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Deribit is a cryptocurrency exchange offering options, futures, and other derivates trading for Bitcoin and Ethereum only. This exchange is based in Panama and is not available in the U.S. or Japan, but it supports most other countries around the world. Designed for users who want to trade crypto derivatives with leverage, Deribit offers advanced order types, trading reports, and ultra-fast trade execution. It's a great platform for advanced traders, but it's not well-suited for beginners.
- Pros & Cons
- Key Takeaways
Leveraged trading up to 100x on perpetual swaps
Robust security features
Options and futures trading available
Fast trade execution
Test trading platform available
Too complicated for new crypto investors
Not available in the U.S. or Japan
No fiat currency support
- Deribit is a centralized cryptocurrency exchange that offers options, futures, and perpetuals trading.
- Customer support is available via email, Telegram, and a knowledge base.
- Deribit only supports Ethereum and Bitcoin options, perpetuals, and futures trading.
- Year Founded 2016
- Official Website www.Deribit.com
- Cryptocurrencies Available 2
- Customer Support Email, Telegram, Knowledge Base
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
Deribit is a cryptocurrency exchange that allows users to trade Bitcoin and Ethereum derivatives. It offers up to 10x leverage trading for options and up to 100x leverage trading for futures and perpetuals. Deribit does not support fiat currency, and only offers two cryptocurrencies on the platform, BTC and ETH.
We’ve reviewed Deribit’s platform, fees, user experience, customer service, available crypto, and more to determine if it’s a good option for crypto investors and traders.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Deribit was founded in 2016 by John Jansen as an institutional-quality crypto derivatives trading platform. Its high-speed trade execution and advanced trading tools could make it a good option for crypto enthusiasts, but Deribit only focuses on trading the two most popular cryptocurrencies on the market, Ethereum (ETH) and Bitcoin (BTC). Deribit now operates in the vast majority of countries, but is not available in the U.S., Japan, and a few others.
Deribit offers advanced charting, multiple order types, margin and futures trading, and competitive (though, complex) trading fees.
U.S. residents cannot trade on Deribit, and access may be restricted by IP address.
Cryptocurrencies That Trade on Deribit
Deribit allows users to trade options, futures, and perpetuals of only two crypto currencies: Bitcoin and Ethereum. Deribit does not allow users to deposit anything other than BTC and fiat currencies such as the U.S. dollar are not supported. This exchange also doesn’t support stablecoins like USDC or USDT.
Deribit offers enterprise-grade trading tools, including multiple order types, advanced charting, a drag-and-drop user dashboard, live order books, leveraged trading, and access to an abundance of crypto market data. This exchange is designed for advanced crypto traders, and beginners will likely be overwhelmed with the platform and user interface.
Deribit offers four types of derivatives:
- Options trading: Deribit offers call and put options with up to 10x leverage available. Options can be traded or held until expiry.
- Futures trading: Deribit offers futures trading, which is an agreement to buy or sell BTC or ETH at a predetermined future price. Users can trade futures with up to 50x leverage on Ethereum, and up to 100x leverage on Bitcoin.
- Inverse and Linear Perpetuals: Similar to futures, but with no expiration date. The difference between inverse and linear refers to the the relationship between the asset price and contract. Up to 100x leverage is available on these contracts.
Deribit also supports several order types, including market orders, limit orders, and stop orders. Additionally, orders can be set to stay open until they are filled, to fill immediately or cancel, or to fill what is immediately available (even if only a partial fill) or cancel.
Customers can also tie in third-party trading tools via the Deribit APIs, allowing users to connect trading bots or other trading tools to the system for executing trades.
Deribit users can expect relatively low fees for trading crypto as well as different fee schedules for options and futures trading. This exchange charges 0.05% per trade (or less) for most futures trades, and 0.03% for options trades, though smaller trades may incur up to a 12.5% fee. Its fees are lower than most other exchanges, though smaller options trades could be expensive.
There are also fees for contract settlements (at expiry), and for liquidations as well. Here’s a detailed view of Deribit’s trading fees.
Deribit Trading Fees
Deribit charges trading fees based on a maker-taker fee model, with different fees based on the type of trade placed. There are also separate fee schedules for delivery (settlement) and liquidations, detailed below.
In general, a “taker” is someone who places an order that gets filled immediately, while a “maker” places an order that gets placed in an order book (until a match is found). Transaction fees differ based on whether you are considered a maker or a taker in the trade execution (as shown in the table below).
Here is a breakdown of the Deribit fee structure:
|Contracts||Maker Fee||Taker Fee|
|BTC Weekly Futures||-0.01% (rebate)||0.05%|
|BTC/ETH Options||0.03% of the underlying or 0.0003 BTC/ETH per options contract||0.03% of the underlying or 0.0003 BTC/ETH per options contract|
While there is a 0.003 BTC/ETH minimum fee for options, fees will never be higher than 12.5% of the options price.
|Delivery Fees (Settlement at Expiry)|
|BTC Weekly Futures||0%|
|Options||0.015% - this fee can never be higher than 12.5% of the option's value.|
|BTC Perpetual & Futures||0.75%, (0.75% for maker orders and 0.70% for taker orders will be added to the insurance fund)|
|ETH Perpetual & Futures||0.9%, (0.9% for maker orders and 0.85% for taker orders will be added to the insurance fund)|
|Options||0.19% of the underlying asset or 0.0019 BTC per options contract, 0.16% of the underlying asset, or 0.0016 BTC per contract is added to the insurance fund.|
Deribit offers several security features to help protect user accounts, including two-factor authentication (2FA) and cold storage of most crypto assets.
