Coinbase to migrate institutional options clients to Deribit on September 9, with ~30 minutes of trading downtime and order cancellations.
DeFi & Yields ·
Coinbase is transferring its institutional options trading business to Deribit on September 9. The migration will involve approximately 30 minutes of trading downtime, during which all open orders across the International Exchange will be canceled. Client positions will be settled using mark price and then recreated on Deribit's platform at the same reference price, preserving the economic exposure of each position.
The shift will not carry over existing API keys or outstanding margin loans to the new venue. Institutional clients who do not wish to proceed with the migration must fully close and liquidate their accounts by August 28. This deadline gives clients a window to either transition or exit their positions before the automated migration takes place.
The mechanics of settlement and account recreation remain straightforward, but several operational elements require client action beforehand. Clients will need to establish new API integrations if they plan to trade programmatically on Deribit, and any margin arrangements will need to be reestablished independently. The extent of client participation or any potential disruptions beyond the stated 30-minute pause remain unclear.