How Coinbase plans to force-settle and instantly recreate institutional positions on Deribit within a 30-minute window
Coinbase plans to move institutional Coinbase International Exchange accounts, balances, and positions to Deribit on Sept. 9. The cutover will cancel open orders, settle positions at market price, and recreate them on Deribit; retail Coinbase app and website users are not affected. Clients that do not want to migrate should close positions and/or their International Exchange account by Aug. 28, which Coinbase treats as the opt-out deadline. New Deribit subaccounts should be viewable in read-only mode on Aug. 31 for verification, API setup, and limit requests. Migration day should include about 30 minutes of downtime. Open orders will be canceled, positions settled at the mark price, and balances transferred; the move is not treated as a normal close and reopen. Existing API keys will not work, margin loans must be closed beforehand, and historical data will remain on legacy APIs for about 12 months. Fees are not expected. Details vary by account structure, entity, and jurisdiction.
