Deribit

Deribit is a crypto derivatives exchange that dominates the Bitcoin and Ethereum options markets, holding over 85% of global crypto options market share. It also offers perpetuals, futures with up to 50x leverage, and spot trading. The platform does not operate as a multi-strategy asset manager or broker-dealer, but rather as pure market infrastructure for institutional and professional traders.

Deribit offers a suite of institutional services including colocation in LD4, a portfolio margin model that accounts for cross-position hedging, block trades, combos, and multicast market data distribution. These services are designed for quantitative funds, market makers, and high-frequency trading firms that require low-latency, margin-optimized infrastructure.

Deribit employs a socialized loss system alongside a dedicated insurance fund to manage settlement risk. The platform mandates KYC verification for all users and supports deposits in Bitcoin, Ethereum, and USDC. Withdrawal security is enforced via 2FA requirements, configurable address-delay settings, and additional checks triggered by recent password or email changes.

Deribit's website page title appears as 'Crypto Futures and Options Exchange - Deribit by Coinbase,' but the exact corporate relationship between Deribit and Coinbase is not further detailed in the provided sources. No press release or separate announcement page confirming an acquisition or integration was scraped.

Standard margin calculates requirements individually for each position and sums them, which can be advantageous for long-only options or outright futures positions. Portfolio margin evaluates the entire portfolio holistically, computing margin based on net risk — delivering lower requirements for positions that partially hedge one another, such as option spreads or combinations of futures and options.

Deribit restricts clients from certain jurisdictions to comply with international rules and regulations. The firm maintains a publicly updated restricted jurisdictions list on its website. Prospective traders must review this list and complete KYC verification before deposits, withdrawals, or trading activity are enabled.

Deribit provides a Position Builder for simulating portfolio profit-and-loss charts, an Option Wizard to find optimal contracts for price forecasts, and Deribit Metrics for exchange-level options and futures analytics. A free, public testnet with simulated funds is available for risk-free strategy testing before live deployment.