Deribit Exchange Rulebook - Deribit FZE

Deribit Exchange Rulebook - Deribit FZE

Version 2.0 - Applicable as of 13 August 2026

Section A: General Provisions

1. Introduction

1. Deribit FZE (Deribit, we, us, or our) is a Virtual Asset Service Provider (VASP) regulated by the Dubai Virtual Assets Regulatory Authority (VARA) with license number L-2994. We are incorporated under the laws of the Dubai World Trade Centre (DWTC) in Dubai, United Arab Emirates, and registered with the DWTC Authority.

2. Deribit provides exchange services and broker-dealer services (as defined by the VARA Regulations), which allows its members to:

a. buy and sell available Virtual Assets by entering into a spot trade on a supported pair of Virtual Assets (Spot Trades) through its Brokerage Services; and/or

b. enter into available derivative contracts, namely perpetuals, futures, options and options on futures (which can be either Linear or Inverse) with a supported pair of Virtual Assets as the underlying, or perpetual contracts with non-Virtual Assets as the underlying (RWA Perpetual Contracts such as Equity Perpetual Contracts, a Commodity Perpetual Contracts, or Pre-IPO Perpetual Contracts) (each a Derivative Contract);

((a) and (b) together, the Exchange).

3. When applying to become a member of the Exchange, natural and/or legal persons must accept to be bound by Deribit’s Exchange Membership Terms and this Rulebook (together with any additional Supplementary Terms or Contract Specifications, including any relevant policies and procedures incorporated by reference therein, the Exchange Documents) and meet applicable Membership Criteria to be admitted as a member of the Exchange (and once so admitted, a Member). 

4. This Rulebook sets out conduct of business requirements which apply when Members make use of the Exchange, the rules and procedures for fair and orderly trading on the Exchange, and the powers of Deribit to supervise the activity on the Exchange.  Deribit may interpret, administer and enforce the Rulebook and its decisions regarding the Rulebook are conclusive and binding on Members. 

5. This Rulebook is binding on Members, and failure by any Member (including by its employees and/or agents, and its Authorised Representative(s)) to comply with an applicable Rule (or any part thereof) will amount to a breach of the Rules and a default under the Deribit FZE Exchange Membership Terms with respect to such Member (either an Event of Default), and may result in disciplinary measures being taken against the relevant Member.

6. Capitalised terms appearing in this Rulebook are defined in Section D (Definitions and Interpretation), and any term not herein defined shall have the meaning as defined in the VARA Regulations. In the event of a conflict between the Rulebook and VARA Regulations, the applicable provision of the VARA Regulations shall prevail.

7. Guidance to the Rules is provided throughout the Rulebook. Guidance is italicised in bold and denoted by the letter “G.”. While guidance is not binding on Members, it is persuasive in nature and should be used to interpret the Rule or part to which it applies. 

8. In connection with your admittance as a Member of the Exchange, or at any other time deemed necessary by Deribit, Deribit may request and you agree to provide any information deemed necessary or desirable:

a. for purposes of identity verification;

b. to facilitate services available on the Exchange; or

c. for the detection of money laundering, terrorist financing, fraud, or any other financial crimes (each a Valid Information Request). Members hereby further agree to provide information requested under a Valid Information Request in respect of such Members’ client(s), Authorised Representative(s), and Underlying Principal(s).

9. A Valid Information Request may oblige you to disclose certain personal information, including, but not limited to: your name, address, telephone number, e-mail address, date of birth, taxpayer identification number, government identification, and information regarding your bank account (such as the name of the bank, the account type, routing number, and account number) and in some cases (where permitted by law), special categories of personal data, such as your biometric information. Information supplied by you under these Rules shall be accurate, authentic, and updated by you in the event of any changes relating to such information. 

10. With respect to any information obtained by Deribit pursuant to a Valid Information Request, you hereby further consent to:

a. Deribit accessing, processing, and retaining a record of such information;

b. Deribit making inquiries, whether directly or through third parties, that we deem necessary to verify your identity or protect you and/or us against fraud or other financial crime, and to Deribit taking any action we reasonably deem necessary based on the results of such inquiries;

c. Deribit monitoring, reviewing, retaining, and/or disclosing any information as necessary to satisfy any applicable law or regulation, sanction programs, legal process, or government request.

11. Deribit may, without notice to the Member, provide any information that Deribit possesses or controls about such Member (including such Member’s clients, Authorised Representative(s) and its Underlying Principal(s)) and its (or its clients’, Authorised Representative(s)’ or Underlying Principal(s)’) trading activities, to:

a. the VARA;

b. any other Regulatory Body in the UAE or elsewhere;

c. a law enforcement agency in the UAE or elsewhere; or

d. a court or judicial tribunal in the UAE or elsewhere.

12. Deribit may provide any information it holds or controls in relation to “know your customer” and/or Anti-Money Laundering checks on the Member to its banks or custodians.

2. The Exchange

1. Members can only enter into Derivative Contracts that are available on the Exchange, and Spot Trades that are available through the Brokerage Services. The available Derivative Contracts and Virtual Assets are subject to change, and Members should access the most up-to-date version of these lists on our Website.

2. The list of Virtual Assets and Derivative Contracts that may be traded on the Exchange is contained in Appendix A of this Rulebook. Appendices B, C, and D contain specific descriptions of RWA Perpetual Contracts available on the Exchange.

3. Deribit provides Brokerage Services via the Exchange, which include:

a. acting as a broker and agent to place Spot Trades on behalf of Members with counterparties, which may include third-party entities or Deribit affiliates;

b. accepting Orders for Virtual Assets and facilitating payment in Fiat or other Virtual Assets for such Orders.

4. Members making use of the Brokerage Services are bound by Deribit’s actions as their principal and agree not to hold Deribit liable for any losses incurred in connection with such Brokerage Services. Members making use of the Exchange and its services, and the Website, do so for their own personal use and at their own risk. 

5. Deribit may determine, at its absolute discretion, whether:

a. a Virtual Asset or Fiat is accepted by Deribit to support trading activity on the Exchange (for example accepted as Margin); or

b. a Virtual Asset or Derivative Contracts shall be available to trade on the Exchange.

6. Deribit shall set out in the Instrument Specifications whether a particular Virtual Asset or Fiat is accepted by Deribit to support trading activity on the Exchange. 

7. The Instrument Specifications for Spot Trades and Derivative Contracts are set out on the Website.

8. Deribit shall determine and periodically review:

a. Trading: the Virtual Assets and Derivative Contracts that are available to trade on the Exchange; and

b. Deposits: the Virtual Assets and Fiat which it accepts to support trading activities on the Exchange. 

9. Deribit may suspend or remove a Virtual Asset, Derivative Contract, or Fiat, whether on a temporary or permanent basis, at its sole discretion or, where applicable, as directed by the VARA. 

10. Deribit will notify Members in advance about a Virtual Asset, Derivative Contract, or Fiat being suspended or removed from Trading unless such notification is not reasonably possible or practical in the circumstances. 

G. The VARA may require Deribit to suspend the trading of any Virtual Asset with effect from such time as it may determine, if there are reasonable grounds to suspect non-compliance with Part III of the VARA Exchange Services Rulebook. If the VARA has required the suspension of trading of any Virtual Asset, it may impose such conditions on the procedure for lifting the suspension as it considers appropriate. 

11. Subject to Rule 2.11, Deribit shall make the Exchange available during Trading Hours which are 24 hours a day, 7 days a week.

12. Deribit may suspend or restrict Trading on the Exchange at its discretion, including in the following circumstances:

a. planned downtime for system and software maintenance;

b. unscheduled emergency maintenance;

c. if Deribit deems it to be in the best interests of Deribit or Members; or

d. as a result of any other event that in Deribit’s reasonable opinion requires suspension or restriction of Trading on the Exchange. 

13. Deribit will use reasonable commercial efforts to notify Members of planned and unplanned suspension or restrictions of Trading on the Exchange but shall be under no obligation to do so.

14. Unless otherwise noted, Deribit ensures that the business clocks that it uses on all systems and logs and any other reportable events are time stamped with UTC.

15. Where separately agreed with a Member in the relevant Supplementary Terms, Deribit will permit the Member to view on the Exchange, Virtual Asset balances held by the Member in a wallet with a third-party custodian, or in the Member’s self-custody wallet. 

16. Deribit makes no representation nor gives any warranty about the accuracy, timeliness or completeness of Member balances held as Deribit receives this information from the third-party custodian or wallet provider directly. 

17. Members are responsible at all times for verifying any third-party balances held are correct.

G. Deribit will either hold (in custody) or possess limited administrative authority over a Member’s Virtual Assets. Deribit holds Members’ Virtual Assets either directly in its wallets, or indirectly through a third-party custodian of our choice. Where a Member elects to use a third-party custodian of the Member’s choice and delegates collateral management to Deribit, Deribit acts as the Member’s limited agent with authority to transmit instructions to the relevant third-party custodian on the Member’s behalf solely for purposes of position margining, liquidation, and/or settlement as required under the Exchange Membership Terms or in accordance with these Rules. This limited agency does not constitute “control” for accounting, regulatory, or ownership purposes. Deribit does not safeguard Virtual Assets held at Member-chosen custodians and has no access to any private keys.  The third-party custodian remains solely responsible for the Virtual Asset custody and transfer services, in accordance with its own terms and conditions, relevant policies and procedures and independent controls. A list of custodians where this is supported is available in our Knowledge Base: https://www.deribit.com/kb/custody-options. 

