Coinbase International Exchange is shutting down for up to an hour on October 1, 2026, as the company moves its institutional derivatives clients onto Deribit, the crypto options giant it acquired for roughly $2.9 billion last year. The migration, set to begin at 09:00 UTC, will transfer accounts, portfolios, balances, and open positions from the existing International Exchange infrastructure to new subaccounts on Deribit. How the migration actually works
Coinbase is calling it a “hard migration,” which means all open orders on the International Exchange will be canceled outright.
Existing positions will be settled at the International Exchange mark price, then recreated on Deribit through matched “Migration” block trades executed at those same prices. One critical detail for anyone running automated trading systems: existing International Exchange API keys will not work on Deribit. Traders who rely on algorithmic strategies will need to generate new API keys and reconfigure their connections before the switch.
To soften the blow, Coinbase provisioned read-only access to new Deribit accounts starting September 22, giving clients about nine days to inspect their new accounts, create API keys, and map portfolios before the actual cutover. The downtime window was also extended from an initially estimated 30 minutes to a full hour. Why Deribit is the surviving platform
As of early September 2026, Deribit already held approximately $39.26 billion in derivatives open interest across the Coinbase group. Combined, the Coinbase-group derivatives open interest stood at roughly $40.65 billion, meaning Deribit was already handling 96.6% of the total. Coinbase completed its acquisition of Deribit in August 2025, paying approximately $2.9 billion for what was already the dominant venue in crypto options trading. What traders need to do
For institutional clients on the International Exchange, anyone who hasn’t already logged into their provisioned Deribit account to verify balances and set up new API keys is running out of runway. The cancellation of all open orders during migration means traders with complex multi-leg strategies or limit orders sitting on the book will need to reconstruct those positions manually on Deribit after the cutover completes.
Even though positions themselves will be recreated via block trades at the same mark prices, the order book starts fresh. For retail Coinbase users, the company has indicated that retail users will experience a largely automatic transition requiring little to no direct action. Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
