On Oct. 1, Coinbase finalized the transition of Coinbase International Exchange to Deribit, officially concluding trading operations on its previous international platform. The former exchange is currently operating in a read-only capacity, with all trading activity having successfully transitioned to Deribit.
According to Coinbase’s migration status report, maintenance wrapped up at 10:02 UTC on Oct. 1, 2026. For impacted institutional clients, this switch immediately introduces new operational hurdles, including establishing fresh trading connections, adapting to an altered settlement cycle, and managing separate historical records.
The affected institutional accounts are restricted to non-US institutions located in specific jurisdictions. Coinbase explains that this consolidation merges derivatives liquidity that was previously divided across the two platforms. However, product availability and access remain subject to account type and geographic location.
Institutions relying on API or FIX connections are required to use new Deribit endpoints alongside newly generated Deribit API keys, as International Exchange keys are no longer valid. Furthermore, the old venue offered no parallel trading window during the transition.
Deribit’s API migration documentation notes that API-key IP allowlists do not transfer over automatically. While order attributes and instrument names undergo changes, any open orders on the International Exchange were canceled when trading halted rather than being carried over. Clients wishing to restore these canceled orders must manually recreate them on the new platform.
Although trade execution now takes place on Deribit, the institutional legal framework maintains its own distinct structure. Coinbase institutional guidance notes that Coinbase Bermuda Limited serves as the broker, custodian, and primary counterparty for these clients, routing their orders directly to Deribit.
Perpetual positions that underwent migration now settle once daily at 08:00 UTC, a shift from the International Exchange’s previous five-minute schedule. This daily settlement credits profits or deducts losses directly from cash balances without closing out the positions. Meanwhile, funding accrues continuously and cash-settles at that same daily timestamp, while the quoted eight-hour rate functions as a separate convention.
Managing trade histories also demands attention. Block-trade entries marked with the tag “Migration” re-establish positions using the International Exchange settlement price. These serve strictly as booking artifacts rather than fresh purchases or sales. Discrepancies between that specific price and Deribit’s mark price upon reopening can generate immediate unrealized profits or losses.
Historical trading data from the legacy International Exchange does not transfer to Deribit. Coinbase states that historical trade and order APIs will remain accessible for roughly 12 months post-migration, forcing institutions to maintain separate archives for activity recorded before and after the cutover.
For standard users accessing the Coinbase app and website, the account journey differs: they retain their existing Coinbase accounts alongside familiar core workflows, though market data displays and screen layouts may look different. Customers utilizing the Coinbase Advanced Trade API for derivatives, however, still need to adopt the new Deribit-powered gateway.
Additionally, the transition does not immediately make every derivatives product available universally. Coinbase continues to categorize its CFTC-regulated Coinbase Derivatives futures separately, and US Prime options access operates on a distinct timeline. Its retail FAQ outlines plans to roll out in-app options for qualified users across selected non-US jurisdictions starting in late October, depending on availability.