Here are a few of the unique security features offered by Deribit:
- Cold storage: Deribit keeps 99% of all crypto assets in cold storage vaults that aren't connected to the internet, with multi-signature private keys.
- Two-factor authentication: Deribit allows users to enable two-factor authentication (2FA) via Google Authenticator for account login and fund withdrawals.
- Withdrawal address delay: Users can set up withdrawal delays for new wallet addresses added to the account. This can help block hackers from draining your crypto balance, allowing you to cancel the withdrawal request.
Opening a Deribit Account
To sign up for a Deribit account, you’ll first provide an email address and password. Once your new account is verified via email, you can log into Deribit and secure your account with 2FA using Google Authenticator.
Before trading, Deribit requires that users provide personal information and verify their identities. This know-your-customer (KYC) protocol helps to ensure that Deribit accounts aren’t used for illicit activity.
To verify your identity, you’ll be required to submit your name, address, and date of birth, along with a picture of a government-issued photo ID. You will also need to perform facial verification by taking a selfie and submitting it so Deribit can compare your image with your photo ID. Finally, you will need to provide proof of residence by submitting a utility bill, or another billing statement with your current address on it.
Once your account is verified, you can deposit and trade Bitcoin and Ethereum contracts, as well as withdraw crypto assets to your own digital wallet.
Deribit offers email support and live chat support via its official Telegram channel. This exchange also provides basic customer service via Twitter. Deribit does not offer phone support, and business hours for customer service are not publicly listed. There is also a knowledge base to help answer questions.
Deribit also offers educational resources and training on its blog, Deribit Insights.
Though Deribit doesn’t have many customer reviews available, the feedback users have shared is mostly fair or positive. Some users have complained of high spread fees, but most compliment the user interface and wide array of trading tools. Overall, Deribit seems to offer a decent platform for advanced traders as well as quality customer support.
There are no formal rating agencies for cryptocurrency exchanges. User reviews are self-reported and may not be 100% accurate.
Deribit is a web-based platform that allows users to trade Bitcoin and Ethereum options and futures. Users can access a wealth of information, charting tools, live order books, and more as well as execute trades with leverage. Deribit offers TradingView charts with a wide range of tools, and an intuitive options matrix for purchasing and selling options contracts.
Deribit also offers a mobile app for iOS and Android users who want to trade on the go. The app includes access to live order books, order monitoring, and placing orders. While futures and options trading is available on the mobile app, the limited screen size condenses much of the information on the screen, and may not provide the best user experience for active traders.
How Deribit Compares to Other Cryptocurrency Companies
Deribit is a quality option for advanced crypto traders seeking access to futures and options trading for Bitcoin and Ethereum. It is ideal for institutional traders as well, offering third-party integration via its API, as well as high liquidity for large trading volumes.
Deribit only offers Bitcoin and Ethereum trading, and it does not support any other cryptocurrencies. Users also cannot deposit fiat funds.
Here’s how Deribit compares to Kraken, a popular crypto exchange in the U.S.
Deribit vs. Kraken
Deribit and Kraken both offer trading of futures including with leverage. However, Kraken maxes out at 50x and Deribit at 100x. Both require KYC identity verification for users, and both keep most of their crypto assets in cold storage.
But while Deribit is specifically aimed at advanced traders who want to trade Bitcoin and Ethereum derivatives and options contracts, Kraken is a true cryptocurrency exchange that offers a wide range of crypto for buying, selling, trading, and staking to earn interest.
Here are a few other differences between Deribit and Kraken:
- Kraken is available in the U.S., while Deribit is not.
- Deribit offers 100x leveraged futures trading on Bitcoin, while Kraken only offers 50x.
- Kraken is a fiat currency onramp, while Deribit does not support fiat currency deposits.
- Deribit offers options trading, while Kraken does not.
Deribit gives advanced crypto traders access to Bitcoin and Ethereum options, perpetuals, and futures trading, with a wide range of order types and trading tools. Kraken, on the other hand, offers both a simple way to buy crypto for beginners, as well as advanced trading of over 100 cryptocurrencies.
Deribit is a good platform for non-U.S. residents who want access to Bitcoin and Ethereum options, futures, and perpetuals trading. It focuses only on those two cryptocurrencies, and it's one of the largest market participants in BTC and ETH options open interest.
Deribit is ideal for advanced traders that want to integrate their third-party tools via the Deribit API, as well as trade with extremely low fees. It also offers very quick trade matching, allowing users to execute hundreds of trades within seconds. Overall, Deribit is one of the best platforms for BTC and ETH derivatives trading with leverage.
The Balance is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the data collection and review processes and weighted data points, is available for review.