deribit after reopen.
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Each position is valued at the International Exchange mark price. This mark is the migration reference price used to carry the position across. Positions are not closed or terminated.
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Session profit and loss and accrued funding are calculated at that reference price and reflected in your account balance as adjustments.
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Account balances are transferred into the mapped Deribit subaccounts.
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Positions are re-established on Deribit at the same migration reference price, recorded as matched block trades tagged `Migration`. These appear in Deribit trade history as booking entries for the transfer, not new trading activity, and they do not incur trading, transfer, or settlement fees.
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You have full access to Deribit. The International Exchange account becomes view-only. International Exchange APIs no longer support trading.
After the window: what you will see
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Migration trades tagged Migration in Deribit history, booked as block trades at the migration reference price
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A reset of the average entry price, equal to the migration reference price
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Immediate unrealized PnL if International Exchange and Deribit marks differ when Deribit reopens. The two venues mark independently until cutover. That gap is expected. It is not a migration fee and not by itself a realized loss.
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You cannot trade during the roughly 30 minute window. If that gap risk is unacceptable, reduce or close before the halt.
Already a Deribit client
If you already have a Deribit account under the same legal entity:
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Your existing Deribit account, positions, subaccounts, API keys, FIX sessions, and settings stay as they are
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If you want to consolidate after migration, contact your account manager. Do not merge accounts yourself by opening extra accounts.
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Your new Deribit account migrated from INTX and your existing Deribit account will have different lists of eligible assets.
What migrates and what does not
Migrates automatically
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Account and portfolio structure (Deribit main account plus subaccounts labelled with each portfolio UID)
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Open positions (valued and re-established as above)
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Collateral and balances resulting from that migration
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Your International Exchange login credentials
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Your International Exchange deposit address
Does not migrate
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Open orders (cancelled)
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International Exchange API keys (create new Deribit keys from 22 September)
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Margin loans / USDC borrow (close before cutover)
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Saved UI layouts, watchlists, alerts, and old IP/address allowlists
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Good til time (GTT) expiries. Deribit has no GTT equivalent. Use
good_til_cancelled,good_til_day, or client-side expiry. See order attributes
Connecting to Deribit (required for API clients)
If you trade over API or FIX, follow the Coinbase International Exchange API Migration guide. It covers new keys, endpoints, instrument names, order attributes, rate limits, and the checks to run when trading resumes. International Exchange API keys do not work on Deribit, and there is no parallel trading window.
Settlement, funding, margin, and fees
These mechanics differ from International Exchange. Brief finance and risk before 1 October.
Settlement. On the International Exchange, perpetuals settle every 5 minutes. On Deribit, session PnL on open perpetuals is realized once daily at 08:00 UTC: profits are credited and losses deducted from cash. Positions stay open; settlement does not close them. Session PnL counters then reset. See Settlement.
Funding. On International Exchange, funding is applied hourly with no rate clamp. On Deribit, funding accrues continuously in realized session PnL (RSPL) and is cash settled with the daily 08:00 UTC settlement. The rate is expressed as an 8 hour rate.
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Damper: the funding rate is 0% when mark is within ±0.025% of the index
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Cap (per 8 hours): ±0.5% for BTC, ±1.0% for ETH, ±5.0% for USDC/USDT (and other linear contracts as specified)
Deribit does not charge a fee on funding. See Funding Specifications.
Margin. Migrated accounts default to Cross Standard Margin (X:SM): each position is margined on its own, then summed, with collateral pooled across assets. Haircuts and collateral fees apply to currencies that are not the settlement currency. Each main account and subaccount can set its own model: S:SM, S:PM, X:SM, or X:PM, on the Change Margin Model page. Portfolio margin generally suits larger hedged books. A risk comparison specific to your portfolio is provided ahead of migration. See What is margin? and Margin types and usage.
Fees. Trading fees follow the Deribit fee schedule, not the International Exchange schedule. Your starting Deribit fee tier uses International Exchange trading volume. After that, Deribit uses a last 30 days (L30D) volume tier with daily upgrades. There are no trading or settlement fees for the migration trades themselves.
Insurance fund. Mechanics are unchanged. The combined platform operates a larger insurance fund.
Options. After migration, institutional clients can access Deribit's listed options suite (BTC, ETH, and other underlyings) where eligible. These are the same options available to other Deribit users. Confirm instrument permissions on the account; not every listing is enabled by default.
Reporting. Exports follow Deribit formats. See Taxes on Deribit and transaction log / monthly reports. International Exchange history stays on International Exchange APIs for about 12 months. Coinbase and Deribit do not provide tax advice; consult your own advisor. Save International Exchange records before you lose operational access to the old stack.
