Deribit is a cryptocurrency derivatives exchange that specializes in options and futures contracts for digital assets. Originally founded in the Netherlands and now headquartered in Dubai, the platform is a subsidiary of Coinbase and provides trading services for individual, experienced, and institutional clients. ^[1]

Overview

Deribit was launched in June 2016 after more than two years of development, initially focusing on Bitcoin derivatives. It was established as one of the first exchanges dedicated to cryptocurrency options trading.

The platform has since expanded its offerings to include a variety of digital assets while maintaining a significant position in the crypto options market, reportedly accounting for over 85% of the market share for Bitcoin and Ethereum options. ^{[2] [1]}

The company operates with a focus on three core values: integrity, quality of service, and innovation. It aims to provide a fair trading environment through its risk management system and security protocols. The platform is designed for continuous operation to serve a global user base and offers multilingual customer support. Deribit's stated goal is to remain at the forefront of the cryptocurrency derivatives market. ^[1]

In August 2025, it was announced that Coinbase had completed its acquisition of Deribit. Following the acquisition, Coinbase stated its intention to build a powerful global crypto platform by combining the strengths of both companies. ^[3]

"The biggest logo x logo partnership in crypto just became official. We closed the deal with @DeribitOfficial. Now we’re building the most powerful global crypto platform, together." ^[3]

History

Deribit was founded in the Netherlands and officially launched its platform in June 2016. The development of the exchange's technology began more than two years prior to its public launch. The company later moved its headquarters to Dubai, United Arab Emirates, to support its global operations. In August 2025, Deribit became part of Coinbase after the finalization of an acquisition deal. The integration aims to combine Deribit's derivatives expertise with Coinbase's broader ecosystem. ^{[1] [3]}

Technology and Features

Deribit's platform is built on a system designed for high performance, low latency, and scalability to handle large trade volumes. The exchange provides a customizable user interface that allows traders to arrange components and create custom trading pages for different assets or strategies. The platform is accessible via a web interface as well as mobile applications for iOS and Android devices. ^[2]

The exchange offers several tools to assist traders in developing and analyzing their strategies:

• Position Builder: A tool for simulating positions and viewing a portfolio's profit and loss chart under various market scenarios.
• Option Wizard: A feature that helps users find option strategies based on their price predictions for an underlying asset.
• Deribit Metrics: A dashboard that provides charts and statistics for options and futures trading.
• Testnet: A practice environment where users can experiment with trading strategies using simulated funds without financial risk.

For institutional and high-frequency traders, Deribit provides co-location services in the Equinix LD4 data center, Multicast for market data, and a comprehensive API for programmatic trading. ^{[2] [1]}

Products and Services

Deribit offers a range of cryptocurrency derivative products, catering to different trading needs and strategies. The product lineup is continuously refined and expanded. ^[1]

Derivatives

The core offerings of the exchange are derivatives contracts, which include:

• Options: The platform provides European-style options that can be exercised only at expiration. It offers inverse options for Bitcoin and Ethereum, which are margined and settled in the underlying cryptocurrency. It also lists USDC-settled linear options for several assets, including BTC, ETH, and other altcoins. These contracts allow for profit and loss calculation in a stablecoin.
• Futures and Perpetuals: Deribit lists both traditional futures contracts with set expiry dates and perpetual contracts that do not expire. These are available as inverse contracts for BTC and ETH and as linear, USDC-settled contracts for a range of cryptocurrencies.
• DVOL Futures: These are futures contracts based on the Deribit Volatility Index (DVOL), allowing traders to speculate on or hedge against the future implied volatility of Bitcoin.

The product range is designed to allow for various trading strategies, such as hedging, arbitrage, and speculation. ^[1]

Spot Markets

In addition to derivatives, Deribit operates spot markets for direct trading of cryptocurrencies. The platform has also introduced zero-fee spot trading for certain pairs. The spot offerings include major cryptocurrencies as well as some yield-bearing assets and tokenized gold. ^{[2] [1]}

Security and Risk Management

Deribit has implemented a multi-faceted approach to security and risk management. The platform utilizes an incremental liquidation system designed to manage risk in volatile market conditions. This system, combined with an insurance fund, is intended to prevent socialized losses, where profitable traders might have their gains reduced to cover the losses of others. The company states that it has had zero instances of socialized losses since its launch. ^[1]

For account security, users are required to set up Two-Factor Authentication (2FA) and can use security keys for enhanced protection. The platform also offers features like a "New Address Delay" for withdrawals to prevent unauthorized fund transfers. Deribit also maintains a Proof of Reserves system to allow users to verify that their assets are held by the exchange. ^[2]

"At Deribit, we believe in the future of cryptocurrencies. It is our goal to continue to be at the forefront of the cryptocurrency derivatives market. We envision a future where cryptocurrencies are used by everyone and traded by millions. We are ready for the future, and so is our system." ^[1]

Margin Systems

Deribit provides two distinct margin systems for its users: Standard Margin and Portfolio Margin. ^[2]

Standard Margin

This is the default margin mode on the platform. In this system, margin requirements are calculated on a per-position basis. It is generally suited for traders who buy options, as long option positions cannot be liquidated in this mode. It also allows for higher leverage on directional positions that are not part of a complex hedging strategy. ^[2]

Portfolio Margin

Portfolio Margin is an advanced system that calculates margin requirements based on the overall risk of an entire portfolio of futures and options combined. This model can potentially reduce margin requirements for hedged positions or multi-leg strategies by offsetting the risk between different positions. It evaluates how the portfolio would perform under various market conditions, and the largest potential loss is used to determine the margin requirement. This system is designed for more experienced traders with complex, risk-managed portfolios. ^[2]

Account and Usage

To use the Deribit platform for depositing, trading, or withdrawing funds, users must complete a Know Your Customer (KYC) verification process. The platform accepts deposits in Bitcoin (native), Ethereum (native), and USDC (ERC-20). Fiat on-ramping services are available through third-party partners, supporting over 40 currencies. Deribit's services are not available in certain restricted jurisdictions, including the United States. The list of restricted countries is updated periodically in accordance with international regulations. ^[2]