Deribit holds 96.6% of Coinbase derivatives open interest ahead of Sept. 9 migration

According to CryptoSlate, ahead of a scheduled Sept. 9 migration that will move Coinbase International Exchange accounts and positions to Deribit, Deribit already holds 96.6% of the open interest displayed on Coinbase's derivatives dashboard. A snapshot retrieved on Sept. 1 showed $40.65 billion in daily open interest across three venues, with Deribit accounting for $39.26 billion, Coinbase Derivatives holding $1.17 billion, and International Exchange holding $226.98 million.

The upcoming cutover will transfer the International Exchange book, client accounts, and infrastructure. Coinbase noted that the migration date remains subject to change depending on client readiness and regulatory approvals. The transition is expected to cause about 30 minutes of downtime, during which open orders will be canceled, and positions will be settled at the mark price with profit and loss crystallized before being recreated on Deribit.

Affected institutional traders will experience shifts in settlement frequency, funding rate calculations, and API access, along with altered counterparty and custody arrangements. Additionally, Commodity Futures Trading Commission staff previously issued a conditional no-action position regarding digital-commodity perpetuals and margin routing.