deribit

User Momilio posted: On-chain options are currently the biggest blank space and opportunity in the cryptocurrency field. This content is excerpted from its upcoming on-chain options research report, currently just a summary of one chapter. Momilio stated: Mature financial markets will eventually expand to options, and cryptocurrency has reached a turning point; constraints are no longer regulatory or infrastructural, market-making liquidity has improved, and pricing systems can now support larger-scale transactions. It also noted: The trading volume of on-chain options is still only 6.9% of Deribit's options trading volume, and to reach critical scale, a large influx of retail order flow is necessary.Momilio stated: The annual trading contracts for U.S. options increased from 4.19 billion in 2017 to 15.2 billion in 2025, a growth of 263%, primarily due to retail investors. After Robinhood launched commission-free options in December 2017, the proportion of S&P 500 options on the same day rose from 5% to over 60% within ten years. By 2023, the proportion of contracts expiring within a week rose to 68%, with same-day options accounting for 43%; SSRN research shows that over 75% of retail-related trades are contracts expiring on the same day.In India, the premium for stock options is expected to reach 190.65 trillion rupees by the fiscal year 2026, which is 45.8 times that of the fiscal year 2016, with over 90% of retail derivatives traders only engaging in options. By the end of 2024, the Securities and Exchange Board of India will raise the minimum contract size from 500,000 rupees to 1.5 million rupees and restrict weekly expirations to only one benchmark index, with premiums still increasing by 7% in the fiscal year 2026. In the first half of 2026, the trading volume of options contracts on Indian exchanges reached 39.3 billion, which is 4.5 times that of the U.S. at 8.7 billion, while U.S. premiums of $6.3 trillion are nearly 5 times India's $1.3 trillion.

Coinbase Institutional Co-CEO Brett Tejpaul stated in an interview that the "second wave" of institutional funds for Bitcoin has arrived. He revealed that the seven largest banks in the world are currently operating on Coinbase's infrastructure and are experiencing their own "Kodak moment," as these banks begin to move funds from traditional accounts to on-chain settlements.Tejpaul indicated that the core driver of institutional adoption has shifted from Bitcoin ETFs to stablecoin payments. Funds can now be transferred from Citibank accounts to USDC, cross-chain in a second, and then enter corporate accounts on the other side. He disclosed that the scale of stablecoin settlements has reached $400 million per hour, but relative to the overall payment market, it is still just "a speck of dust," with payment service providers adopting it on a large scale ahead of banks. Additionally, Coinbase is connecting U.S. funds to Deribit, which holds 85% of the options market share.When discussing Bitcoin, Tejpaul believes the macro environment is good, but the price performance is disappointing, and institutions currently view it as a tech-related trade. He also mentioned that stablecoins and agency-style commerce have arrived almost simultaneously, and Coinbase is advancing a transformation from "Amazon to AWS" to activate infrastructure across the United States, disclosing that it holds about 90% of the market share in Bitcoin ETF custody.

According to Onchain Lens monitoring, a Bitcoin whale transferred over 415 million dollars worth of Bitcoin. The whale deposited 949.7 Bitcoins, valued at 77.55 million dollars, to Binance and Deribit, likely for the purpose of selling.Additionally, 4,150 Bitcoins (approximately 337.7 million dollars) were transferred to its personal wallet; this wallet had previously also transferred funds to exchanges.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, Binance saw the largest decrease at 1.78%; OKX had the largest increase at 1.73%.In terms of exchange asset transparency proof, in the past 7 days, the top three net outflows of reserve assets were Deribit (-1.047 billion USD), Binance (-804 million USD), and Bitget (-318 million USD); the top three net inflows were Bitfinex (+675 million USD), OKX (+432 million USD), and Bybit (+46.315 million USD).

Cryptocurrency exchange Coinbase announced that it will relaunch the Coinbase Pro platform by the end of this year and has completed the integration with Deribit, thereby forming Coinbase Global Exchange. Coinbase stated at the Token2049 event in Singapore that its U.S. regulated futures commission merchant, Coinbase Financial Markets, will soon connect eligible U.S. customers to global crypto derivatives liquidity, marking the first time in market history that the U.S. is linked to the international derivatives market as a single liquidity pool.Coinbase indicated that the guidance released by the U.S. Commodity Futures Trading Commission in May allows Coinbase Financial Markets to connect U.S. customers with the global crypto derivatives market, enabling U.S. institutional clients to access options and perpetual contracts that previously required offshore entities and multiple counterparties to use in a regulated manner. Qualified traders outside the U.S. will gain access to options trading in the coming weeks, while U.S. retail traders are expected to open later this year. U.S. institutional clients can trade Deribit options and perpetual contracts through Coinbase Prime, with account openings currently available.Coinbase acquired Deribit, one of the largest global crypto options exchanges, for approximately $2.9 billion in August 2025. As of September 30, Deribit had over $30 billion in open interest for Bitcoin options, with trading volume exceeding $1 trillion last year.

