Coinbase International Exchange merges into Deribit: what happens to open positions and collateral

Coinbase is folding its derivatives venue, Coinbase International Exchange, into Deribit on 9 September 2026. For customers of that venue this is a booking exercise rather than a server move: open orders are cancelled, live positions are settled at the mark price, accrued funding is paid out and balances are booked to newly created Deribit subaccounts. Only then are the positions rebuilt, at the same settlement price, through specially flagged migration trades.Anyone who does not want to take that route has an earlier date in the calendar than the completion day. And anyone with no exposure to crypto derivatives still learns something from this case that happens somewhere in the crypto market every quarter: what becomes of your capital when the venue underneath you is swapped out. The same question arises with every delisting, every chain migration and every exchange closure, and the answer almost always follows the same pattern. If you prefer to trade perpetual futures on-chain anyway, our comparison of the best perp DEXs is worth a look first, because custody is solved differently there than on a centralised derivatives exchange.What happens technically when Coinbase Internationa...