Coinbase Shifts Its Perpetual Futures to Deribit on…

Coinbase is set to move the infrastructure behind its international perpetual futures trading onto Deribit on Wednesday, September 9, consolidating a derivatives business whose displayed open interest is already overwhelmingly concentrated at the exchange it bought last year.

A September 1 snapshot of Coinbase's derivatives dashboard showed $40.65 billion in venue-level open interest across Deribit, Coinbase Derivatives and Coinbase International Exchange. Deribit accounted for $39.26 billion, or 96.6% of the total, while U.S.-regulated Coinbase Derivatives held $1.17 billion and International Exchange just $226.98 million — roughly 0.6%. Wednesday's cutover therefore shifts the smallest of the three books, along with the client accounts and infrastructure behind it.

What traders should expect

For users trading perpetuals through the Coinbase app or website, the process is largely automatic. Coinbase expects trading to be unavailable for approximately 30 minutes. Open perpetual futures orders will be cancelled rather than migrated, so traders will need to re-enter them after the switch. Open positions are handled differently: Coinbase says they will first be settled at the prevailing mark price, crystallising profit and loss and paying accumulated funding, before balances are transferred and positions reconstructed on Deribit at the same settlement price using matched trades flagged as migration transactions. Coinbase says it will not charge trading or settlement fees for the migration itself.

Institutional clients face more operational work. International Exchange API endpoints will stop supporting trading after the migration, existing API keys will not work on Deribit, and clients must move to Deribit's REST, WebSocket, FIX or SBE connectivity. Ordinary app users keep the same account and do not need new KYC checks, according to Coinbase.

The migration also expands Coinbase's product reach. Eligible users in selected jurisdictions will gain access to crypto options through its app and website from September 9, including listed options on BTC, ETH and other supported assets. U.S. availability follows a different timetable and remains dependent on eligibility and regulatory arrangements.

Coinbase agreed to acquire Deribit in May 2025 for approximately $2.9 billion — $700 million in cash and 11 million Class A shares — and closed the deal on August 14, 2025. Later SEC filings record total acquisition-date purchase consideration of about $4.3 billion, including $721.5 million of cash and $3.57 billion of stock measured at closing-date fair value.

Timing carries a caveat. As of September 7, Coinbase's user FAQ still described the switch as "currently expected" on September 9, while an integration page updated September 1 referred more generally to a transition in "late September." Coinbase says its dates and milestones are estimates subject to change, including based on client readiness and regulatory approvals.