Deribit Holds 96.6% of Coinbase Derivatives Open Interest Before Sept 9 Move
September 1 data shows Deribit already accounts for nearly all displayed open interest; the September 9 migration mainly alters settlement and funding for the smaller International Exchange book.
A September 1 snapshot of Coinbase’s derivatives dashboard showed Deribit holding $39.26 billion, or 96.6 percent, of the $40.65 billion total venue-level open interest. Coinbase Derivatives accounted for $1.17 billion and International Exchange for $226.98 million.
Migration Scope
The September 9 transfer moves only the International Exchange book, accounts, and infrastructure. Deribit positions remain untouched.
Operational Changes
Open orders will be canceled, positions settled at mark price, balances transferred, and positions recreated on Deribit through matched trades. About 30 minutes of downtime is expected. Settlement will shift from every five minutes to once daily at 08:00 UTC, and funding mechanics will change.
Regulatory Path
A May 29 CFTC staff letter grants conditional no-action relief for certain intermediated foreign-futures routes via Coinbase Bermuda to Deribit FZE.
Open Questions
Whether the September 9 date will hold depends on client readiness and regulatory approvals. Exact contract specifications, approval timeline, and final user impact after migration remain undisclosed.