According to the data panel on the ChainCatcher official website, regarding BTC wallet balances, in the past 7 days, among the top 10 exchanges by balance, only two had net inflows; Binance had the largest decline, at 2.95%.In terms of exchange asset transparency proof, the top three exchanges with net outflows of reserve assets were Deribit (-340 million USD), Bybit (-291 million USD), and MEXC (-99.5608 million USD); in terms of net inflows, Binance had the highest inflow, reaching 703 million USD, followed by Bitfinex (+321 million USD) and OKX (+40.4574 million USD).

Coinbase Chief Business Officer Shan Aggarwal published a post disclosing the integration progress after acquiring the cryptocurrency options trading platform Deribit, stating that the overall integration progress is "generally good." As of now, several advancements have been completed, including the launch of over 100 new USDC settlement contracts in 5 market areas, covering pre-IPO perpetual contracts, marking the largest expansion of perpetual contracts in Deribit's history.For the first time, stocks and ETFs are being traded in the form of perpetual contracts; a new matching engine has been launched to enhance the core trading infrastructure, making the large-scale trading environment faster and more stable while maintaining the user experience; and Deribit's spot trading has accessed Coinbase's spot liquidity. Shan Aggarwal added that the platform integration process still faces a lot of work, and more phased results will be announced in the future.

Cryptocurrency derivatives exchange Deribit announced the launch of its largest product expansion in history. The first phase will introduce over 90 perpetual contracts settled in USDC, covering cryptocurrency assets, listed stocks and ETFs, commodities, the COIN50 index, and private market valuations. All contracts will be launched in phases and settled in USDC.This expansion covers five areas: over 60 cryptocurrency perpetual contracts (including ENA, AAVE, HBAR, RENDER, etc.), stock and ETF perpetual contracts (such as NVDA, MSFT, META, TSLA, AAPL, GOOGL, AMZN, AMD, QQQ, SOXL, SPY, EWY, etc.), commodity perpetual contracts (GOLD, SILVER, BRENTOIL, WTIOIL), COIN50 index perpetual contracts, as well as Pre-IPO perpetual contracts for Anthropic and OpenAI. The stock, commodity, and Pre-IPO products are approved for provision under a limited license granted by Deribit FZE by the Dubai Virtual Assets Regulatory Authority (VARA) and are subject to relevant conditions and eligibility restrictions.This expansion is accompanied by an upgrade of Deribit's matching engine. Deribit FZE is authorized and regulated by the Dubai Virtual Assets Regulatory Authority (VARA), and the availability of products and services is subject to applicable regulatory requirements and investor classification constraints.

Bitcoin options worth $6.44 billion on Deribit will expire on Friday at 08:00 UTC, involving 81,700 contracts, of which 44,639 are call options and 37,061 are put options, with a put/call ratio of 0.83, indicating an overall bullish sentiment. Deribit's maximum pain point is between $68,000 and $70,000, which is about $9,000 to $11,000 lower than Bitcoin's current price of approximately $79,000.The open interest for call options is concentrated at strike prices of $75,000 and $80,000, with a notional value exceeding $500 million within 5% of the spot price. Frank Hepworth, CEO of New Market Trading, stated that expiration week "always sounds scarier than it actually is," with about 62% of contracts set to expire worthless on Friday, and the size of September expiration contracts is expected to be nearly double that of this week.This expiration coincides with the second day of the Jackson Hole Economic Policy Symposium, where newly appointed Federal Reserve Chair Kevin Warsh will deliver his first keynote speech. Hepworth pointed out that if the pullback triggered by this week's PCE data continues into Friday, Bitcoin's 200-day moving average (around $69,000) is worth watching.

