Deribit Block Trade Model

Four ways to execute block trades on Deribit

1 Pro.Deribit.com

2 Telegram Quote Request group

3 Third-party solutions

4 API

Block Trade Minimum size

Block Trade tick sizes

1 Deribit Pro Block solution

https://pro.deribit.com/blocktrades/BTC

1. Party 1= set parameters of trade and executes verify_block_trade. 

2. Deribit System creates signature* and arty 1 sends that signature to Party 2. 

3. Party 2 enters the signature in the system

4. Party 2 verifies trade details

5. Party 2 then signs the signature with execute_block_trade. 

2 Telegram Quote Request Group

https://t.me/Deribitquotes

The goal of this group is to facilitate simple quote/price requests should the screen size not be sufficient. There is a 25 BTC or 250 ETH minimum size, you can ask for quotes on Deribit futures, options and options combinations only.

3 Third-party solutions

4 API Flow

https://docs.deribit.com/#block-trade

1. Party 1= set parameters of trade and executes verify_block_trade. 

2. Deribit System creates signature* and arty 1 sends that signature to Party 2. 

3. Party 2 enters the signature in the system

4. Party 2 verifies trade details

5. Party 2 then signs the signature with execute_block_trade. 

* The signature is a base64 code of the trade details and the signature. You can easily convert back, see online decoder for an example. In javascript we use btoa ( ) to make base64 from text, and atob ( ) to convert base64 back to text.

https://www.base64decode.org.

Code example

var ws = require('ws');

const crypto = require('crypto');

const https = require('https');

const CryptoJS = require('crypto-js');

const clientId = 'bp9sOgjO'; // App ID

const clientSecret = 'mUG9ptfJE5BnXs2PmMoRp07yNVGo7v2H5IX36QbZ-FE';

let code;

let redirect = "";

let access_token;

let testnet = "test.deribit.com";

let client_id = "xl8hpn9h";  //userID

let client_secret = "b4lHVLSRKG8NU0gNw08cgf4CTciBSV1mAPqRw0zfTgI";

function calcUserSignature(clientSecret, timestamp, nonce, data) {

    return CryptoJS.HmacSHA256(`${timestamp}\n${nonce}\n${data}`, clientSecret).toString();

}

function calcSignature(method, url, clientId, clientSecret, timestamp, nonce, data) {

    let dataToSig = `${method.toUpperCase()}\n${url}\n${data}\n`;

    return CryptoJS.HmacSHA256(`${timestamp}\n${nonce}\n${dataToSig}`, clientSecret).toString();

}

function credentialsRequest(testnet, clientId, clientSecret, redirect, {client_id, client_secret}) {

    let timestamp = Date.now();

    let nonce = "abcd";

    let url = '/api/v2';

    console.log('redirect', redirect);

    let userData = '';

    let userSignature = calcUserSignature(client_secret, timestamp, nonce, userData);

    let ldata = JSON.stringify({

        method: 'public/auth',

        params: {

            grant_type: 'app_user',

            client_id,

            timestamp,

            signature: userSignature,

             nonce,

            data: userData

        }

    });

    let appSignature = calcSignature('POST', url, clientId, clientSecret, timestamp, nonce, ldata);

    var msgPost =  {

        hostname : testnet,

        path : url,

        method: 'POST',

        headers: {

            'authorization': `app-deri-hmac-sha256 id=${clientId},ts=${timestamp},nonce=${nonce},sig=${appSignature}`

        } 

    };

    var req = https.request(msgPost, function (res) {

        var responseString = "";

        res.setEncoding('utf8');

        res.on("data", function (data) {

            responseString += data;

        });

        res.on("end", function () {

           var result = JSON.parse(responseString);

           accessToken = result.result.access_token;

           sendWsRequest();

       }); 

  });

    req.on("error", (e) => {

        console.log(e);

    });

   req.write(ldata)

   req.end(); 

}

function sendWsRequest() {

 var request = {

    "method": "private/subscribe",

    "params": {

      "channels": [

        "user.orders.any.any.raw"

      ]

    },

    "jsonrpc": "2.0",

    "id": 4

  };

    request.params.access_token = accessToken;

    ws.send(JSON.stringify(request));

}

function init() {

   ws = new ws("wss://test.deribit.com/ws/api/v2");

    ws.onmessage = function (e) { onWSMessage(e) };

    ws.onopen = function (e) { onWSOpen(e) };

    ws.onerror = function (e) { onWSError(e) };

    ws.onclose = function (e) { onWSClose(e) };

    var redirect = "" ; 

    var draft =  credentialsRequest(testnet, clientId, clientSecret, redirect, {client_id, client_secret});

}

function onWSOpen(e) {

    console.log("COnnected");

}

function onWSMessage(e) {

    var result = JSON.parse(e.data);

    console.log(result);

}

function onWSError(e) {

}

function onWSClose(e) {

}

init();