Coinbase completes migration of International Exchange to Deribit platform

• Coinbase marked the migration complete at 10:02 UTC on Oct. 1, 2026, inside the one-hour downtime window that began at 9:00 AM UTC.
• Migrated perpetual positions now settle once daily at 08:00 UTC, replacing International Exchange’s five-minute settlement cycle.
• Historical trade and order APIs stay accessible for roughly 12 months after migration, after which pre-cutover records disappear.

• 10:02 UTC time Coinbase marked the Deribit cutover complete
• 08:00 UTC new daily settlement time versus the old 5-minute cycle
• 12 mo window historical API access stays live after migration

Deribit, the Netherlands-based crypto options and futures exchange Coinbase has been folding its institutional derivatives business into, is now the firm’s single global venue for that flow. Coinbase International Exchange, the standalone platform institutions previously used for perpetuals and other derivatives, is read-only as of the cutover; no further trades can be placed there. The migration status report shows withdrawals paused at 7:00 AM UTC, two hours ahead of the full platform outage, with both International Exchange and Deribit unreachable during the up-to-one-hour window. Access to the migrated accounts is limited to non-US institutions in selected jurisdictions, per Coinbase.

Maintenance Window Closed Within Its One-Hour Target

The status page lists dozens of affected services, from FIX order and market data APIs to the Direct Access UI and transfers across more than 40 networks including Bitcoin, Ethereum and Solana. Perpetual markets on International Exchange moved in the same cutover.

Coinbase says the consolidation pools derivatives liquidity that had been split across two venues into one order book, the stated rationale for retiring the standalone platform rather than running it alongside Deribit indefinitely.

Open orders on International Exchange were canceled at the halt rather than carried over. Clients who want those positions back have to rebuild the orders manually on Deribit; there was no parallel trading window to bridge the gap, meaning any institution slow to reconnect faced a period with no live exposure management on either platform.

Deribit’s Migration Guide Blocks Old API Keys and IP Allowlists

Deribit’s API migration guide tells institutional clients that International Exchange API keys will not authenticate on Deribit at all. Every account or subaccount trading through an integration needs a newly created Deribit key, and IP allowlists set on the old keys do not carry forward, Deribit’s documentation states.

Instrument names also change under the new system. A contract previously labeled BTC-PERP-INTX becomes a Deribit linear perpetual such as BTC_USDC-PERPETUAL, and clients are told to discover instrument names at runtime through public/get_instruments rather than hard-coding a static map. Deribit’s guide notes that many linear perpetuals price off the Coinbase Index while select pairs with listed Deribit options, including BTC, ETH, SOL, XRP, HYPE, AVAX and TRX, keep Deribit’s own index, meaning marks and funding can read differently from what International Exchange users saw.

Daily Settlement Replaces Five-Minute Cycle, Bermuda Entity Keeps Custody

Migrated perpetual positions now settle once a day at 08:00 UTC rather than the five-minute cycle International Exchange ran, crediting profits or deducting losses from cash balances without closing the underlying positions.

Funding keeps accruing continuously and cash-settles at that same daily mark, with its quoted eight-hour rate functioning as a separate pricing convention rather than a second settlement event.

Trade histories carry a wrinkle institutional risk teams will need to reconcile. Block-trade entries tagged “Migration” recreate positions at the old International Exchange settlement price, and Coinbase describes them as booking artifacts rather than new buying or selling activity.

A gap between that legacy price and Deribit’s mark at reopening can generate immediate unrealized profit or loss on paper, even though no trade actually occurred.

The legal relationship behind execution did not change with the venue. Coinbase Bermuda Limited remains these clients’ broker, custodian and primary counterparty, routing orders into Deribit, according to Coinbase’s institutional guidance, a custody arrangement that sits alongside the broader push by regulators such as the SEC’s proposed crypto custody rule for registered advisers.

Coinbase continues to list its CFTC-regulated Coinbase Derivatives futures separately from the Deribit book. That split tracks the CFTC’s own recordkeeping guidance for crypto derivatives under US oversight.

The CCS read. Folding International Exchange into Deribit trades venue redundancy for liquidity depth, concentrating institutional derivatives flow behind one counterparty, Coinbase Bermuda Limited, with no parallel platform to fail over to. That is a reasonable bet on execution quality, but it raises the stakes on any future Deribit outage or custody dispute. Prime desks that valued having two venues now have one.

Coinbase’s retail FAQ says in-app options access will extend to eligible users in selected non-US jurisdictions starting late October 2026, subject to availability on a market-by-market basis, while US Prime options follow a separate, still-unscheduled timeline. Institutions also have roughly 12 months from the Oct. 1 cutover before historical International Exchange trade and order data through the API window closes for good.

Original reporting: cryptoslate.com