According to CoinDesk, approximately 81,700 Bitcoin options contracts (with a nominal value of about $6.4 billion) on Deribit will expire on Friday at 08:00 UTC. The number of call options exceeds that of put options, with a put/call ratio of 0.83, and the maximum pain point is at $68,000. The $80,000 strike price holds $157 million in nominal value of call options, while the $75,000 strike price has the largest open interest in call options, reaching $236 million.Shaun Fernando, Chief Risk Officer of Deribit, stated that nearly 20% of Deribit's Bitcoin open contracts are about to expire, combined with factors such as severe market volatility, the volatility term structure shifting from backwardation to contango, a relative increase of 30% in DVOL, and a shift from negative to positive skew in call-put options, this will be a "noteworthy expiration date." Bitcoin surged from about $62,000 to $80,000 within a week, marking the second-largest weekly gain in years, with a large number of call options with strike prices below $80,000 entering in-the-money status.Fernando pointed out that over $500 million in nominal value is within a 5% volatility range of the current price, which may trigger more intense gamma hedging before expiration, leading to a "pinning" effect around key strike prices or accelerating a breakout beyond these levels. Dynamic hedging conducted by market makers to manage exposure may cause Bitcoin prices to fluctuate around dominant strike prices like $80,000, and once a decisive breakout occurs at that level, it could trigger a larger market movement.

Brian Armstrong posted on the X platform that Deribit has obtained a VARA brokerage license, allowing access to the market and liquidity of Coinbase Exchange. The UAE is embracing modern finance and digital assets.

According to Whale Alert monitoring, 109,000,000 USDC was transferred from an unknown wallet to Deribit.

According to a Coinbase announcement, the Coinbase International Exchange will be integrated into Deribit as part of an infrastructure upgrade. The accounts, positions, and balances of institutional clients will be migrated by September 9, 2026, after which Deribit will serve as the unified trading venue for Coinbase's global derivatives business.The announcement states that August 28 will be the last day to exit the migration through closing positions. Clients who do not close their accounts by this date will be considered to have accepted the migration. The migration day is expected to have a downtime of about 30 minutes, and positions will be settled at the marked price before being transferred to new Deribit sub-accounts. After the migration, institutional clients will gain access to the complete options suite on Deribit, and mechanisms such as perpetual contract settlement, funding rates, and APIs will also change accordingly.

According to Deribit data, Bitcoin and Ethereum options worth approximately $1.45 billion will expire at 16:00. Among them, the notional value of BTC options is about $1.23 billion, with a put/call ratio of 0.86 and a maximum pain point of $62,500; the notional value of ETH options is about $218 million, with a put/call ratio of 1.54 and a maximum pain point of $1,750.Deribit stated that this expiration will inject liquidity and volatility into the market, creating ideal conditions for short-term options trading.

According to CoinDesk, data from the cryptocurrency derivatives trading platform Deribit shows that the 30-day implied volatility index (DVOL) for Bitcoin has dropped to 41.5%, far below the peak of 90% in February. Deribit's Chief Commercial Officer Jean-David Péquignot stated that the current Bitcoin volatility is low compared to historical levels, indicating that traders have lowered their expectations for significant price fluctuations, making the cost of purchasing options cheaper.Additionally, this Friday, the cryptocurrency market will see the quarterly options expiration worth $10.5 billion. Data shows that the current volatility of call options is significantly lower than that of put options, making call spreads more attractive based on relative volatility. Péquignot further noted that recent sell-offs in tech stocks and macro factors such as the U.S. core PCE inflation data set to be released on Thursday may further increase market volatility in the short term.

According to CoinDesk, Deribit Chief Commercial Officer Jean-David Péquignot stated that $60,000 is a key structural threshold for Bitcoin. Over the past year, a large amount of institutional funds (including ETF buyers, large holders, and short-term speculators) have bought Bitcoin in the $60,000 to $67,000 range. If the price continues to decline, unrealized losses will increase, and holding costs will rise, especially against the backdrop of rising AI stocks, which may prompt panic selling among investors. The open interest of put options with a strike price of $60,000 on Deribit has a notional value of over $1.2 billion.As Bitcoin approaches $60,000, market makers face Gamma risk from shorting put options and will be forced to sell spot or futures to balance their books, accelerating the decline. In addition, there is still excessive leveraged long positions in the system, and a drop below $60,000 could trigger more liquidations, creating a chain reaction.

Lin Chen, the Head of Asia-Pacific Business at Deribit, posted on platform X that a certain options trader bought 800 BTC in a bull spread, purchasing $80,000 in call options and selling $85,000 in put options, as the trader is optimistic about BTC prices rising at the beginning of this month.