Nearly all open interest shown on Coinbase’s derivatives dashboard was already held at Deribit on Sept. 1, eight days before Coinbase’s smaller International Exchange is scheduled to transfer institutional accounts, positions and infrastructure there. A 15:42 UTC snapshot showed $40.65 billion in venue-level daily open interest: $39.26 billion at Deribit, or 96.6%; $1.17 billion at Coinbase Derivatives; and $226.98 million at International Exchange. The Sept. 9 cutover covers only the International Exchange book, while the existing Deribit positions remain in place. Coinbase says the migration depends on client readiness and regulatory approvals and may involve about 30 minutes of downtime. International Exchange orders will be canceled, positions settled at the mark price, profit and loss crystallized, funding paid, and balances transferred before positions are recreated on Deribit at the same settlement price through matched migration trades. The move changes settlement, funding and connectivity conventions for affected traders. International Exchange settles perpetual contracts every five minutes and applies hourly funding, while Deribit settles daily at 08:00 UTC and accrues funding continuously under specified caps and a damper. A May 29 staff letter from the CFTC (U.S. derivatives regulator) provided a conditional, fact-dependent no-action route for Coinbase Financial Markets to intermediate customer access to Deribit, subject to nine conditions. Deribit remains a foreign venue, its open interest remains separate from Coinbase Derivatives, and custody, brokerage and counterparty arrangements vary by client. The dashboard’s $40.55 billion headline total was $100 million below the venue-level panel; the venue panel is the relevant comparison for the displayed open-interest locations. The snapshot does not measure customer assets, exchange revenue, unique capital or solvency.