Deribit, the world’s largest cryptocurrency options exchange by open interest and trading volumes, has announced the introduction of a new spot trading feature. The exchange, which accounted for 91% of global options open interest of over $13 billion in March, will launch the new platform on April 24, offering three pairs – BTC/USDC, ETH/USDC, and ETH/BTC. The feature will have zero maker and taker fees, meaning there will be no margin for the exchange.
Makers create orders and wait for them to be filled, while takers remove liquidity by taking available orders. The availability of spot trading means users can now buy and sell bitcoin (BTC) and ether (ETH) immediately in addition to trading derivatives in which the payment and delivery of the underlying asset are made on a future date. It also means sophisticated traders in one place will be able to set up multi-leg complex strategies involving both the spot market and futures and options contracts.
“With this latest addition, our platform now boasts a comprehensive suite of both derivatives and spot trading solutions, catering to the diverse needs of traders in the digital asset space,” said Luuk Strijers, chief commercial officer at Deribit, in an interview with CoinDesk. “Our spot trading feature serves as an exceptional tool for exchanging collateral like BTC and ETH, with the added benefit of zero costs, further enhancing the overall trading experience for our clients,” Strijers added.
Deribit launched bitcoin options trading in 2016 and has since expanded into inverse and linear perpetual and futures markets for three base currencies: bitcoin, ether, and the dollar-pegged stablecoin USDC. Last month, the exchange unveiled trading in bitcoin volatility futures, opening doors for traders to place bets on the degree of price turbulence in the top cryptocurrency. The dollar value of the total open positions on the platform hit an all-time high of over $20 billion on March 30.
The move to offer spot trading is part of Deribit’s strategy to expand its offerings and cater to the needs of traders in the digital asset space. The exchange has been growing rapidly, and its dominance in the cryptocurrency options market has made it a go-to platform for traders looking to hedge their positions or speculate on the price of cryptocurrencies.
The addition of spot trading will make it easier for traders to access the cryptocurrency markets and trade cryptocurrencies without having to worry about the complexities of derivatives trading. It will also allow traders to take advantage of market movements and profit from short-term price fluctuations.
Deribit’s move into spot trading comes at a time when the cryptocurrency markets are experiencing renewed interest from investors. Bitcoin, the world’s largest cryptocurrency by market capitalization, has been on a tear in recent months, hitting new all-time highs and attracting institutional investors.
The introduction of spot trading on Deribit is expected to further boost the liquidity of the cryptocurrency markets and attract more traders to the platform. With its comprehensive suite of trading solutions, Deribit is well positioned to capitalize on the growing demand for cryptocurrency trading.
Overall, the addition of spot trading to Deribit’s platform is a significant development for the cryptocurrency industry. It will make it easier for traders to access the cryptocurrency markets and trade cryptocurrencies without having to worry about the complexities of derivatives trading. With its dominance in the cryptocurrency options market, Deribit is well positioned to become a leading platform for cryptocurrency trading.