3. Membership Criteria and Member Obligations

Membership Criteria

1. Members must meet, and continue to meet on an ongoing basis, the “Eligibility Criteria” and “Admission Criteria” as described further below.

2. The Eligibility Criteria which a Member shall meet on a continuing are that it must:

a. have legal capacity to form a binding contract (i.e. be of legal age at least eighteen (18) years old or be a validly constituted legal person (as applicable));

b. not have previously been suspended or removed from using the Exchange or any other exchange;

c. have full power and authority to enter into the Exchange Membership Terms; 

d. not be a Restricted Person;

e. not be in and/or be a resident of a Restricted Jurisdiction as set out in Appendix F;

f. have the necessary experience and knowledge to understand the risks that trading Virtual Assets and Derivative Contracts involve;

g. have demonstrated to Deribit's satisfaction that the Member has sufficient resources to trade Virtual Assets and Derivative Contracts and to settle Trades;

h. have demonstrated to Deribit's satisfaction that the Member is of sufficiently good repute; 

i. if the Member is a legal person:

i. have demonstrated to Deribit's satisfaction that it has adequate organisational arrangements and systems and controls to oversee its trading activities on the Exchange (including where it acts for an Underlying Principal or is providing DEA); and

ii. ensure that its Authorised Representative, and each of its officers, employees, and agents, have complied with all duties and obligations imposed by Applicable Law which are relevant to their and the Member’s use of the Exchange;

iii. have and maintain at all times any regulatory or other authorisations, consents or registrations that are required from or with any Regulator or similar authority to enter into the Exchange Membership Terms, and carry out activities on the Exchange, including, but not limited to, when acting for itself, for an Underlying Principal, or providing DEA.

3. The Admission Criteria which a Member must meet on a continuing basis are:

a. to be compliant with and have passed any relevant know-your-customer, sanctions and anti-money laundering checks conducted by Deribit, including, but not limited to, providing Deribit with information and/or documents, as required by us from time to time;

b. to have provided on-boarding documentation, along with any other additional information which Deribit may require in order to assess whether you meet the Eligibility Criteria, the Admission Criteria or any of the other criteria in the Exchange Membership Terms; 

c. you having provided express consent that you understand, acknowledge, and accept each of the risks connected with trading Virtual Assets and Derivative Contracts as disclosed by Deribit to you, when you applied to be a Member of the Exchange; and

d. that you meet the technical requirements relevant to you, in order to connect to the Exchange.

4. Deribit may impose such additional Admission Criteria, or conditions on a Member’s use of the Exchange, as it deems reasonably necessary or prudent:

a. in the interests of Deribit, the Exchange or other Members;

b. in the interest of the Member;

c. to mitigate any perceived risks of whatever nature; or

d. on the instructions of the VARA.

5. Without prejudice to Rule 3.1 above, any Member undertaking a market making strategy or Algorithmic Trading (including HFT), or providing DEA must also satisfy the following criteria:

a. be responsible for ensuring that its activities in relation to undertaking a market making strategy, or Algorithmic Trading (including HFT), or providing DEA to the Exchange, comply with all Applicable Laws;

b. be responsible for ensuring that its activities do not, or do not pose a risk of, market abuse under the VARA Regulations or Applicable Laws; 

c. meeting the criteria set out below at Rule ‎3.6 to ‎3.10 (as applicable to you); and

d. any other criteria imposed by us, including as set out in the relevant Supplementary Terms.

Member Obligations with respect to Market Making, Algorithmic Trading, HFT, and DEA

6. A Member which is a Market Maker must comply with the Market Maker Protection settings.

7. In order for a Member to conduct Algorithmic Trading on the Exchange, the Member must provide all applicable supplemental information which Deribit request, including but not limited to:

a. a description of the purpose of any Algorithmic Trading;

b. confirmation that the Member has conducted appropriate testing of the Algorithmic Trading systems;

c. information required for the purpose of any conformance testing; and

d. any other information Deribit requires which may demonstrate the Member’s compliance with Applicable Laws.

8. Where a Member conducts Algorithmic Trading, it must: 

a. have robust oversight and control over the design, testing, performance, deployment and ongoing maintenance of such algorithms;

b. maintain documentation and records of the design, testing, performance, deployment and ongoing maintenance of such algorithms, including but not limited to the logic used by the algorithm, any data or assumptions upon which decisions are based and any potential, or actual biases in such data or assumptions and any results produced by the algorithm;

c. have qualified and competent staff to ensure the proper functioning and supervision of such algorithms on an ongoing basis;

d. comply with any conformance testing requirements as reasonably required by Deribit from time to time, and the Member must allow Deribit to review its strategies and Algorithmic Trading (including HFT) technique at any time;

e. where required by Deribit, undertake a self-assessment of its Algorithmic Trading and send such self-assessment to Deribit within the period specified by Deribit; and

f. ensure that its Algorithmic Trading systems cannot create or contribute to disorderly trading conditions on the Exchange.

9. Where a Member conducts HFT, it must store in an approved form, accurate and time-sequenced records of all Orders, cancellations of Orders, and executed Orders (Trades) and make them available to any Regulatory Body on request by Deribit or such Regulatory Body. 

10. Where a Member conducts Algorithmic Trading, if Deribit reasonably consider or suspect that the Exchange capacity is being used excessively and that there is a risk of the limit of its capacity being reached due to Algorithmic Trading, you agree that we may take all necessary measures to avert such risk, including but not limited to setting (additional) Order/Trading limitations.

11. Where a Member provides DEA to the Exchange it must:

a. ensure that Orders submitted on the Exchange via DEA are marked as Orders using DEA; and

b. take responsibility for its DEA clients’ compliance with the Rulebook when trading on the Exchange via DEA.

12. Deribit may terminate or suspend the provision of a DEA by a Member to its DEA client in case of non-compliance with the Exchange Membership Terms, this Rulebook or Applicable Law. 

13. Deribit may at its sole discretion and to the extent required by Applicable Law, impose and adjust limits on the number and the total value of Orders that can be submitted via DEA provided by a Member, per Trading Session. 

Member Obligations Generally

14. A former Member shall be subject to this Rulebook for as long as it has any outstanding obligation under the Rulebook, including, without limitation, obligations to comply with requests to appear for investigations of Rule violations pursuant to the application of Rule 15 of this Rulebook with respect to any conduct that occurred while the former Member was a Member.

15. A Member must, upon a request of Deribit, the VARA, or any other Regulatory Body, respond promptly to any requests for information, including by providing any necessary information for Deribit to comply with its regulatory obligations.

16. A Member must, where relevant, diligently supervise all activities of its employees and/or agents, and each of its Authorised Representatives, in respect of their activities on the Exchange.

17. A Member must immediately notify Deribit in writing upon becoming aware:

a. that the Member has had access to, or membership or clearing membership in any exchange or a clearing house denied;

b. that the Member, any of the Member’s officers or any of the Member’s Authorised Representatives has been convicted of, plead guilty or no contest to, or entered a plea agreement to a misdemeanour in any domestic or foreign court, which involves:

i. embezzlement, theft, extortion, fraud, fraudulent conversion, forgery, counterfeiting, false pretenses, bribery, gambling, racketeering, or misappropriation of funds, securities or properties; or

ii. any transaction in or advice concerning securities or derivatives.

c. that the Member, any of the Member’s officers or any of the Member’s Authorised Representatives has been subject to, or associated with a firm that was subject to, regulatory proceedings before any Regulatory Body;

d. where applicable, if it identifies 

e. of any other material change in any information contained in the Member’s application;

f. of becoming the subject of an insolvency or bankruptcy petition, receivership proceeding, or the equivalent, or being unable to meet any financial obligation as it becomes due; or

g. of information that concerns any financial or business developments that may materially affect the Member’s ability to continue to comply with any of its obligations under the Rulebook or the Exchange Membership Terms.

18. A Member must, where relevant, diligently supervise all activities of its employees and/or agents, clients, and each of its Authorised Representatives, in respect of their activities on the Exchange.

19. A Member must inform Deribit of any change to: 

a. its registered email within twenty-four (24) hours after such change; and 

b. any other information provided in the Member’s application within five (5) days after any such change.

20. A Member which has underlying clients (or other owners of such Member’s Subaccounts) must notify Deribit:

a. upon reasonable request by Deribit, the identity of such underlying client(s) and/ or Sub-Account owners;

b. immediately, if it knows or suspects that a client or Subaccount owner has engaged in conduct on the Exchange or in connection with the Member’s Exchange membership, which amounts or may amount to Prohibited Behaviour. 

4. Accounts

1. A Member may open a single Main Account. 

2. A Member may create up to twenty (20) Sub-Accounts in its Main Account.

3. A Member may choose between four Margin mechanisms per Main Account and Subaccount:

● Segregated Standard Margin

● Segregated Portfolio Margin

● Cross Collateral Standard Margin

● Cross Collateral Portfolio Margin.

4. A Member may switch between the four Margin mechanisms in Rule 4.3 as long as it does not result in the Member breaching its Margin requirements or when there is short spot in any Currency. 

