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Deribit

Deribit is a Bitcoin and Ethereum trading exchange that enables individuals around the world to engage in futures and options trading.

Products Non-US Cleared

DO - BTC Options - European

Product Code
DO
Instrument
Options
Inst Sub Type
European
Settlement Type
Financial
Underlying Asset
Deribit BTC Index
Min Block Size (Contract)
25
Min Description
Per Transaction
Contract Multiplier
1 BTC
Min Price Increment
0.0001 BTC
Min Contract Increment
0.1

CF - BTC Futures

Product Code
CF
Instrument
Futures
Inst Sub Type
-
Settlement Type
Financial
Underlying Asset
Deribit BTC Index
Min Block Size (Contract)
20,000
Min Description
Per Transaction
Contract Multiplier
10 USD
Min Price Increment
$ 0.01
Min Contract Increment
1

EH - ETH Options - European

Product Code
EH
Instrument
Options
Inst Sub Type
European
Settlement Type
Financial
Underlying Asset
Deribit ETH Index
Min Block Size (Contract)
250
Min Description
Per Transaction
Contract Multiplier
1 ETH
Min Price Increment
0.0001 ETH
Min Contract Increment
1

AZ - ETH Futures

Product Code
AZ
Instrument
Futures
Inst Sub Type
-
Settlement Type
Financial
Underlying Asset
Deribit ETH Index
Min Block Size (Contract)
100,000
Min Description
Per Transaction
Contract Multiplier
1 USD
Min Price Increment
$ 0.01
Min Contract Increment
1

OS - SOL-USDC Options - European

Product Code
OS
Instrument
Options
Inst Sub Type
European
Settlement Type
Financial
Underlying Asset
Deribit SOL_USDC Index
Min Gross Premium*
2,500
Min Description
Per Transaction
Contract Multiplier
10 SOL
Min Price Increment
0.1 USDC
Min Contract Increment
1

MT - MATIC-USDC Options - European

Product Code
MT
Instrument
Options
Inst Sub Type
European
Settlement Type
Financial
Underlying Asset
Deribit MATIC_USDC Index
Min Gross Premium*
2,500
Min Description
Per Transaction
Contract Multiplier
1,000 MATIC
Min Price Increment
0.0005 USDC
Min Contract Increment
1

RP - XRP-USDC Options - European

Product Code
RP
Instrument
Options
Inst Sub Type
European
Settlement Type
Financial
Underlying Asset
Deribit XRP_USDC Index
Min Gross Premium*
2,500
Min Description
Per Transaction
Contract Multiplier
1,000 XRP
Min Price Increment
0.0005 USDC
Min Contract Increment
1

Notes

Gross Premium refers to the sum of the Premium on all option legs within a block trade. A minimum sum must be met before a block trade can be transacted.

Minimum block size units when defined as "per transaction" means the sum of the quantities of the legs of the transaction must meet the Minimum Block Size threshold

For a multi-product structure (i.e. Options and Futures) either the Options or the Futures component of the structure should meet the Minimum Block Size threshold

All Deribit products are not US Cleared

Leg Pricing Assignment Methodology

Paradigm’s leg pricing methodology attempts to take the quoted strategy prices as entered by the maker and calculate individual leg prices subject to the following broad constraints:

1

Calculate leg prices as close to the mark as possible

2

Leg prices must be in increments of minimum tick size

3

Leg prices must be within the Min and Max prescribed by the exchange for each leg

4

For options strategies, leg prices must preserve delta relationships:

  1. Higher strike puts > Lower strike puts
  2. Higher strike calls < Lower strike calls

Important Pricing Points to Consider

Trade rejection due to timing differences between initial Price Band check (on Paradigm) and final price band check (on Deribit)

  1. After the Maker enters executable prices, Paradigm conducts a price band check for the quoted strategy to ensure that the price(s) entered by the Maker are within the permissible price bands set by the exchange. These price bands are calculated by Paradigm using the Min and Max of the individual legs in the strategy.
  2. However, Deribit performs its own price-band check at the time of trade execution i.e AFTER the trade message is submitted to Deribit.
  3. Consequently, there is a time lag between the initial price band check performed by Paradigm (after Maker enters executable prices) and the price band check performed by Deribit (at the time of trade submission). This time lag may vary depending upon when the Taker decides to confirm the price, but is capped at a max of 20* seconds (plus a minimal amount of time it takes for Deribit to receive the trade message transmitted by Paradigm
  4. During this time, there is a chance that the price bands for the individual legs (have changed meaningfully enough to cause the executed price to be outside the new price bands for the quoted strategy. If this is true, Deribit will reject the trade.

* 20 seconds corresponds to the longest setting for the trade execution window on Paradigm, configurable via the web dashboard.

Manual entry for individual leg prices when Paradigm is unable to calculate leg prices that are “sensical”

  1. Deribit’s Min/Max values for certain strikes in the option chain can overlap (i.e. Max of lower strike put can be higher than Min of higher strike put). As a result certain strategies prove difficult to calculate leg prices that satisfy conditions stated above (1,2,3) and also specifically preserve delta relationships (4).
  1. In these rare instances, Paradigm will ask the Maker to input individual leg prices and submit those prices to Deribit. Note that in such cases, Paradigm DOES NOT do any checks to ensure that the leg prices preserve delta relationships and prices will be submitted on an “as is” basis.

Currently, Paradigm does not allow zero or negative prices for the following strategies

  1. Straddles
  2. Strangles
  3. Non-ratio, single-expiration Put and Call Spreads

Fees

Paradigm fees for Deribit products are free.

Account Credentials

1

Log into your Deribit account

2

Go to My Account and click the API tab

3

Click Add New Key

4

In the pop-up window, the *Block Trade field must be set to “read_write” and Trade field: "read" to use our Positions functionality, while everything else can be personal preference

*Note: This is a new setting made available by Deribit, specifically for block trades. This key will not give us access to your account information. Instead, it only allows Paradigm the ability to submit block trades on a user's behalf.
5

Click Create a new API key

6

On your Paradigm Dashboard, select Account tab under Derivatives (Listed) → Deribit

7

Click "+"

8

Enter a nickname for the Key. Input your Deribit API credentials (i.e. Client ID and Client Secret) you just created

9

Click Add

10

You can add multiple Deribit API keys to your Paradigm Dashboard, then toggle between keys for trading/clearing in that selected Deribit (sub)account

Restricted Jurisdictions

Please see here

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