Coinbase completes migration of International Exchange to Deribit

Coinbase has finished shutting down its International Exchange and routed all derivatives trading to Deribit, the platform it has been absorbing into its institutional business. The switch forces affected clients to adopt new settlement cycles, new API credentials and separate historical trade records starting now.

• Coinbase’s migration status report marked maintenance complete at 10:02 UTC on October 1, 2026
• Open International Exchange orders were canceled at the halt rather than transferred to Deribit
• Historical trade and order APIs will stay accessible for approximately 12 months after the migration

• 10:02 UTC time Coinbase marked the Oct. 1 migration complete
• $227M value Coinbase moved onto Deribit ahead of the cutover
• 96% share of Coinbase derivatives liquidity already on Deribit pre-switch
• ~12 mo. window legacy trade and order API records stay accessible

Coinbase completed the migration of Coinbase International Exchange to Deribit on Thursday (October 1), ending trading on its former international derivatives venue, according to reporting by CryptoSlate. The old exchange is now read-only, and its migration status report marked maintenance complete at 10:02 UTC on October 1, 2026. The cutover ends a dual-venue setup in which derivatives liquidity had been split between Coinbase’s own international exchange and Deribit, the platform Coinbase has been consolidating into its institutional stack.

Migration closed at 10:02 UTC with no parallel trading window

Institutions using API or FIX connections now need Deribit endpoints and newly issued Deribit API keys. International Exchange keys no longer work, and Coinbase did not run a parallel trading window on the old venue during the switch.

Open International Exchange orders were canceled at the halt rather than carried over, so clients who want those orders back must recreate them manually on Deribit. Deribit’s own API migration guide notes that API-key IP allowlists do not carry across either, adding another manual step for firms running automated systems. Instrument names and order attributes also change between the two venues, meaning trading logic built around International Exchange conventions needs updating before it works on Deribit.

Access remains uneven across client types. Affected institutional accounts are limited to non-US institutions in selected jurisdictions, consistent with the account scope described in Coinbase’s International Exchange account guidance. Which products are available, and to whom, still depends on account type and location rather than a single uniform rollout.

Daily settlement at 08:00 UTC replaces the five-minute cycle

Migrated perpetual positions now settle once a day at 08:00 UTC, a sharp slowdown from International Exchange’s five-minute settlement cycle. Settlement credits profits or deducts losses from cash balances without closing the underlying positions, while funding accrues continuously and cash-settles at the same daily time, with its quoted eight-hour rate functioning as a separate pricing convention rather than a payment schedule.

Trade histories carry their own quirks. Block-trade entries tagged “Migration” recreate positions at the International Exchange settlement price, a booking artifact rather than a new buy or sell. Any gap between that legacy price and Deribit’s mark at reopening can generate immediate unrealized profit or loss that has nothing to do with new trading activity.

Legacy International Exchange trading history will not appear on Deribit. Coinbase says historical trade and order APIs will remain accessible for roughly 12 months after the migration, leaving institutions to reconcile two separate records: pre-switch activity on the old system and everything from October 1 forward on Deribit.

Coinbase Bermuda stays the legal counterparty as execution moves to Deribit

Trade execution has moved to Deribit, but the institutional legal structure has not changed in the same way. Coinbase Bermuda Limited continues acting as these clients’ broker, custodian and primary counterparty, routing orders to Deribit, according to Coinbase’s institutional FAQ guidance.

Retail users on the Coinbase app and website keep their existing Coinbase accounts and core workflows, though screens and market data may look different after the switch. Customers trading derivatives through the Coinbase Advanced Trade API still need the new Deribit-powered gateway regardless of account type. Coinbase continues to treat its CFTC-regulated Coinbase Derivatives futures as a separate product line, and US Prime options access runs on its own timeline; the retail FAQ points to in-app options for eligible users in selected non-US jurisdictions starting late October, subject to availability.

The BlockWest read. The real signal here is balance-sheet plumbing, not platform branding. Daily settlement and a 12-month dual-ledger window mean institutional risk, finance and compliance teams now carry reconciliation work that a five-minute cycle used to absorb automatically. Firms that treated the International Exchange as interchangeable with Deribit will find their operational overhead, not their trading strategy, is what actually changed.

The next test is the retail options rollout Coinbase has flagged for late October, which it describes as available to eligible users in selected non-US jurisdictions subject to availability, alongside the roughly 12-month clock now running on access to legacy International Exchange trade and order records.

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