5. The default Margin mechanism is Segregated Standard Margin. 

A Member can select which Margin mechanism should apply to its Main Account and Sub-Accounts separately, as the Margin mechanism is not automatically inherited from a Main Account to a Sub-Account, nor between Sub-Accounts.

5. Virtual Asset and Fiat Transfers

1. Appendix E contains deposit and withdrawal limits for Virtual Assets and Fiat.

2. Deribit may restrict the use of a Member’s Account if it believes that the Member has forgotten or lost its Login Credentials or if Deribit believes such Login Credentials have been stolen or otherwise compromised.

3. Members are solely responsible for backing up and maintaining duplicate copies of their Login Credentials or any other information the Member may use to access and trade on the Exchange.

G.  If a Member loses its Login Credentials or cannot access two factor authentication in order to deposit or withdraw Virtual Assets or Fiat, it must promptly email support@deribit.com for assistance with accessing its Account.

G.  Deribit may not be able to recover a Member’s Login Credentials, and any Virtual Assets or Fiat, in any manner whatsoever, and there may be limited or no means for the recovery of lost or stolen information and/or Virtual Assets and Fiat. Members should keep a secure copy of their Login Credentials. 

6. Changes To The Rulebook

1. Deribit may amend the Rulebook without notice to Members where such amendment is:

a. urgent and necessary in order to maintain an orderly or efficient market; or

b. administrative or non-material.

2. Any amendment to the Rulebook made under Rule 6.1 shall take effect on publication on the Website.

3. Any amendments not falling under Rule 6.1, shall take effect in the following manner:

a. on thirty (30) days’ notice from publication on the Website as a general rule; or

b. on greater than thirty (30) days’ notice for any amendments that Deribit, in its absolute discretion, considers require a longer notice period (such notice period to be published on the Website together with the relevant amendments). 

4. Deribit may, if it considers it appropriate, provide public consultation for such a period as it considers reasonable for any changes proposed to the Rulebook under Rule 6.3. 

5. In all cases, the Rulebook will be assessed and reviewed periodically and, at a minimum, on an annual basis by Deribit.

Section B: Trading

7. Orders And Trades

1. Members may trade on the Exchange by either:

a. trading with another Member, which is always carried out on an anonymous basis; 

b. entering into a Block Trade with a Market Maker or another Member on an OTC basis, by placing Orders using a RFQ or a "streamed price".

G.  All Orders go through a risk engine. If an Order is approved by the risk engine, it will continue its way to the Order matching engine to get matched or to enter the Order book. 

2. When a Member trades with another Member, the Exchange will match an Order on a "price/time priority" basis. This means that Orders are first ranked according to their price, and Orders of the same price are then ranked according to when they were placed (date and time of entry), with earlier Orders of the same price taking priority over later Orders of the same price.

3. If a Member amends an Order, the Exchange will allocate a new chronological ranking in the Order matching engine to that Order.

4. An Order may be matched with and executed by one or more other Orders.

5. If a Member’s Order is successfully matched with another Member’s Order:

a. the Members become counterparties to the resulting Trade;

b. a Trade is formed without the need for any further action by either Member;

c. the Trade is matched on an anonymous basis, and Deribit does not provide any Member with information about their Trade counterparty; and 

d. a Member may close out a Position by offering to enter into the reverse Trade on the Exchange, provided that the Order is successfully matched.

6. The Exchange matching engine accepts:

a. limit orders;

b. market orders;

c. stop market orders; and 

d. stop-limit orders.

G.  An explanation of the available Order types, Order attributes, and time in force of an Order, are provided in Appendix G. 

7. The Order types in Rule 7.7 are supported for both Spot Trades and Derivative Contracts, other than "reduce-only" which is not available for Spot Trades as there are no open Positions to be reduced.

8. Orders can also be sent as Hidden Orders and Post Only Orders, other than Hidden Orders which are not supported for Options trading.

9. Deribit will acknowledge any Order that a Member places on the Exchange. 

10. If a Member does not receive an acknowledgement of its Order, that Order is deemed to not to have been received by the Exchange.

11. A received Order is time stamped, given an identification number and displayed on the Exchange. 

12. Any Order remains open and binding on the Member until the Order is executed, modified or cancelled. 

13. The Exchange matching engine does not permit self-trading, where a Member places two opposite Orders which are designed to match in the matching engine. 

14. If a Member places an Order on the Exchange which would instantly be matched with another Order from the same Account in the order book resulting in self-execution, the Exchange may either:

a. reject the Order; or

b. cancel one or both of the Orders.

15. A Member may place an Order if it meets:

a. the Initial Margin requirements when placing the Order; and

b. the Maintenance Margin requirements to keep the Position open. 

G.  See Rule ‎9 (Leverage and Margin) for further detail.

16. A Member may request to cancel an Order at any time before the Order is matched. 

17. If a Member’s Order has been partially matched, the Member may request to cancel the unmatched part of the Order.

18. Subject to Rule 7.20 Deribit will use reasonable endeavours to cancel a Member’s unmatched Order / unmatched part of the Order placed under Rule 7.17 or 7.18.

19. If a Member places an Order by accident or in error, it shall inform Deribit immediately. Deribit shall otherwise assume that your Orders, including multiple Orders, are placed intentionally and transmit such Orders for execution by a counterparty without further verification from you.

20. Deribit may reject a Member's request to amend or cancel an Order if Deribit reasonably considers or suspects that:

a. the Order is affected by, or a cancellation may lead to:

i. a Manifest Error;

ii. an Event of Default; 

iii. a security issue or breach of your Account or of the Exchange; 

iv. Deribit, the relevant Member, or another Member breaching Applicable Law;

v. the Member breaching one or more Rules or the Exchange Membership Terms;

vi. the Member breaching any limits placed on its Account;

vii. the Member breaching Margin requirements;

viii. a lack of liquidity in the market; and/or

ix. a Market D     isruption; or

b. the request to cancel is otherwise invalid, incorrect or erroneous.

21. A Member may only enter into a Block Trade in relation to Futures, Options, a combination of the two, Spot Trades, or spreads. 

22. If Members agree to a Block Trade, the relevant broker must report to Deribit via its existing Trade Reporting interfaces:

a. no later than fifteen (15) minutes after such agreement, the details of such Block Trade (including the Members involved) so that it may be automatically executed; and

b. within twenty four (24) hours upon request from Deribit, the timing of such Block Trade. 

23. Deribit may, in the interests of market integrity and efficiency, defer publication of any Block Trade for up to 24 hours from the time of execution thereof.

G. As Block Trades are privately negotiated Trades, the Exchange matching engine will not apply to Block Trades.

G. Market Maker Protection (MMP) is an automated method for a Market Maker to pull their quotes under certain conditions, for example if they trade above a certain quantity within a certain time frame.

24. A Member which is a Market Maker may request MMP by submitting the relevant form to Deribit.

25. Deribit may agree to provide MMP to a Member in its absolute discretion, by activating MMP for the Member.

26. Where Deribit activates MMP for a Member under Rule 7.24, such activation is enabled for the Member’s Main Account and all Sub-Accounts within a particular Virtual Asset.

27. MMP will only cancel an Order tagged as MMP.

28. MMP is triggered when Delta or Quantity counter exceeds or is equal to an applicable limit.

Quotes and Spot Orders

29. In connection with its Brokerage Services, Deribit shall display an indicative price to buy or sell each available Virtual Asset, against Fiat or another Virtual Asset (a Quotation). A Quotation is not an offer to buy or sell Virtual Assets. Members may place an Order based on a Question for transmission by Deribit to a counterparty.

30. The Exchange’s Quotations may be different from the prices provided by other brokers, the Virtual Asset’s market price, or current prices on other exchanges or trading platforms.

31. Deribit is under no obligation to ensure that the Quotation provided is within any specific percentage of the price received from counterparties.

32. If for any reason, the price of a Virtual Asset is distorted, including during a short-term price spike or similar event, the Exchange may reflect similar prices in its Quotations but is under no obligation to do so.

33. Quotations are constantly updated and revised in real time and therefore the price to buy or sell a Virtual Asset may change between the time that you place your Order, and the time that your Order is executed.

34. Members may place a Spot Trade Order via the Brokerage Services. Deribit shall transmit Orders to a counterparty that are received from your Account, and which we reasonably believe are from or authorised by such Member.

35. Once Deribit accepts your Order, it shall be transmitted to a counterparty for execution in accordance with this Rulebook and any specific instructions, which will result in a Spot Trade.

36. All Spot Trades shall be arranged for execution in accordance with Deribit’s best execution policy and practices as approved by the VARA and updated from time to time.

37. Deribit cannot guarantee that the price of the Spot Trade will match your Order price. This is because the price of the Virtual asset may be volatile and/or the price may have moved up or down between the time that you place your order and the time that the Spot Trade is executed. In such circumstances, your Order will be executed at the next best available price.

38. Deribit cannot guarantee that your Order will be executed at the first available underlying market price at commencement of trading or within any specific range compared to other market prices which may be available to you from other sources. Deribit is not liable for any losses which you may have in connection with such Orders.

Forks and Airdrops

39. Deribit may close any Position in its reasonable discretion where a fork has occurred in relation to the Virtual Asset relevant to the Position. This includes a Position that is profitable and/or does not breach any Margin requirements. Further detail on forks, chain splits, airdrops and rollbacks can be found in Appendix M of this Rulebook.

