Deribit Derivatives Introduction Policy - 23 November 2020


Futures Expiries

Expiries available

3, 6 and 9 months quarterly of the March, June, September, December cycle;

Quarterly futures expires the last Friday of each calendar quarter at 08.00 UTC.

Introduction of new expiries

A new future with new expiry date will be added the last Friday of each calendar quarter at 08.00 UTC. This means there will never be more than three expiries available for trading at the same time.



Options Expiries 

Expiries available

1, 2 daily

1, 2, 3 weekly
1, 2, 3 monthly

3, 6, 9 and 12 months quarterly of the March, June, September, December cycle.


Except for the 24-hour period following the introduction of a new expiry, two expiries of daily options, three expiries of weekly options, three expiries of monthly options and four expiries of quarterly options will be available to trade.


Daily options expire every day at 08:00 UTC.

Weekly options expire on each Friday of each week at 08.00 UTC.

Monthly options expire on the last Friday of each calendar month at 08.00 UTC.

Quarterly options expire on the last Friday of each calendar quarter at 08.00 UTC.

Introduction of new expiries

A new options expiry date will be added on Thursday immediately prior to expiration Friday except:

  • A monthly expiry will not be added it if already exists as a quarterly expiry. Instead, this quarterly expiry will now be considered a monthly expiry.

  • A weekly will not be added it if already exists as a monthly expiry. Instead, this monthly expiry will now be considered a weekly expiry


Daily options will be added the day immediately preceding the expiry day ( 08.00 UTC) and will therefore have an initial lifetime of two trading days at the time of introduction.


Dynamic Options Strike Intervals

Intervals

Deribit will introduce new call options with a Delta range of 0.1 to 0.9  and minus 0.1 - minus 0.9 for put options. The intervals to be used are shown in the diagram however might deviate as more or less intervals are required to reach the 0.1 Delta level.


Deribit shall make available for trading the ATM Strike and subsequent strikes above and below the ATM level with the intervals as shown below at the moment of introduction. Pending price moves of the underlying, Deribit may introduce new strikes. 


The series intervals offered by Deribit are based on the remaining lifetime of the maturity. By definition, the intervals will be smaller for series with a shorter remaining lifetime compared to the series with a longer remaining lifetime. 



BTC

Daily

Weekly

Monthly

Quarterly

Min Interval

USD 125

USD 250

USD 500

USD 500

Max Interval

USD 125

USD 1000

USD 1000

USD 4000

ETH


Weekly

Monthly

Quarterly

Min Interval

USD 5

USD 10

USD 10

USD 10

Max Interval

USD 10

USD 20

USD 40

USD 40

 

Deribit may modify the provisions governing the establishment of exercise prices as it deems fit.