Index and mark. Many linear perpetuals use the Coinbase Index. BTC, ETH, SOL, XRP, HYPE, AVAX, and TRX instruments with listed Deribit options continue to use the Deribit index. Charts, marks, and funding can therefore differ from International Exchange displays.
After trading resumes
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Confirm balances and positions on every subaccount against the book after the transfer.
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If you already traded on Deribit, confirm you are looking at the new mapped INTX accounts, not an existing book.
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Place the order book again, starting with hedges and orders that reduce risk.
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Confirm API sessions authenticate, heartbeats succeed, and cancels work before restoring full size.
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Change margin model only after you understand the requirement on the migrated portfolio.
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Recreate alerts, MMP, RFQ, and allowlists.
Deposits, withdrawals, and subaccount transfers then follow Deribit wallet flows: Deposits, Withdrawals, Transfers, Custody options.
Edge cases
I did not want to migrate. The opt-out deadline was 28 August 2026. Contact clientonboarding@coinbase.com only if your account team has given you a separate instruction. Accounts left open are deemed to have accepted the migration. Following the migration, you may close your account if you do not wish to continue.
Empty portfolios. They may still receive a subaccount, or be moved early. Confirm against the mapping list before deleting anything on day one.
Vendor / OMS / EMS / fund administrator. Their International Exchange connector will not trade after 1 October. They need new Deribit keys, new symbology, and a plan to keep International Exchange historical APIs for about 12 months.
Broker, SMA, or third party custodian. Mapping and signing authority can differ. Do not create extra Deribit accounts. See Brokers, Separately Managed Accounts, and Custody options.
Cannot create keys during pre-migration. Read-only means no trading, not "no setup". Key creation, security, deposit address generation, and limit requests should work from 22 September. If they do not, escalate to your account manager or exchangeops@coinbase.com immediately.
I need the original average entry on Deribit. This will only be available in Coinbase International Exchange history for internal PnL.
Rate limits. Limits are per account and per subaccount and scale with volume. A newly mapped subaccount may not inherit International Exchange throughput. Request higher limits in pre-migration.
Getting help
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Account manager, or exchangeops@coinbase.com, for mapping, limits, entity, and custom margin terms
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Contact us for Deribit account access issues
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Coinbase International Exchange API Migration for API and FIX changes, and API documentation for protocol and method reference
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Account Setup Guide for institutional configuration
If a vendor or internal system will not be ready by 1 October, say so early. There is no parallel trading window.
Important information
This page is for general information only. It is not financial, investment, legal, tax, or accounting advice, and it is not a recommendation to enter into any transaction.
Dates, timelines, and product availability (including options, dated futures, perpetuals, and spot) are estimates, may be phased, and may vary by product, platform, eligibility, and jurisdiction. Some features may not launch on the dates indicated, or at all.
Products are available only to eligible users in supported jurisdictions and are not available where prohibited. Eligibility can differ by location, account type, and platform.
Trading crypto assets and derivatives involves significant risk, including leverage, and can result in the loss of some or all of your funds.
Tax treatment of the migration depends on your circumstances and jurisdiction. Consult your own tax advisor.
This page may be updated. Statements about future products or performance are forward looking and subject to change.
Legal relationship after migration
Coinbase Bermuda Limited (CBBM) acts as your broker and custodian for the new Deribit account accepting migrated INTX positions. Orders are routed through CBBM to Deribit for execution. CBBM is your primary counterparty. This routing does not add a latency step relative to trading directly on Deribit.
By remaining on the platform after the opt-out deadline, you are deemed to have accepted the updated CBBM user agreement. Your account manager will contact you if your entity needs any further action.
Your existing Deribit account service providers remain unchanged.
Depending on account type, product, and jurisdiction, related services may involve Deribit FZE (VARA), DRB Panama, Inc., or other Coinbase group entities. Your signed agreements control. See Regulation and Governance and the Terms of Service overview.
Coinbase Bermuda Limited is regulated by the Bermuda Monetary Authority and holds a Class F digital asset business licence under the Digital Asset Business Act 2018 (as amended). Coinbase Bermuda Limited's company number is 202302164 and its registered office is Park Place, 55 Par La Ville Road, Hamilton HM11, Bermuda.
Deribit FZE is a Virtual Asset Service Provider regulated by the Dubai Virtual Assets Regulatory Authority under licence number L-2994. Deribit FZE is incorporated in the Dubai World Trade Centre Free Zone, Dubai, United Arab Emirates, and its registered address is Unit 04.08, The Offices 4, One Central, Dubai, United Arab Emirates.
DRB Panama, Inc. has its registered address at Via España, Delta Bank Building, 6th Floor, Suite 604D, Panama City, Panama (PA-8), 0834, Panama.