8. Trading And Rate Limits

1. Deribit may apply minimum and maximum limits which apply when a Member enters into a Spot Trade, a Derivative Contract, and/or a Block Trade. 

G. Appendix H to Appendix J, together with the relevant Instrument Specification on our Website, set out applicable limits such as trading limits, position limits, tick sizes, contracts sizes. Market Makers are eligible for different trading limits. To apply for different limits, Market Makers must contact the Deribit support team to evaluate if all required criteria are met.

2. Deribit may apply a volume tier-based rate limit which applies when a Member enters into a Spot Trade, a Derivative Contract, and/or a Block Trade. 

G. Appendix K sets out our standard rate limits. Market Makers, specifically option Market Makers, are eligible for higher rate limits. To apply for increased rates, Market Makers must contact our support team to evaluate if all required criteria are met.

G. We apply a volume tier-based rate limit system. You can check the limits applicable to your Account under My Account => API => API Settings or can query the system using the /private/get_account_summary method.

9. Leverage And Margin

1. Deribit does not provide any Leverage or Margin for Brokerage Services available on the Exchange.

2. Deribit may determine in its sole discretion the mark to market value of all open Positions of the Members every second, and calculate the Unrealized Profit and Loss of each Member as measured against the last time these open Positions were marked-to-market. 

3. Deribit may determine the mark to market value of the open Positions using the Mark Price so as to avoid spikes and unnecessary liquidations during periods of high volatility.

G. Additional information on Mark Prices is available at https://support.deribit.com/hc/en-us/articles/25944746962973-Mark-Prices and specific information on how Mark Prices are calculated is set out in the Instrument Specifications on our Website.

4. Deribit shall, for Segregated Standard Margin, calculate the Margin Requirement on a per Position basis.

5. Deribit shall use the Segregated Standard Margin as the default margin calculation. 

6. Deribit shall, for Segregated Portfolio Margin, calculate the Margin Requirement using a risk-based model that determines the maximum loss that can occur in a Member's portfolio, on a netted basis. 

7. For the purposes of Rule 9.6, the portfolio is the Member's open Positions across all Derivative Contracts, in a specified Virtual Asset or Fiat, in a specified Account or Sub-Account (as applicable). 

8. Deribit shall only use Segregated Portfolio Margin for Trades in relation to the Virtual Assets and Fiat as set out in Appendix L. 

9. Trades in Virtual Assets or Derivative Contracts which are not in Appendix A may not be considered for Segregated Portfolio Margin calculations.

G. For Segregated Portfolio Margin, Deribit may not be able to show an Estimated Liquidation Price in your Account because the Margin Requirements are measured and maintained for the portfolio as a whole, and Estimated Liquidation Prices for individual Positions are not available.

10. Deribit may update the parameters used to determine the Segregated Portfolio Margin or make changes to the criteria used in calculation to better reflect market conditions. 

11. Deribit may provide notice to Members of any update or change under Rule 9.10 to allow Members to manage their Account Margin Balances in the event of such changes, to the extent this is reasonably possible.

12. Deribit shall, for Cross Collateral Standard Margin, calculate the Margin Requirement on a per Position basis.

13. The Margin Balance available to cover the Margin Requirement under Cross Collateral Standard Margin will be the sum of all valuations in all Collateral Currencies.

14. Deribit may apply a haircut to the value of the Collateral Currencies that are used as Margin Balance to support a Position.

15. If a Member has a short spot in any Settlement Currency, Deribit will charge a product fee on the short spot.

16. If a Member has a short spot, Deribit may use Equity in other available Cross Collateral Currencies in the Account to (partially) replenish the short spot. If there is no Equity available in other Cross Collateral Currencies, Deribit will transfer available Virtual Assets in the relevant Currency from the Insurance Fund into the Member’s relevant Account, in order to bring the Account Equity back to zero.

17. If the Insurance Fund in all Currencies is depleted, or if the same Currency as the Currency of the relevant Account is depleted and the Exchange decides to not convert other Currencies, then Deribit may, in its absolute discretion, trigger the Socialised Loss Mechanism. 

18. Deribit shall, for Cross Collateral Portfolio Margin, calculate the Margin Requirement, using a risk-based model that determines the maximum loss that can occur in a Member’s portfolio, on a netted basis within each Currency.

19. The Margin Balance available to cover the Margin Requirement under Cross Collateral Portfolio Margin will consist of the sum of all Equity in all Collateral Currencies.

20. Deribit shall only use Cross Collateral Portfolio Margin for Trades in relation to the Virtual Assets and Fiat as set out in Appendix L.

21. Trades in Virtual Assets or Derivative Contracts which are not in Appendix A may not be considered for Cross Collateral Portfolio Margin calculations.

G. For Cross Collateral Portfolio Margin, Deribit may not be able to show an Estimated Liquidation Price in your Account because the Margin Requirements are measured and maintained for the portfolio as a whole, and Estimated Liquidation Prices for individual Positions are not available.

22. Deribit may update the parameters used to determine the Cross Collateral Portfolio Margin or make changes to the criteria used in calculation to better reflect market conditions.

23. Deribit may provide notice to Members of any update or change under Rule 9.10 to allow Members to manage their Account Margin Balances in the event of such changes, to the extent this is reasonably possible.

24. Deribit may, in its absolute and sole discretion, deem two or more Members to be Connected Counterparties.

25. If Deribit determines that two or more Members are Connected Counterparties, it will promptly notify the relevant Members of this determination.

26. Once Deribit notifies Members that they have been deemed to be Connected Counterparties, Deribit may:

a. treat the Accounts of the Connected Counterparties as a single Account for the purposes of calculating Margin requirements; or

b. carry out any other action it deems necessary to mitigate risks arising from the cumulative exposures of the Connected Counterparties. 

27. When a Member places an Order using leverage, the Margin Balance in a Currency must exceed or match the Initial Margin requirements. 

28. A Member must, monitor its Margin requirements at all times and, whenever its Margin Balance falls below the Initial Margin requirement, immediately either:

a. transfer the required Virtual Assets into its Account to be used as Equity; or

b. close out Positions or reduce the risk to free up Virtual Assets, as required. 

29. If a Member fails to comply with Margin requirements, Deribit may prohibit the Member from:

a. opening new positions;

b. adding to existing Positions; or

c. adding to the risk in a particular Currency. 

30. Deribit may at its discretion change the Initial Margin requirements (including the rate used to determine the Initial Margin requirement) at any time, without notice, according to market conditions. 

31. A Member must, in order to keep Positions open, maintain a Margin Balance in a Currency that exceeds or matches the Maintenance Margin requirements. 

32. A Member must monitor its Margin requirements at all times and, whenever its Margin Balance in the Account falls below the Maintenance Margin, immediately either: 

a. transfer the required Virtual Assets into its Account;

b. close out Positions; or

c. reduce the risk in a Currency to free up Virtual Assets,

to increase the Margin Balance in the Account such that it exceeds the Maintenance Margin. 

33. If a Member fails to comply with Margin requirements, Deribit may begin the Liquidation Process as detailed in Rule 10.1. 

34. Deribit will notify a Member promptly if the Equity in the Member’s Account falls below the Maintenance Margin requirements.

G. Members should be aware that:

(a) as the Deribit Exchange is open 24 hours a day, 7 days a week, a Member’s Unrealised P&L may change at any time, which means the Maintenance Margin requirements may change outside of what are usual business hours, including the weekend; and

(b) as the Deribit Exchange is open 24 hours a day, 7 days a week, Liquidation may occur at any time and you must monitor your Margin requirements, and transfer the required assets into your Account per Currency so that the relevant Margin Balance in your Account is equal to, or greater than, the required Maintenance Margin in each Currency of your Accounts.

Not all risks related to Margin requirements (including changes thereto) on the Exchange are covered above. For complete and up-to-date information regarding Margin requirements and specific Risk Disclosures, refer to our Website.

35. Deribit may determine in its sole discretion the Mark Price of all open Positions in real time, and calculate the Unrealised P&L of each Position as measured against the last time these open Positions were marked-to-market. 

G. The change in the Mark Prices are reflected in real time in the Maintenance Margin and the Initial Margin of the relevant Position and therefore the Member's corresponding profit and loss due to market movement.

36. Deribit may change the Maintenance Margin requirement at any time and on any number of occasions where, in Deribit’s reasonable belief or suspicion, there is:

a. a deterioration in a Member’s financial standing or creditworthiness;

b. any indication of a Member’s inability to settle any of its obligations under a Derivative Contract;

c. an Adverse Market Movement including where, in Deribit's determination, the market rate relevant to the Trade has moved adversely on a mark to market valuation; 

d. a general market condition which may result in or has resulted in an Adverse Market Movement; or

e. any other circumstance justifying such action.

