Deribit Review

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Bottom line:

Deribit is popular among crypto options traders and offers access to both Bitcoin and Ethereum options contracts with leverage (up to 10x). Deribit also offers standard and perpetual futures trading and is one of the higher-volume derivatives platforms on the market. Deribit is a crypto-only exchange, meaning that while users can deposit fiat currencies, they cannot trade in crypto-fiat pairs, such as BTC-USD.

Deribit is not a typical crypto exchange, as it only supports Bitcoin and Ethereum trading, does not offer spot trading, staking, or interest-bearing crypto accounts. In short, Deribit is not the best platform for beginners but is a reliable options platform for experienced options and futures traders that want to focus on BTC and ETH exclusively.

How We Rated Deribit

Category	Hedge With Crypto Rating
Features	3.5 / 5
Supported Fiat and Deposit Methods	4 / 5
Supported Crypto & Trading Pairs	3 / 5
Fees	4.5 / 5
Ease of Use	4. / 5
Customer support	4.4 / 5
Security Measures	4 / 5
Mobile App	4.6 / 5

Deribit At A Glance

Deribit is a cryptocurrency exchange that allows users to buy, sell, and trade Bitcoin and Ethereum futures and options contracts. Deribit is based in the Netherlands but has expanded to provide its services in over 200 countries.

The trading platform specializes in trading Bitcoin and Ethereum with a selection of markets that include standard futures, perpetual futures and options contracts. Options contracts are available with up to 10x leverage, Ethereum futures up to 50x leverage and Bitcoin futures up to 100x leverage.

The advantages of Deribit include access to high leverage on BTC and ETH products, a sophisticated trading terminal, a responsive mobile app and APIs for connecting trading bots or other 3rd party applications. On the downside, new crypto investors may feel overwhelmed with the trading interface and limited to BTC and ETH contracts only. Moreover, Deribit does not support USDT/USDC perpetual or inverse contracts to hedge against market risks, which is a negative.

Traders from the States cannot use Deribit, as it is not licensed or registered exchange in any U.S. state or territory. It also offers leveraged trading and futures contracts, which are highly regulated in the United States, and it is unlikely Deribit will be made available to users in the USA.

Exchange Name	Deribit
Fiat Currency	USD, EUR, CAD, AUD (through Banxa)
Cryptocurrency	Bitcoin & Ethereum
Markets	Futures, perpetuals & options
Deposit Method	Bitcoin and Ethereum only
Max. Leverage	Ethereum (10x), Bitcoin (100x) & Options (10x)
Trading Fees	-0.01% / 0.05% (Futures) & 0.03% / 0.0003 (BTC/ETH options)
Mobile App	Yes (Android and iOS)

Deribit Compared

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
ByBit	331 (608 trading pairs)	0% (spot), 0.06% / 0.01% (futures)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	0% trading fees for 30 days (spot only)	Visit ByBit	ByBit Review
Binance Futures	229+	0.02% (maker) / 0.04% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	Up to $100 welcome bonus	Visit Binance Fu…	Binance Futures…
OKX	349	0.08% (maker) / 0.10% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.4 / 5	None available at this time	Visit OKX	OKX Review

Deribit Top Features Overview

Advanced Charting & Trading

Deribit has a superior charting terminal for futures and options trading that can be fully customized to suit the individual. Powered by Tradingview charts, users are fully equipped with a modern and advanced interface with live-feed market data on Bitcoin and Ethereum contracts. The entry-order window is clean with multiple tools to visually monitor positions, risk exposure and active P&L.

Futures Market

Deribit offers futures trading for Bitcoin and Ethereum, with vanilla and perpetual futures contracts available. Futures contracts are agreements to buy or sell an asset at a predetermined price in the future. Each futures contract is the equivalent of $10 USD.

While Ethereum futures contracts can be traded with up to 50x leverage, Bitcoin futures contracts can trade with up to 100x leverage. While vanilla futures contracts have a fixed expiry date, perpetual contracts don’t expire and can be traded anytime.

Options Trading

Deribit is a leading platform for trading Bitcoin and Ethereum options, with the majority of the market share for ETH options (90%) and BTC options (80% at the time of writing. Deribit options are “European Vanilla Style” options, which require the option to be in the money upon expiration to exercise it. The contract cannot be exercised if the option is not in the money. These contracts can be traded up to the point of expiry. Deribit offers trading with up to 10x leverage on both Bitcoin and Ethereum options.

Educational Content

Deribit offers a wide range of educational materials for users, including a detailed options-trading course with over 40 lectures. As the crypto options leader for Bitcoin and Ethereum, Deribit helps users learn the details of using the platform to execute options trades. There is also a support Telegram group to ask questions about options trading, which is quite difficult for newer traders to master.

In addition to the course, the Deribit Insights section of the platform offers market research, educational articles, and even a podcast that discusses derivatives and options trading markets.

Deribit Verification Requirements

Deribit requires Know Your Customer (KYC) verification on all user accounts in compliance with regulatory authorities when using the platform. These measures are designed to help prevent money laundering, financing of terrorism and other illegal activities as per international requirements.

To verify an account, the following information will need to be submitted:

• Name, address, and date of birth
• Photo of government-issued ID
• Webcam or cell phone selfie picture
• Proof of residence (such as a utility bill with an address on it)

Funding & Limits

Deribit supports BTC deposits and has partnered with payment gateway service Banxa to allow users to deposit fiat currency using several payment methods. While this helps Deribit offer a fiat onramp, the service is hired out to a third-party that does charge high fees. Deribit explicitly states they are not responsible for those transactions.

