DeribitCrypto Exchange ReviewFutures up to 100x

Derivatives dominance

Deribit's market position in crypto options is exceptional. It commands approximately 85% of global Bitcoin and Ethereum options open interest, a concentration of derivatives liquidity that makes it the unambiguous reference exchange for crypto options price discovery. Any institutional or professional trader seeking to hedge, express volatility views, or run options strategies in crypto will encounter Deribit's order book as the benchmark venue.

Options infrastructure

Deribit offers vanilla European-style options on BTC and ETH across a full term structure of expiry dates, from daily to quarterly, with strike prices spanning a wide range above and below the current spot price. The options interface provides real-time greeks (delta, gamma, theta, vega), implied volatility surfaces, and a portfolio margin mode that allows sophisticated multi-leg strategies with cross-margining between positions. No other crypto exchange offers comparable options infrastructure at this depth.

Futures and perpetuals

Alongside options, Deribit offers USDC-settled futures and perpetual contracts on BTC and ETH, as well as SOL, XRP, and a small selection of other assets. Institutional traders use the futures product for precise delta hedging alongside their options book. Maker fees on options are 0.03% and taker fees are 0.05%, among the lowest in the crypto derivatives market for professional-grade options infrastructure.

USDC margining

Deribit migrated its margin currency to USDC in 2023, eliminating the need to post BTC or ETH as collateral and reducing the convexity risk inherent in the previous BTC-collateral model. USDC margin provides predictable P&L calculations and reduces liquidation risk during high-volatility events.

Regulatory standing

Deribit obtained a Panama VASP (Virtual Asset Service Provider) registration in 2023, providing a regulatory framework for its operations. It does not hold licences from the FCA, NYDFS, MiCA, or other top-tier jurisdictions. For most professional traders, the regulatory standing is secondary to the exchange's liquidity and infrastructure quality, but conservative institutional mandates may require regulated counterparties.

Where it falls short

Deribit is explicitly not a platform for spot-only traders or beginners. The asset selection is deliberately narrow (~20 assets): derivatives depth takes priority over breadth of listings. Not available to US residents. The options interface, while exceptional for professionals, has a steep learning curve, and the platform offers no staking or DeFi products.

Bottom line

For professional crypto derivatives traders, institutional desks hedging crypto exposure, and volatility traders seeking options market share, Deribit is the only credible choice. It holds ~85% of global BTC/ETH options OI and offers the deepest, most liquid options book in the crypto market. For spot-only traders, it is not relevant; for derivatives specialists, it is irreplaceable.