10. Liquidating Positions; Insurance Fund; Socialised Losses

1. If a Member fails to meet the Maintenance Margin in a Currency, Deribit may take certain actions in relation to such Member’s Account, including but not limited to one or more of the following:

a. closing out a Member’s Position;

b. automatically closing out a Member’s other open Positions;

c. cancelling all or some unexecuted Orders on a Member’s Account;

d. delta hedging a Member’s Positions via futures and perpetual Trades;

e. taking steps by either reducing a Member’s Positions or opening new Positions (in other instruments) to lower the risk of a Position as Deribit deems necessary;

f. Auto-Deleveraging, if and to the extent applicable;

g. closing out a Member’s entire Account, including residual Equity; and/or

h. opening new Positions for a Member to reduce the risk in the Member’s Account

(any such action alone or together, a Liquidation Process). Details regarding the applicable liquidation waterfall are further described in the Exchange Membership Terms at Clause 12 (Liquidating Positions, Insurance Fund and Socialised Losses).

2. When Rule 10.1 is engaged for Segregated Standard Margin, Deribit may show an Estimated Liquidation Price in a Member’s Account. 

3. The Estimated Liquidation Price in Rule 10.2 is provided for the Member’s reference and to help the Member manage its Positions and Equity, and is not binding on Deribit. 

G. The Estimated Liquidation Price is merely an indication and Members must not rely on the indicated price.

4. Deribit may provide a Member with prior notice that the Estimated Liquidation Price is about to be hit, or that Deribit is about to commence the Liquidation Process.

5. Deribit may charge a Member a Liquidation Fee if it commences the Liquidation Process, as further set out in the Exchange Membership Terms.

6. Subject to Rules 10.7 and 10.8, if following the Liquidation Process there is a negative Margin Balance in a Member’s (Sub-)Account in a Currency, then that Currency in the (Sub-)Account will be considered bankrupt (such (Sub-) Account thereby considered a Bankrupt Account) and Deribit will transfer available Virtual Assets in that Currency from the Insurance Fund into the Member’s relevant (Sub-)Account, in order to bring the Bankrupt Account balance to zero. 

7. Subject to Rule 10.8, if Rule 10.6 is engaged, but the Insurance Fund in the same Currency is depleted such that the Member’s Account Margin Balance cannot be brought back to zero, then Deribit may, in its absolute discretion, elect to convert a different Currency within the Insurance Fund to bring the Member’s Margin Balance in the relevant Bankrupt Account to zero.

8. If, having engaged Rule 10.7, all the funds in the Insurance Fund in all Currencies are depleted, or if the same Currency as the Currency of the Bankrupt Account is depleted and the Exchange decides to not convert other Currencies, then Deribit may, in its absolute discretion, trigger the Socialised Loss Mechanism. 

G. The Socialised Loss Mechanism is triggered where following the Liquidation Process there are uncovered losses in a Member’s Account due to there being insufficient Virtual Assets or Fiat in the Insurance Fund. 

9. Where Rule 10.8 is engaged, Deribit may:

a. deduct from the Account of all Members with a positive profit and loss in the same day’s Session an amount in any Currency that equates such Member’s pro-rata proportion of the negative Margin Balance in a Bankrupt Account; 

b. use the proceeds of the deductions in (a) above in order to bring one or more Members’ Bankrupt Account balances to zero;

c. halt trading;

d. cancel open Orders;

e. close Positions at the Mark Price for any Instruments in respect of any Member. 

10. Subject to Rule 10.11, a Member may not object to, or otherwise dispute either:

a. its obligation to contribute to the Socialised Loss Mechanism; or

b. its share of the Socialised Loss Mechanism as calculated by Deribit.

11. A Member may only object to, or otherwise dispute its calculated share of the Socialised Loss Mechanism under Rule 10.10(b), if such calculation is based on a Manifest Error. 

G. By agreeing to be bound by the Exchange Membership Terms as a condition to becoming a member of the Exchange, Members agree to the Socialised Loss Mechanism and the potential impact that the Socialised Loss Mechanism may have on their account. The Socialised Loss Mechanism covers losses in both a Member’s Bankrupt Account as well as in other Member's Bankrupt Accounts following the application of the Liquidation Process and Insurance Fund process, and is a fundamental, non-negotiable feature of the Exchange.

11. Settlement

1. When a Member enters into a Trade on the Exchange, Trades are settled in either:

a. Fiat; or 

b. cash settled in the Settlement Currency (including through the Liquidation Process).

2. Deribit may, for cash settlements, calculate the realised profit and loss under the relevant Trade and will either debit or credit the requisite amount of Settlement Currency to which the Trade relates to the Member’s Account.

3. Settlement occurs as follows:

a. for Spot Trades, the Base Currency and Quote Currency are settled and delivered immediately; and

b. for Derivative Contracts, settlement occurs when a Position closes or expires at the Settlement Price and the profit or loss on that Position is credited to or deducted from the Member’s Account

(together, Settle or Settlement).

4. Settlement shall occur on a daily basis at 08.00 AM UTC. 

5. In addition, for Derivative Contracts, the following Settlement Rules shall apply:

a. Unless otherwise required under the Exchange Membership Terms or this Rulebook, Settlement occurs in response to:

i. any closing out of a Position, whether as a result of your Order being matched, to maintain a Member’s Margin, the Liquidation Process, or otherwise; or

ii. a Position being held to Final Settlement in accordance with the relevant Instrument Specifications.

b. Deribit Settles Positions by:

i. calculating the profit and loss of a Position based on the prices at which the Position being closed out was opened and closed, the size of that Position and the Instrument Specifications of the Derivative Contract in which the Position was held;

ii. adding the profit to or deducting the loss from, as the case may be, the Equity allocated in the Account in which the Position resided;

iii. performing the steps above immediately after the respective events described in Rule ‎11.3(a) have occurred,

(together, the Settlement Process).

12. Cancellation And Price Adjustments Of Transactions

Mistrades

1. The Exchange may, in its absolute discretion, declare a Mistrade in any of the following circumstances: 

a. the prices on which transactions are executed deviate more than the Mistrade Range; 

b. it is in the interest of maintaining an orderly and fair market or maintaining price continuity; 

c. in connection with any liquidation assignment under the Liquidity Support Program or Auto-Deleveraging by Deribit (as each is defined in the Exchange Membership Terms); or

d. there is an error in the Exchange trading system.

2. Where the Exchange declares a Mistrade, it may take one or more of the following actions:

a. cancel a previously executed Trade; 

b. adjust the execution price of an executed Trade; or

c. in the case of 12.1(c) above, reverse a position move within 30 minutes or price adjust within 2 hours thereof. 

3. The Exchange must declare a Mistrade within 60 minutes after a Trade is executed.

4. In circumstances where a Fast Market exists, the Exchange may, in its absolute discretion, adjust the Mistrade Range for a product up or down by such ratio as it deems reasonable in order to maintain an orderly and fair market or maintain price continuity.

5. The Exchange may declare a Mistrade at its own initiative or on application by a Member. 

6. Where the Exchange declares a Mistrade, it will communicate such Mistrade in the following manner:

a. By In-platform message

b. By Email, and/or,

c. By the Telegram messaging application.

7. The Exchange will not declare a Mistrade in circumstances where a Trade cannot be reversed or adjusted because one of the parties to that particular Trade has insufficient funds in its account to enable the cancellation or price adjustment of a Trade. 

8. Where the Exchange declares a Mistrade and reverses or adjusts a Trade, the Exchange shall not be liable for any losses incurred by a Member which result from the declaration of a Mistrade and the subsequent cancellation or price adjustment of a Member’s Trade. 

9. Subject to Rule 12.10, if a Member considers that it has been negatively affected by a Trade or that there has otherwise been an error in a Trade, it may apply to the Exchange:

a. requesting that a Mistrade be declared; and

b. for the reversal or adjustment of the relevant Trade.

10. A Member may not apply for the declaration of a Mistrade unless the total loss resulting from the Trade that the application refers to exceeds USD 10,000.

11. An application must be submitted within 60 minutes after the Trade(s) were executed by sending an email to mistrade@deribit.com.

12. The application must contain the following information:

a. Member name;

b. UID;

c. Product name;

d. Time of execution;

e. Price; and

f. Reasons for the application.

13. Deribit will complete its review of an application made under Rule 12.9 within six (6) hours after the application was submitted. If Deribit considers it reasonably necessary, Deribit will extend such review period for up to twenty four (24)      hours.

14. If the Exchange decides to refuse an application made under Rule 12.9, it will communicate such refusal to the applicant, including reasons. 

15. Following a declaration of a Mistrade under Rule 12.1, the Exchange will, within six (6) hours after the Mistrade was declared:

a. Reverse or adjust all relevant Trades; and

b. adjust each Member’s Account balance that is affected by the declaration of the Mistrade accordingly. 

13. Fast Market

16. The Exchange may declare a Fast Market at its absolute discretion if the market conditions reasonably warrant such declaration.

17. Where the Exchange declares a Fast Market, such Fast Market will last for two (2) hours from the moment that it is declared.

18. The Exchange may withdraw a declaration that a Fast Market exists for a product at its absolute discretion if the market conditions reasonably warrant such action.

G. How To View Trading Activity:

Members can access all relevant information related to their trading activities in the Positions tab and transactions log of the trading interface. In this area, Members can view the current status of their Positions and currently open and previously executed Orders.

● Positions tab: In the Positions tab Members will be able to view all open Positions including: Derivative Contract, size, amount, value, average price, average price (in USD), mark price, Estimated Liquidation Price, realised profit, unrealised profit (for the current Trading Session), profit and loss, profit and loss (in USD), and other information.