There are no maximum deposit limits on Deribit, but the minimum deposit is 0.001 BTC. Futures contracts for BTC and ETH positions are limited to $10 million USD in value (1 million contracts). Options contracts have no position limits currently. At this time, there are no withdrawal limits on Deribit, but larger transactions may be delayed, depending on the BTC or ETH network traffic.

Supported Coins

Deribit only supports Bitcoin and Ethereum trading pairs. While this is far fewer coins than most crypto exchanges, Deribit focuses exclusively on derivatives and options contracts. Crypto exchanges with futures markets such as Binance, Bybit, OKX and KuCoin have much larger selections of cryptocurrency and a better option for traders that want to diversify or hedge a broader portfolio of coins.

Trading With Deribit

User Interface

Deribit offers futures trading for both BTC and ETH, with vanilla and perpetual futures contracts available. Users can choose an expiry for the contract to trade, or select perpetual to trade a contract with no expiration. The order form offers limit, market, and stop orders. High position traders can hide orders from the order book (if desired). BTC futures trading offers up to 100x leverage, and ETH futures offer up to 50x leverage.

Hovering over the supported assets along the top shows live data based on any active positions the current balance, P&L and margin requirements. There is an initial margin status indicator that shows the percentage of the user's margin balance to the position margin requirements. This is a highly useful feature to track margin requirements to avoid liquidation.

Deribit also offers an options trading interface, with varying position sizes, as well as mark and strike prices available. Users can select a standard call and put options for a specific date, or view the options chain for every date available. These options are European vanilla style, and automatically exercise at expiry if the option is “in the money.”

Overall, the user interface for Deribit futures and options trading is extremely responsive, easy-to-use with a modern appearance that is geared for professional traders. The order entry window, contract details, charts, recent trades and positions windows are well laid out and can be fully customized to suit the individual.

Indicators & Drawing Tools

Deribit offers TradingView charts that include a wide selection of indicators and views available. The integration with TradingView gives Deribit users the best place to chart the cryptocurrency pairs. Any drawing tools or technical chart patterns overlaid to the charts remain there when switching between Bitcoin and Ethereum contracts. Examples of the technical indicators that can be used on the Deribit user interface include – but are not limited to:

• Moving Averages
• Volatility Index
• RSI
• Volume
• Bollinger Bands

Placing Orders

To place an order on Deribit, users can select from standard futures, perpetual futures, or options contracts. All choices allow Market, Limit, and stop orders, and the order window offers different selections, depending on the contract.

Futures order can be placed with the order form, with a stated quantity (in USD), as well as the ability to add leverage to the trade. For options contracts, both call and put options are available with specific expiry dates, with various bid and ask prices and multiple Time in Force choices.

Deribit Trading Fees

The trading fees on Deribit vary across its trading products and use a traditional maker and taker fee structure. For BTC and ETH perpetual pairs, there is a transaction fee of 0% (makers) and 0.05% (takers). To learn about what a maker and taker fee is, read this article.

Trading Contract	Trading Fee
BTC Weekly Futures	-0.01% (maker) / 0.05% (taker)
BTC/ETH Futures/Perpetual	0.00% (maker) / 0.05% (taker)
BTC/ETH Options	0.03% of the underlying or 0.0003 BTC/ETH per options contract
Liquidations	BTC Futures: 0.75% Maker, 0.70% Taker ETH Futures: 0.90% Maker, 0.85% Taker Options: 0.19% of the underlying asset or 0.0019 BTC per options contract

BTC weekly futures contracts have different fees that reward users and provide liquidity. The fees are -0.01% and 0.05% for makers and takers, respectively. For options contracts, both maker and taker fees are identical at 0.03% of the underlying or 0.0003 BTC/ETH per options contract.

Overall, the fees on Deribit's futures market are competitive when compared to similar derivatives platforms such as Binance Futures and Bybit. The fees provide excellent value-for-money for users that provide liquidity to the exchange and will pay 0% fees on BTC/ETH perpetual contracts.

The table below shows the range of fees for the major exchanges.

Trading Platform	Trading Fee (Maker/Taker)	Token Discounts
Binance Futures	0.02% / 0.04%	Yes (10% off)
FTX	0.02% / 0.07%	Yes (Up to 30%)
Bybit	-0.25% / 0.75%	No
Huobi Futures	-0.015% / 0.02%	No
Deribit	0.00% / 0.05%	No

Deribit Mobile App

Deribit offers a mobile app for trading on the go, which is available for both iOS and Android devices. Users can download the app, connect it to their main account via the Deribit API and execute BTC/ETH futures and options trades. The mobile app also is secured with biometric access for increased account safety.

Deribit’s trading app has an overall 4-star rating on the Android marketplace based on about 100 reviews. There are very few recent reviews and mostly complaints due to the inability to log into the app. Apart from a few negative comments, Deribit's mobile app experience is modern and intuitive with responsive charting and rapid trade execution speeds.

Security of Assets

According to the Deribit website, the exchange holds 99% of all deposited crypto assets in cold storage. This means that BTC deposits from users are transferred to encrypted vaults that are not connected to the Internet. Since Deribit only moves crypto assets for deposit and withdrawals, the vast majority of the BTC is protected by institutional-grade vaults that are used as collateral for futures and options trading. Although, Deribit does not carry crime insurance against theft of crypto assets.