Crypto derivatives exchange Deribit is expanding its product line with the introduction of linear bitcoin (BTC) and ether (ETH) options priced and settled in the USDC stablecoin. The new offerings, scheduled to launch on August 19, will also include USDC-settled dated futures for both of the leading cryptocurrencies. This move extends Deribit’s existing suite of USDC-settled perpetual futures.
The launch comes approximately 18 months after Deribit first introduced USDC-settled linear options for altcoins, including Solana (SOL) and XRP. The decision to add BTC and ETH to its stablecoin-settled lineup was driven by significant demand from both institutional and retail traders.
Linear options differ from the exchange’s traditional inverse contracts. With linear options, the payout is directly proportional to the underlying asset’s price and is settled in a fiat-equivalent stablecoin like USDC. This provides a more straightforward and predictable way for traders to manage their exposure. The existing inverse options, which are settled in the respective cryptocurrency, will continue to be offered alongside the new linear contracts. Deribit has stated that both contract types will offset each other for margin purposes, a feature designed to improve capital efficiency for traders.
To enhance accessibility, the new USDC-settled BTC and ETH linear options will have smaller minimum order sizes of 0.01 BTC and 0.1 ETH.
“By settling in USDC, we’re providing greater flexibility, capital efficiency, and a familiar fiat-equivalent structure that appeals to both institutional and retail participants,” said Deribit CEO Luuk Strijers.
This product expansion follows the recent acquisition of Deribit by the Nasdaq-listed cryptocurrency exchange Coinbase. The deal, valued at approximately $2.9 billion in cash and stock, was finalized last week.
Deribit, founded in 2016, stands as the largest crypto options exchange in terms of trading volume and open interest. The platform recently experienced its “best month ever” in July, with trading volume exceeding $185 billion, driven by a surge in institutional interest. The acquisition by Coinbase is seen as a strategic move to create a comprehensive global crypto derivatives platform, combining Deribit’s leadership in options with Coinbase’s established spot and futures markets.