● Transactions log: The transactions log is a record of Members' filled and/or unfilled Orders in a given period. This log shows all Order details including the time stamp, Derivative Contract / Spot Trade (as applicable), size, amount, Position, price, mark price, index price, cashflow, funding, fee rate, fee charged, fee balance, and other information.

Section C: Market Integrity

14. Prohibited Behaviours

1. Members are at all times responsible and liable for any use of their Account, including their DEA client and any (unauthorised) trading activity, deposits, and withdrawals by a third party.

2. Members must not engage or attempt to engage in any of the following (each a Prohibited Behaviours):

a. any behaviour, act, or omission which constitutes (or is likely to constitute) any form of market abuse or manipulation, including spoofing orders or otherwise;

b. any behaviour, act, or omission which constitutes (or is likely to constitute) any form of money laundering, bribery or corruption, fraud or any other breach of Applicable Law;

c. any behaviour, act, or omission which is harmful (or is likely to be harmful), for example which adversely affects fair and orderly trading on the Exchange;

d. any behaviour, act, or omission in order to reverse engineer or avoid any security measures on the Exchange (or is likely to, or is aimed at doing so);

e. any behaviour, act, or omission, including using the Exchange, Website or API in any way that causes (or is likely to cause): 

i. damage to Website or Exchange or the operation of the Website or Exchange; or 

ii. the impairment of the availability or accessibility of the Website or the Exchange;

f. using the Exchange, Website or API to copy, store, host, transmit, send, use, publish or distribute any material which consists of, or is connected to, any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software;

g. performing any (distributed) denial of service or other malicious attacks, or conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on our systems; 

h. any behaviour, act, or omission which breaches (or is aimed at breaching) the Rulebook and/or Applicable Law; and/or

i. any behaviour, act, or omission which causes or contributes to another Member breaching (or is aimed at breaching) the Rulebook and/or Applicable Law.

15. Deribit Remedies And Disciplinary Measures

1. Deribit may monitor any activities which Members undertake on the Exchange in order to identify Prohibited Behaviour.

2. If Deribit or a Regulatory Body makes an enquiry in respect of any of the Member's activity on the Exchange, the Member must:

a. co-operate with Deribit and the relevant Regulatory Body; and 

b. promptly supply any such information and documents as Deribit or the Regulatory Body may request.

3. Deribit may investigate any Member's breach or suspected breach of the Rulebook, Applicable Law and/or Prohibited Behaviour.

4. Deribit may report any Prohibited Behaviour, or suspected Prohibited Behaviour to a relevant Regulatory Body. 

5. Members must cooperate with any investigation, which has a connection to the Member’s Account or to the Member’s activities on the Exchange, irrespective of whether the Member is the subject or otherwise involved in the investigation. 

6. A Member must, in connection with an investigation commenced by Deribit under Rule 15.3:

a. provide to Deribit such information and documents as Deribit may request;

b. permit Deribit's representatives to access, with or without notice, during business hours, any of your business premises in order to carry out the investigation;

c. make your representatives (including senior management) readily available for meetings with Deribit and Deribit's representatives and use your best endeavours to procure that such persons answer truthfully and fully all questions put to them; and

d. produce and give Deribit access to documents, records, files, tapes, computer systems and any other pertinent information which are within your possession or control.

7. Where permitted under Applicable Law, following the conclusion of all or part of its investigation, Deribit will notify the Member by notice in writing once it has determined that:

a. the Member has breached or attempted to breach one or more Rules in the Rulebook;

b. the Member has breached or attempted to breach Applicable Law; and/or

c. the Member has engaged or attempted to engage in any of the Prohibited Behaviour.

8. The above determination will be at Deribit's sole discretion, acting fairly, honestly, and professionally.

9. Where Deribit provides a notice to a Member under Rule 15.7, it shall provide the Member with reasons for its determination.

10. Deribit is not required to provide a Member with any information with respect to any other Member's investigation or determination.

11. Subject to Applicable Law, Deribit may take any disciplinary action that it deems necessary or appropriate in the circumstances, including but not limited to:

a. cancellation of all and any outstanding Orders and instructions in the relevant Member(s) Account;

b. suspending or terminating the Member's right to use or access the Exchange or specific features or services;

c. imposing further conditions or prohibitions on the Member's activities on the Exchange; 

d. issuing a private reprimand / censure to the Member;

e. issuing or publishing a written warning to or in respect of the Member;

f. requiring the Member to undertake training and/or further qualifications;

g. requiring the Member to provide Deribit with a remediation plan and/or undertake a compliance audit; and/or

h. requiring the Member to indemnify and hold harmless Deribit (including our Related Parties, directors, members, employees and agents) and/or any other affected Members, from any Loss arising out of or relating to the Member's breach or likely breach of the Rulebook, Applicable Law, and/or engagement in or likely engagement in Prohibited Behaviour. 

12. The above disciplinary actions are without prejudice to any of Deribit's rights and a Member's obligations under the Exchange Membership Terms. 

13. Subject to Applicable Law, with respect to any of the actions at Rule ‎15.11 above, Deribit may at its sole discretion publish that it has taken such disciplinary action against the Member and explain its reasoning where it deems such publication appropriate.

14. A Member may appeal a determination made by Deribit with respect to that Member under this Rule ‎15. Any such appeal must:

a. be made in writing;

b. provide sufficient reasons and particulars of the basis for the appeal;

c. be submitted to Deribit within fourteen (14) days of the initial determination made under Rule 15.7. 

15. Deribit shall consider an appeal made under Rule 15.14 and shall notify the Member of its decision within fourteen (14) days of receipt thereof (or such later time as may be communicated to the appellant). 

16. Deribit’s decision on any appeal shall be final.

17. Deribit shall not be liable for any losses or foregone profits that a Member suffers as a result of a decision to impose, or not to impose, any disciplinary action on it or on another Member.

16. Regulatory Body Remedies And Disciplinary Measures

1. Deribit may supply any relevant information and provide full assistance without delay to the VARA or any other Regulatory Body responsible for the investigation or prosecution of a Member for:

a. any breach or attempted breach of the Rulebook, 

b. any breach or attempted breach of Applicable Law, and/or 

c. any engagement or attempted engagement in Prohibited Behaviour.

2. Members waive any duty of confidentiality by Deribit attaching to the information which Deribit is required to disclose under this Rule.

3. Deribit may enforce such additional remedies or disciplinary measures on a Member as may be delegated to Deribit by the VARA under Part III of the VARA Exchange Services Rulebook. 

G. The VARA has authority to pursue additional remedies or disciplinary measures against Members – for any breach or attempted breach of the Rulebook, breach or attempted breach of Applicable Law, and/or engagement or attempted engagement in Prohibited Behaviour – as it determines and may, in its sole and absolute discretion, delegate to Deribit the ability to enforce such additional remedies or disciplinary measures upon its written consent. 

Section D: Definitions And Interpretation

Interpretation

1. The Rules shall be observed, interpreted and effected in order to: 

a. provide a fair, orderly and transparent market; 

b. protect the interests of Members;

c. ensure the orderly functioning of the Exchange;

d. preserve the good reputation of the Exchange and Members. 

2. Any provision of this Rulebook requesting or requiring Member communications with Deribit (whether related to disclosures, notifications, or other informational queries to or from Deribit) shall be governed by and in accordance with Clause 28 (Communications and Notices) of the Exchange Membership Terms. Unless indicated otherwise, requests for support in connection with any provision of this Rulebook shall be addressed to support@deribit.com.  

3. Every provision in the Rulebook must be interpreted in the light of its purpose. The purpose of any provision is to be gathered first and foremost from the text of the provision in question and its context among other relevant provisions. 

4. Where reference is made in the Rulebook to another provision of the Rulebook, Applicable Law, or applicable legislation, it is a reference to that provision as amended from time to time. 

5. Unless the contrary intention appears, words in the Rulebook importing the masculine gender include the feminine gender and words importing the feminine gender include the masculine.

6. Words in the Rulebook in the singular include the plural and words in the plural include the singular. 

7. If a provision in the Rulebook refers to a communication, notice, agreement, or other document ‘in writing’ then, unless the contrary intention appears, it means in legible form and capable of being reproduced on paper, irrespective of the medium used. 

8. Unless stated otherwise, a day means a calendar day. If an obligation falls on a calendar day which is either a Saturday or Sunday or an official State holiday in the UAE, the obligation takes effect on the next calendar day which is a business day.

9. All references to timings or time are to Coordinated Universal Time (UTC) unless expressly provided otherwise.

10. If, for any reason, a Rule in this Rulebook is found or determined to be invalid or unenforceable by a court of law, the VARA or another governmental or quasi-governmental agency with supervisory authority, such Rule shall be considered severed from the Rulebook and all other Rules shall remain in full force and effect.

Definitions

In this Rulebook, the following words, expressions, and abbreviations shall have the following meanings, unless the context otherwise requires:

Appendix A: Supported Virtual Assets And Derivative Contracts

1. Trading Virtual Assets (Spot Trades)

Refer to the website for a full list of supported spot pairs.

2. Trading Derivative Contracts with Virtual Assets as an underlying

(a) Futures

Refer to the website for a full list of supported futures contracts.

(b) Linear Perpetuals

The Deribit Linear Perpetual is a derivative product similar to a future, however, without an expiry date. 

