The Deribit Swap Service allows easy, fast, and cheap conversion of collateral (BTC or ETH). The solution enables the user to convert BTC into ETH (or vice versa) at competitive rates with a single click. Conversion can be done in-house as of now and no longer requires an external platform.
The solution is only available in our Pro UI and can be found in the top left menu. The resulting cash flows of executed swaps can be found in the transaction log of the particular asset.
Pricing is based on the relevant perpetuals, in this case, the BTC-perpetual and ETH-perpetual. Please have a look at the example below:
Let's say the BTC Perpetual bid/ask is USD 18,000/ USD 18,000.50 and ETH Perpetual bid/ask is USD 550 / USD 550.05.
In that case:
👉 A client can swap from BTC to ETH @ USD 18,000 /USD 550.05 * (1 - fee rate).
👉 A client can swap from ETH to BTC @ USD 550 / USD 18,000.50 * (1 - fee rate).
Depending on availability and direction the fees will range from 0.1% to 0.25% which is included into the price shown on the screen. A user does not pay trading fees on top.
Currently, there are caps (max swap size) in place which might be raised over time.
A user can convert a maximum of 1 BTC / hour or 3 BTC / 12 hours and 40 ETH / hour and 120 / 12 hours.