Institutional Client Migration Guide

Use this guide if you had an institutional Coinbase International Exchange account and traded through the International Exchange interface, API, or FIX.

This guide does not apply if you:

Perpetuals in the Coinbase app or on the Coinbase website, and Coinbase Prime without an International Exchange account, are covered on the Coinbase Help Center.

Go to Deribit and select Sign in with Coinbase INTX Account. Use your existing Coinbase International Exchange credentials.

Sign in with Coinbase INTX Account

Confirm that each Coinbase International Exchange portfolio is on the correct Deribit account or subaccount.

Your first Coinbase International Exchange portfolio is the Deribit main account. Each additional portfolio is a Deribit subaccount named after its portfolio UID.

Deribit subaccounts do not share margin, positions, or collateral. A subaccount login cannot see the main account or other subaccounts. A main account login can see every subaccount.

Enable two-factor authentication and review account security before you trade.

On every account and subaccount, check:

If you also have a separate Deribit account, open the account that holds your Coinbase International Exchange portfolios. Do not use your other Deribit account for these checks. See If you also have a Deribit account below.

On the Deposit tab, generate a deposit address. It is the same address as your Coinbase International Exchange deposit address. Deposits, withdrawals, and subaccount transfers follow Deribit wallet flows: Deposits, Withdrawals, Transfers, and Custody options.

Generate a deposit address

Withdrawal addresses. Withdrawal addresses on the main account and on subaccounts match the addresses from the corresponding International Exchange portfolios. Withdrawal addresses for subaccounts are not shown in the interface. They are available through the API. Withdrawals from subaccounts are not allowed. International Exchange withdrawal addresses stay visible in the International Exchange interface until the end of 2026.

Create and configure new Deribit API keys for every account or subaccount that trades through an integration.

Also:

Rate limits apply per account and per subaccount and scale with volume. A subaccount may not have the same throughput as its International Exchange portfolio. Contact your account manager if you need a higher limit.

You can try the interface and API on test.deribit.com.

Open orders from Coinbase International Exchange are not on Deribit. This includes stop, take-profit, iceberg, and good-til-time orders. Saved layouts, watchlists, and alerts are not on Deribit either. Margin loans and USDC borrow from International Exchange are not on Deribit.

After you have checked balances and positions:

Deribit has no direct good-til-time order. Use the order attributes Deribit supports, such as good_til_cancelled or good_til_day, or manage expiry in your own system.

Open positions from Coinbase International Exchange are open on Deribit at the migration reference price. They are not closed.

In trade history, the booking entries are block trades tagged Migration. They record the transfer onto Deribit. They are not new trading activity, and they do not incur trading, transfer, or settlement fees.

The average entry price on Deribit is the migration reference price. If the International Exchange mark and the Deribit mark differed at that price, unrealized profit and loss can differ from the last figure on International Exchange. That gap is expected. It is not a fee and, by itself, it is not a realized loss.

The earlier average entry price is only in Coinbase International Exchange history.

Coinbase International Exchange trade, order, funding, and fee history is not in Deribit. Use exports you already saved, or the International Exchange APIs.

International Exchange history is expected to stay available through those APIs for about 12 months from 1 October 2026. Save any records you need for operations, reporting, tax, and reconciliation.

Reports and exports you create on Deribit follow Deribit formats. See Taxes on Deribit, the transaction log, and monthly reports. Coinbase and Deribit do not provide tax advice. Consult your own adviser.

Settlement. Coinbase International Exchange settled perpetuals every 5 minutes. On Deribit, session profit and loss on open perpetuals is realized once daily at 08:00 UTC. Profits are credited and losses are deducted from cash. Positions stay open, and the session counters then reset. See Settlement.

Funding. On International Exchange, funding was applied hourly with no rate clamp. On Deribit, funding accrues continuously in realized session profit and loss and is cash settled with the daily 08:00 UTC settlement. The rate is an 8 hour rate.

These are the default values. Deribit may set custom damper and cap values for individual perpetuals, such as the pre-IPO contracts. Deribit does not charge a fee on funding. See Funding Specifications.

Margin. These accounts use Cross Standard Margin (X:SM) unless you change the model. Each position is margined on its own, the requirements are added together, and collateral is pooled across assets. Haircuts and collateral fees apply to currencies that are not the settlement currency. The main account and each subaccount can use 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. Read the model before you change it. See What is margin? and Margin types and usage.

Fees. Trading fees follow the Deribit fee schedule. Your starting fee tier uses Coinbase International Exchange trading volume. After that, Deribit uses volume from the last 30 days, and the tier can move up each day. Block trades tagged Migration do not incur trading or settlement fees.

Options. Where your account is eligible, you can trade Deribit's listed options, including BTC, ETH, and other underlyings. These are the same options available to other Deribit users. Check instrument permissions on the account. Not every listing is enabled by default.

Index and mark. Many linear perpetuals use the Coinbase Index. BTC, ETH, SOL, XRP, HYPE, AVAX, and TRX instruments with a listed Deribit option use the Deribit index. Charts, marks, and funding can differ from International Exchange displays.

Your existing Deribit account, positions, subaccounts, API keys, FIX sessions, and settings are unchanged.

The account that holds your Coinbase International Exchange portfolios and your existing Deribit account are separate. They can list different eligible assets. Do not open extra accounts or try to merge them yourself. Contact your account manager if you want to discuss consolidation.

If a broker, separately managed account, or third-party custodian signs for the account, mapping and signing authority can differ. Do not create an extra Deribit account. See Brokers, Separately Managed Accounts, and Custody options.

This page is for general information only. It is not financial, investment, legal, tax, or accounting advice. Product availability and eligibility may vary by product, platform, jurisdiction, and account type. Trading crypto assets and derivatives involves significant risk, including leverage, and may result in the loss of some or all of your funds. Consult your own tax or legal adviser about your circumstances.

Coinbase Bermuda Limited (CBBM) acts as your broker and custodian for the Deribit account that holds your Coinbase International Exchange portfolios. 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 (VARA) under licence reference VL/23/12/002. Deribit FZE is incorporated in the Dubai World Trade Centre Free Zone, Dubai, United Arab Emirates, under commercial licence L-2994 issued by the Dubai World Trade Centre Authority (DWTCA), 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.