Refer to the website for a full list of supported linear perpetuals.

(c) Inverse Perpetuals

The Deribit Inverse Perpetual is a derivative product similar to a future, however, without an expiry date. 

Refer to the website for a full list of supported inverse perpetuals.

(d) Options

Deribit offers European style cash-settled options and linear options. European style options are exercised only at expiry and cannot be exercised before. 

The options are priced in BTC or ETH. However, the relevant price can also be seen in USD. The price in USD is determined by using the latest futures price. 

(e) Options on futures

Deribit plans to offer options on futures in the future. Options on futures are products that lead to delivery of either a BTC or ETH future on expiry which will immediately be cash settled. Options on futures cannot be exercised before expiry. 

3. Trading Derivative Contracts with non-Virtual Assets as an underlying

(a) Refer to Appendix B and the Website for further information about Equity Perpetual Contracts (Equity Perps) available on the Exchange.

(b) Refer to Appendix C and the Website for further information about Commodity Perpetual Contracts (Commodity Perps) available on the Exchange.

(c) Refer to Appendix D and the Website for further information about Pre-IPO Perpetual Contracts (Pre-IPO Perps) available on the Exchange.

Appendix B: Equity Perpetual Contracts

Equity Perpetual Contracts

1. Equity Perpetual Contracts (Equity Perps) are Derivative Contracts that reference the price of an underlying equity security or equity index.

2. Holding an Equity Perp position does not confer any shareholder rights, such as voting rights, entitlement to dividends, pre-emption rights, or ownership interest in the underlying company or its securities.

3. For an up to date list of the Equity Perps available for trading, refer to our Website.

Trading Hours and Out-of-Hours Pricing for Equity Perps

4. Equity Perps are available for trading 24 hours a day, 7 days a week, even though the underlying equity markets typically operate only during weekday business hours.

5. During periods when the underlying equity market is closed (e.g., evenings, weekends, holidays), pricing methodology, liquidity, and risk characteristics differ materially from standard trading hours.

6. The pricing mechanisms applicable to Equity Perps, in particular for evenings, weekends, and holidays, are set out under the Instrument Specifications available on our Website.

7. During periods of unreliable underlying price discovery, Deribit may impose reduce-only mode automatically, cancel open Orders without prior notice, or fully halt trading.

Reference Price Design and Validation for Equity Perps

8. Deribit sources market data for Equity Perps from multiple independent providers, including Pyth and dxFeed, with Tokenized Price Feeds and index vendor data incorporated where available.

9. Multi-source validation and outlier checks are employed to ensure pricing integrity. In the event of data feed disruptions or other circumstances described further below in this Appendix, Deribit may invoke Emergency Powers to adjust pricing methodology for Equity Perps.

Lifecycle Events for Equity Perps

10. Equity Perps referencing underlying equities may be affected by corporate actions, including stock splits, dividends, takeovers, mergers, acquisitions, and rights issues.

11. Deribit may halt trading, adjust position sizes, or cash-settle positions based on the nature of the corporate action. Adjustments aim to preserve the economic value of positions but may result in minor discrepancies.

12. Specific treatments include:

a. Trading Halts: Trading may be halted during significant corporate events or underlying market holidays. Deribit may switch to the Internal Index or impose reduce-only mode.

b. Delisting/Suspension: Positions will be cash-settled at an objective price determined by Deribit, and the Equity Perp will be delisted.

c. Stock Splits: Trading will be temporarily halted around the ex-date, or the date when the split takes effect and the stock’s price/quantity are adjusted accordingly. For the duration of such halt, contract quantities, entry prices and mark prices (based on the last traded price) will be adjusted to maintain the notional exposure of open positions. Trading will resume once these adjustments are finalized. Although Deribit strives to preserve the economic value of your positions, minor discrepancies may occur due to rounding or other mechanical factors.

d. Dividends: Equity Perps do not confer a right to the underlying equity and no explicit adjustment is made to prices or position sizes for dividends. This means that any dividend impact is reflected indirectly and will not directly offset the change in the underlying price. Instead, the economic effect of dividends is internalized through the funding rate mechanism and the natural price discount that occurs as the underlying reference equity approaches the effective dividend date.

e. Spin-offs, Mergers, and Rights Issuances: Pre-programmed adjustments may include settlement at a defined price or adjustments to position size and contract price.

Emergency Powers for Equity Perps

13. Deribit retains broad Emergency Powers to protect market integrity and participants during Market Disruptions affecting Equity Perps. These powers may include:

a. Pausing or halting trading and cancelling open orders;

b. Increasing margin requirements or tightening risk limits intra-day; and/or

c. Adjusting index and mark-price references, including switching to the Internal Index or imposing reduce-only restrictions.

14. Emergency Powers may be exercised without prior notice and may result in cancelled orders, higher margin requirements, or trading restrictions.

Margin, Leverage, and Liquidation for Equity Perps

15. Equity Perps use Deribit's existing perpetual contract framework for margin, cross-margin, mark price, funding, and liquidation.

16. Maximum leverage limits are as follows, and may be updated by Deribit from time to time:

a. Institutional Investors and Qualified Investors may trade at up to 10x for single stock Equity Perps and up to 20x for equity ETFs/indexes; and

b. Members of the Exchange that do not qualify as Institutional Investors or Qualified Investors may trade at up to 5x.

17. Liquidation is triggered within the Index Band to limit spurious liquidations caused by transient price spikes or anomalies. Leveraged trading magnifies both gains and losses, and liquidation may occur rapidly during high volatility or low liquidity periods.

Eligibility for Trading Equity Perps

18. Equity Perps are available only to eligible participants of Deribit. They are not available to U.S. persons and residents of other Restricted Jurisdictions.

19. Eligibility is determined in accordance with Deribit's Exchange Membership      Terms, applicable regulations, and jurisdictional requirements.

Risk Warnings

Please refer to the Risk Disclosures on our Website for a full list of risks associated with trading Equity Perps.

Appendix C: Commodity Perpetual Contracts

Commodity Perpetual Contracts

1. Commodity Perpetual Contracts (Commodity Perps) are cash-settled Derivative Contracts that reference the price of an underlying commodity price indices.

2. Holding a Commodity Perp position does not confer any ownership rights, nor grant any physical ownership, delivery, or possession rights in the underlying commodities. Deribit shall not source or deliver any physical commodities at any point during the contract lifecycle.

3. Initial listings will feature gold, silver, WTI, and natural gas. Commodities are selected based on high market liquidity, multiple independent pricing sources, and regulatory compliance. 

Trading Hours and Out-of-Hours Pricing for Commodity Perps

4. Commodity Perps trade in accordance with their underlying futures markets, specifically:

a. Metals (gold, silver): Sunday 6:00 PM through Friday at 5:00 PM ET (with daily maintenance from 5:00 to 6:00 ET);

b. Energy (WTI, Brent, Natural Gas): on CME and ICE schedules, typically aligning with active futures trading hours.

5. During periods when the underlying commodities markets are closed (e.g., weekends, holidays, evenings, or during daily maintenance), pricing methodology, liquidity, and risk characteristics differ materially from standard trading hours.

6. The pricing mechanisms applicable to Commodity Perps, in particular for evenings, weekends, and holidays, are set out under the Instrument Specifications available on our Website.

7. During periods of unreliable underlying price discovery, Deribit may impose reduce-only mode automatically, cancel open Orders without prior notice, or fully halt trading.

Reference Price Design and Validation for Commodity Perps

8. Deribit sources market data for Commodity Perps from multiple independent providers, with Tokenized Price Feeds and index vendor data incorporated where available. Pricing is based on this combination of direct market feeds and internal indexing strategies to ensure resilience during off-hours and under varying market conditions, as well as to account for commodity-specific dynamics. 

Lifecycle Events for Commodity Perps; Emergency Powers

9. In the event of abnormal price fluctuations, market anomalies, or significant geopolitical events (each or together, a Market Disruption), Deribit will switch to enhanced governance mechanisms to maintain stability, or invoke its Emergency Powers.

10. As part of it is Emergency Powers, Deribit may halt trading, adjust position sizes, or cash-settle positions based on the nature of the Market Disruption. Adjustments aim to preserve the economic value of positions for Members but may result in minor discrepancies.

11. Emergency Powers may be exercised without prior notice and may result in cancelled orders, higher margin requirements, or trading restrictions.

Margin, Leverage, and Liquidation for Commodity Perps

12. Commodity Perps use Deribit's existing perpetual contract framework for margin, cross-margin, mark price, funding, and liquidation.

13. Maximum leverage limits for Institutional Investors and Qualified Investors are currently as follows, though may be updated by Deribit from time to time:

a. for Metals: Silver up to 20x; Gold up to 25x;

b. for Energy commodities (WTI, Brent Crude, Natural Gas): up to 50x.     

14. Maximum leverage limits for Members that do not qualify as Institutional Investors or Qualified Investors are currently 5x for Metals and Energy commodities, though may be updated by Deribit from time to time.  

Eligibility for Trading Equity Perps

15. Commodity Perps are available only to eligible participants of Deribit. They are not available to U.S. persons and residents of other Restricted Jurisdictions.

16. Eligibility is determined in accordance with Deribit's Exchange Membership Terms, applicable regulations, and jurisdictional requirements.

