Deribit, the cryptocurrency exchange preferred especially in derivative transactions, has announced a new feature. It is stated that Deribit will support a new spot trading feature. Here are the details…
Deribit introduces new spot feature for cryptocurrencies
Deribit, the world’s largest crypto options exchange by open interest and trading volumes, will introduce a new spot trading feature. The exchange, which accounted for 91 percent of the global options open interest exceeding $ 13 billion in March, said that the new platform will be operational on April 24 and will offer three pairs: BTC/USDC, ETH/USDC and ETH/BTC. This feature will have zero maker and taker fees, meaning there will be no margin for the exchange. While makers create orders and wait for them to be fulfilled, buyers take existing orders, eliminating liquidity.
The availability of spot trading means that users can now buy and sell Bitcoin (BTC) and Ethereum (ETH) immediately, and derivatives trade where payment and delivery of the underlying asset are made at a later date. This also means that sophisticated traders can set up very complex strategies that include both the spot market and futures and options contracts in one place.
“With this latest addition, our platform now has a comprehensive suite of both derivatives and spot trading solutions that meet the diverse needs of traders in the crypto-asset space,” Deribit chief commercial officer Luuk Strijers said in a statement. “Our spot trading feature serves as an exceptional tool for trading collateral such as BTC and ETH, further enhancing the overall trading experience for our clients with zero cost benefits,” added Strijers.
Deribit exploits BTC volatility
Deribit launched Bitcoin options trading in 2016 and has since expanded into inverse and linear perpetual and futures markets for three major currencies: Bitcoin, Ethereum, and the dollar-pegged stablecoin USDC. As we reported on Kriptokoin.com, last month the exchange launched trading in Bitcoin volatility futures, opening the doors for investors to bet on the degree of price turbulence in the top cryptocurrency. The dollar value of total open interest on the platform reached an all-time high on March 30, reaching over $20 billion.
Meanwhile, Bitcoin price is changing hands at $28,948, down 3.8 percent. Other major altcoins are showing similar declines, with Ethereum falling 5 percent and BNB dropping 3 percent. In the last 24 hours, the total market capitalization has lost 3.9 percent and fell to $1.27 trillion.
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