Deribit Already Holds 96.6% of Coinbase’s Derivatives Open Interest Ahead of Sept. 9 Migration

Coinbase's derivatives dashboard shows that the offshore venue set to receive its International Exchange book already dominates the open interest Coinbase displays, leaving the Sept. 9 migration as an operational consolidation rather than a sudden shift in market share. A Sept. 1 snapshot put $39.26 billion of the $40.65 billion daily open interest across three Coinbase-linked venues at Deribit, about 96.6%, while the International Exchange book scheduled to move held $226.98 million. The Migration Moves a Small Book, Not the Dashboard The Sept. 9 cutover is designed to transfer institutional International Exchange accounts, open positions and balances to Deribit, Coinbase's global derivatives venue. But the dashboard snapshot retrieved at 15:42 UTC on Sept. 1 shows that the vast majority of the open interest already sits at Deribit. The venue-level panel showed $40.65 billion of daily open interest across three venues. Deribit accounted for $39.26 billion, Coinbase Derivatives held $1.17 billion, and International Exchange held $226.98 million. The Sept. 9 transfer covers the $226.98 million International Exchange book, client accounts and trading infrastructure. The $39.26 billion already at Deribit stays where it is. Open interest measures outstanding derivatives positions. It is a different metric from customer assets, exchange revenue, unique capital and solvency. The dashboard's headline total was $40.55 billion at the same retrieval, $100 million below the venue-level panel. The venue panel is the relevant basis for comparing where the displayed open interest sat, and all figures remain a live snapshot. What the Sept. 1 Snapshot Shows Derivatives Venue Open Interest at Sept. 1 Snapshot Share of Coinbase Dashboard Migration Status Deribit $39.26 billion 96.6% Already holds the displayed open interest Coinbase Derivatives $1.17 billion 2.9% Not part of the Sept. 9 International Exchange transfer International Exchange $226.98 million 0.6% Scheduled to migrate to Deribit on Sept. 9 How Coinbase Plans the Sept. 9 Cutover Coinbase says institutional International Exchange accounts, open positions and balances remain scheduled to migrate to Deribit on Sept. 9. The company cautions in its migration materials that the date depends on client readiness and regulatory approvals and remains subject to change. The cutover is operationally significant even though International Exchange contributes less than 1% of the displayed open interest. Coinbase expects about 30 minutes of downtime. Its institutional FAQ says all open International Exchange orders will be canceled, positions settled at the mark price with profit and loss crystallized and funding paid, resulting balances transferred, and positions recreated on Deribit at the same settlement price through matched migration trades. The migration mechanics can be summarized as: Cancel all open International Exchange orders. Settle positions at the mark price. Crystallize profit and loss and pay funding. Transfer resulting balances. Recreate positions on Deribit at the same settlement price through matched migration trades. Coinbase's International Exchange trading rules treat the contracts as continuous and enforceable under Deribit FZE's rules. The FAQ describes how those positions will settle and be rebooked during the migration window. Why the Distinction Matters for Market Structure The snapshot reframes the Sept. 9 event. It is not a migration of the bulk of Coinbase's displayed derivatives open interest from one venue to another. Instead, it moves the remaining International Exchange book into the venue where most of the displayed open interest already resides. For market participants, the key distinction is between the dashboard's aggregate presentation and the operational venue where positions sit. Deribit's $39.26 billion share means the migration affects a comparatively small slice of the displayed open interest, while still requiring account transfers, order cancellation, settlement and rebooking. The regulatory and operational conditions also matter. Coinbase's migration materials tie the Sept. 9 date to client readiness and regulatory approvals, leaving room for timing changes. The venue-level figures are a live snapshot, so the exact distribution can move with market activity before the cutover. What Does the Sept. 1 Coinbase Dashboard Show? The Sept. 1 snapshot retrieved at 15:42 UTC showed $40.65 billion of daily open interest across three Coinbase-linked venues. Deribit accounted for $39.26 billion, or about 96.6%, while Coinbase Derivatives held $1.17 billion and International Exchange held $226.98 million. How Much Open Interest Moves on Sept. 9? The Sept. 9 transfer covers the $226.98 million International Exchange book, client accounts and trading infrastructure. The $39.26 billion already at Deribit stays where it is, so the migration moves less than 1% of the displayed open interest. What Happens to International Exchange Positions During Migration? Coinbase's institutional FAQ says all open International Exchange orders will be canceled and positions will settle at the mark price. Profit and loss will be crystallized, funding will be paid, resulting balances will be transferred, and positions will be recreated on Deribit at the same settlement price through matched migration trades. Does the Migration Change Coinbase's Derivatives Market Share? The dashboard snapshot suggests the Sept. 9 event is an operational consolidation rather than a large shift in displayed open interest. Deribit already holds the overwhelming majority of the open interest shown across Coinbase's derivatives venues. Can the Sept. 9 Migration Date Change? Coinbase says the migration remains scheduled for Sept. 9 but cautions that the date depends on client readiness and regulatory approvals. The company states the timing remains subject to change.