Coinbase completes Deribit switch, ending International Exchange trading

On Oct. 1, 2026, Coinbase finalized the transition of Coinbase International Exchange to Deribit, effectively halting operations on its previous global trading platform. The legacy exchange now functions solely in read-only mode, with all active trading successfully redirected to Deribit.

According to the migration status report issued by Coinbase, system maintenance concluded at 10:02 UTC on Oct. 1, 2026. For impacted institutional clients, this cutover immediately introduces operational adjustments, including new trading connections, an altered settlement schedule, and separate historical data records.

These impacted institutional accounts are restricted to non-US institutions located in specific jurisdictions. Coinbase explains that this integration combines derivatives liquidity that was previously divided across the two platforms. Product availability and access remain contingent on account type and geographical location.

Institutions relying on API or FIX connections must switch to Deribit endpoints and generate new Deribit API keys, as International Exchange keys are no longer valid. Furthermore, the former venue offered no parallel trading window during the transition.

Guidelines provided by Deribit note that API-key IP allowlists do not transfer over automatically. Order attributes and instrument names have changed, and any open orders on the International Exchange were canceled during the shutdown rather than transferred. Clients wanting to revive canceled orders must manually recreate them on the new platform.

While execution takes place on Deribit, the institutional legal structure remains distinct. Official guidance from Coinbase indicates that Coinbase Bermuda Limited serves as the broker, custodian, and primary counterparty for these clients, handling order routing to Deribit.

Perpetual positions that underwent migration now settle once per day at 08:00 UTC, replacing the five-minute settlement cycle previously used by the International Exchange. This settlement process credits gains or debits losses directly against cash balances without liquidating the positions. Funding is accrued continuously and cash-settled at that same daily timestamp, while the quoted eight-hour rate functions as a separate convention.

Managing trade histories also demands extra attention. Block-trade entries marked with the tag “Migration” re-establish positions at the final settlement price of the International Exchange. These entries serve strictly as booking artifacts rather than new buy or sell executions. Discrepancies between this recorded price and Deribit’s market price upon reopening may generate immediate unrealized gains or losses.

Historical trading records from the legacy International Exchange do not transfer to Deribit. Coinbase states that historical trade and order APIs will remain accessible for roughly 12 months post-migration, leaving institutions with separate documentation for activity occurring before and after the transition.

For standard users accessing the Coinbase app and website, the account journey is straightforward: they retain their existing Coinbase accounts along with familiar core features, though visual interfaces and market data presentations may vary. However, customers leveraging the Coinbase Advanced Trade API for derivatives still need to integrate with the new Deribit-backed gateway.

Additionally, the transition does not immediately grant universal access to every derivatives product across all regions. Coinbase maintains a separate distinction for its CFTC-regulated Coinbase Derivatives futures, and access to US Prime options follows a distinct rollout schedule. Retail FAQs indicate plans to roll out in-app options for eligible participants in select non-US regions beginning in late October, dependent on availability.

?Frequently Asked Questions

01What happened to Coinbase International Exchange?

Coinbase completed the migration of Coinbase International Exchange to Deribit on Oct. 1, 2026, ending trading on the old venue and making it read-only.

02Do my old API keys still work?

No. Institutions using API or FIX connections must use new Deribit endpoints and newly created Deribit API keys. International Exchange keys are inactive.

03How often do migrated perpetual positions settle?

Migrated perpetual positions now settle once a day at 08:00 UTC, replacing the International Exchange’s previous five-minute cycle.

04Where can I view my legacy trade history?

Legacy International Exchange trading history does not appear on Deribit. Coinbase has stated that historical trade and order APIs will remain accessible for approximately 12 months after migration.