Coinbase completed the migration of Coinbase International Exchange to Deribit on October 1, officially ending trading on its former international venue. According to the company's migration status report, maintenance was marked complete at 10:02 UTC, leaving the old exchange read-only while all trading activity moved to Deribit.
The switch introduces immediate operational updates for affected institutional API clients, including new trading connections, a different settlement cycle, and separate historical records. The consolidation aims to pool derivatives liquidity that was previously split across the two venues, though available products and access continue to depend on specific account types and locations.
Technical Changes and API Updates
Institutions relying on API or FIX connections must now use Deribit endpoints alongside newly created Deribit API keys, as International Exchange keys are no longer functional. There is no parallel trading window on the legacy platform.
Deribit's API migration guide notes that API-key IP allowlists do not automatically transfer over. Furthermore, instrument names and order attributes have changed, and any open orders on the International Exchange were canceled at the time of the halt rather than transferred. Clients wishing to reinstate canceled orders must manually recreate them on the new venue.
Despite execution moving to Deribit, institutional legal relationships maintain a specific structure where Coinbase Bermuda Limited acts as the broker, custodian, and primary counterparty for these clients, routing orders directly to Deribit.
Settlement, History, and Product Availability
Following the migration, perpetual positions now settle once a day at 08:00 UTC, replacing the International Exchange's previous five-minute settlement cycle. This daily settlement credits profits or deducts losses directly from cash balances without closing positions, while funding accrues continuously and cash-settles at the same daily time.
Trade histories require careful handling as block-trade entries tagged "Migration" recreate positions at the International Exchange settlement price as booking artifacts rather than new trades. Discrepancies between that price and Deribit's mark at reopening can generate immediate unrealized profit or loss.
Legacy trading history does not carry over to Deribit, but Coinbase confirmed that historical trade and order APIs will remain accessible for approximately 12 months. Meanwhile, Coinbase app and website users retain their core workflows, though Advanced Trade API derivatives users still require the new Deribit-powered gateway. Separately, CFTC-regulated Coinbase Derivatives futures remain distinct, and retail options access is planned for eligible users in selected non-US jurisdictions starting in late October.
