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

Nearly all the open interest displayed on Coinbase’s derivatives dashboard already sits at Deribit, its global derivatives venue, eight days before institutional positions at the much smaller Coinbase International Exchange are scheduled to move there.A Coinbase derivatives dashboard snapshot retrieved at 15:42 UTC on Sept. 1 showed $40.65 billion of daily open interest across three venues. Deribit accounted for $39.26 billion, about 96.6%, while 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, on the venue that represents almost all the open interest displayed on Coinbase’s dashboard.Open interest measures outstanding derivatives positions, a different metric from customer assets, exchange revenue, unique capital and solvency.VenueSept. 1 daily open interestShare of $40.65 billionRole in Sept. 9 cutoverDeribit$39.26 billion96.6%Destination venueCoinbase Derivatives$1.17 billion2.9%Separate U.S.-regulated venueInternational Exchange$226.98 million0.6%Institutional pos...