Risk Warnings

Please refer to the Risk Disclosures on our Website for a full list of risks associated with trading Commodity Perps.

Appendix D: Pre-IPO Perpetual Contracts

Pre-IPO Perpetual Contracts

1. Pre-IPO Perpetual Contracts (Pre-IPO Perps) are USDC-settled Derivative Contracts that reference a constructed estimate of the implied aggregate equity valuation, rather than a per-share price, of a privately held company, which has not yet completed an initial public offering (IPO) and whose shares are not yet traded on a regulated exchange or market. 

2. Holding a Pre-IPO Perp position does not confer any legal or beneficial interest, voting right, dividend or distribution right, shareholder right, conversion right, delivery right, or ownership interest in the underlying company or any of its securities. For the avoidance of doubt, Deribit does not have any obligation to source, hold, custody, or deliver any share or other instrument of the underlying company at any time.

3. Pre-IPO Perps may be listed in respect of a company where, in the reasonable opinion of Deribit, the following criteria are satisfied: strong expected market interest; observable third-party pricing inputs or a robust Internal Index with fallbacks; sufficient expected liquidity and market-maker support; the ability to impose tight leverage and open interest limits; and legal and regulatory permissibility, including in respect of naming rights, data-licensing, and lifecycle handling.

Trading Hours and Out-of-Hours Pricing for Pre-IPO Perps

4. Pre-IPO Perps do not reference a continuously traded public market. The underlying company has no listed equity and no observable continuous spot price. Accordingly, pricing methodology, liquidity, and risk characteristics may vary significantly at any time.

5. The pricing mechanisms applicable to Pre-IPO Perps, in particular during periods with no third-party valuation input or otherwise unreliable underlying price discovery, are set out under the Instrument Specifications available on our Website.

Reference Price Design and Validation for Pre-IPO Perps

6. Deribit sources market data for Pre-IPO Perps from a combination of internal trading-derived references and, where available, third-party publicly observable market prices referencing the issuer or instruments linked to the issuer. Pricing is based on this combination of internal and external inputs to ensure resilience under varying market conditions and to account for the specific characteristics of pre-IPO underlyings, including the absence of a continuously observable spot price.

7. The Index Price does not track the latest preferred-round price, an audited common-stock fair value, or other independent fair market value appraisal. 

8. No single external data vendor is required for any Pre-IPO Perp. Where a single third-party source is used, it may represent a significant input given the limited number of observable market references available for privately held issuers. Such concentration is mitigated by Deribit's ability to reweight or remove the source, switch to an internal-only fallback, change methodology, or take any action pursuant to its Emergency Powers if it considers the available inputs to be insufficient or unreliable.

Lifecycle Events for Pre-IPO Perps

9. Pre-IPO Perps may be affected by a range of lifecycle events, including an eventual IPO, direct listings, special purpose acquisition company (SPAC) mergers, acquisitions, down-round, secondary tender, recapitalisation, stock split, change in share count, insolvency, wind-down, and dissolution in respect of the underlying company. Deribit monitors lifecycle events affecting the underlying company for its Pre-IPO Perps available for trading and will disclose material events and their consequences to investors' positions in accordance with its obligations under the Rulebook or the Exchange Membership Terms.

10. Specific lifecycle events affecting Pre-IPO Perps and Deribit’s treatment thereof include:

a. IPO and Direct Listing — Two-Stage Conversion: Open positions are not cash-settled to the IPO price or first-day print. The current design provides for a two-stage conversion:

i. Pre-IPO Rebase: Once total basic shares outstanding becomes reliably known — for example from registration documents or forms with the Securities and Exchange Commission such as a valid S-1 or S-1/A, or 424B4 form — the contract is rebased from aggregate valuation units to a per-share expression approximating a common-share-equivalent value based on total basic shares outstanding. This rebase is effected through a mathematically P&L-neutral adjustment. A trading pause applies around the rebase: the operational flow is to pause the market, cancel open orders, perform the rebase, and then reopen. If a significant change in share count is documented on the day of IPO (424B4), Deribit may perform the rebase during a post-close pause.

ii. Post-IPO Equity Perp Conversion: When the public stock begins trading, the contract converts to a standard Equity Perpetual Contract using a 5-minute time weighted average price (TWAP Bridge) into the live direct-equity index, after which the contract is governed by Appendix B of this Rulebook. The Rulebook also preserves Deribit's discretion to cash-settle and delist instead, if that is the more orderly outcome. Until such rebase, relist, or conversion occurs, the pre-IPO Index Price methodology continues to apply, even if the issuer's equity has become publicly listed and tradeable in the meantime. Lock-ups and limited initial free float are managed by not hard-settling to a single IPO print; the controlled rebase plus 5-minute TWAP Bridge reduces dependence on an unrepresentative first print.

b. Acquisition: For cash deals where the acquisition price is publicly disclosed, the Pre-IPO Perp may be settled to the publicly disseminated deal value and delisted. For acquisitions financed by stock or mixed consideration, settlement is based on the acquirer price × merger ratio, or cash per share plus exchange ratio × acquirer price. Where the acquisition price is not public, the most recently traded Mark Price will be used as the settlement basis and the Prep-IPO Perp will be delisted. During the announced-but-not-closed period, Deribit may permit the Pre-IPO Perp to keep trading, move it to reduce-only mode, or halt it, depending on the reliability of the pricing basis and market conditions.

c. Down-Round, Secondary Tender, and Recapitalisation: These events are recognised pre-IPO lifecycle events and will ordinarily be reflected through the valuation index and therefore through client P&L. Deribit retains discretion to change methodology, rebase, pause, or otherwise intervene if the event materially changes the capitalisation basis or the integrity of the index.

d. Insolvency, Wind-Down, and Dissolution: Deribit will halt trading as appropriate and determine a cash-settlement and delisting outcome using the best reliable public valuation or recovery basis available at the time. If no reliable recovery value exists, the practical outcome is settlement at or near zero.

e. SPAC Merger and Non-Traditional Listing: In the event of a SPAC merger or other non-traditional listing, once there is a sufficiently reliable public-market reference or share-count basis, Deribit may either rebase to standard listed-equity methodology or cash-settle and delist, depending on which path better preserves orderly markets and comparable economic exposure.

f. Stock Splits, New Share Classes, and Secondary Issuances: The Pre-IPO Perp will be priced in aggregate valuation units before a reliable public share count is available, deliberately avoiding per-share denominator risk. Once reliable public share-count data is available, Deribit may perform a P&L-neutral rebase so the contract moves from valuation units to per-share units, preserving notional exposure and P&L continuity.

g. Trading Halts: Trading may be paused or halted around significant lifecycle or corporate events. Deribit may cancel open orders, switch to the internal reference price, impose reduce-only mode, or take such other actions as are available under the Rulebook.

h. Delisting: Positions will be cash-settled at an objective price determined by Deribit in accordance with the applicable lifecycle rules, and the Pre-IPO Perp will be delisted.

Emergency Powers for Pre-IPO Perps

11. Deribit retains broad Emergency Powers to protect market integrity and participants during the above lifecycle events and other Market Disruptions affecting Pre-IPO Perps. These include but are not limited to:

a. loss or unreliability of index inputs, or an external input diverging from the Index Price by more than 5%; 

b. material divergence or methodology change in a third-party input;

c. contested valuation events; 

d. regulatory filings in anticipation of an IPO; 

e. IPO delay or cancellation; 

f. down-rounds, tenders, or recapitalisations; 

g. acquisition, SPAC merger, restructuring, or insolvency events; 

h. issuer disputes or legal challenges; and 

i. severe open interest, Auto-Deleveraging processes, or liquidity stress.

12. Upon the occurrence of one or more of the above, Deribit may, without prior notice:

a. suspend publication of the Index Price or publish a static anchor Index Price; 

b. pause or halt trading and cancel open orders; 

c. move the market to reduce-only mode; 

d. increase margin requirements or reduce leverage limits; 

e. change index inputs, weighting, or methodology; 

f. perform a P&L-neutral rebase; and/or 

g. cash-settle and delist the Pre-IPO Perp.

13. Emergency Powers may be exercised without prior notice and may result in cancelled orders, higher margin requirements, or trading restrictions.

Margin, Leverage, and Liquidation for Pre-IPO Perps

14. Pre-IPO Perps use Deribit's existing perpetual contract framework for margin, cross-margin, Mark Price, funding, and liquidation, subject to the more conservative parameters set out in this Appendix.

15. Maximum leverage and margin parameters for eligible traders are as follows, and may be updated by Deribit from time to time:

a. the base Initial Margin is 20%; 

b. Maintenance Margin tiers are set at ⅔ of the applicable Initial Margin, consistent with Deribit's standard margin framework; and 

c. maximum leverage is 5x for all Member categories, which is intentionally more conservative than the limits applicable to typical Equity Perps, reflecting the thinner liquidity and binary event risk of pre-IPO markets.

16. An aggregate ecosystem open interest cap applies to all Pre-IPO Perps. Per-account notional limits are calibrated by leverage tier, with lower notional ceilings at higher leverage.

17. Subject to the availability of Liquidity Support Providers, some Pre-IPO Perps may not be part of the Liquidity Support Program (nor follow this stage of the liquidation waterfall). Further information regarding the Liquidity Support Program, as well as Deribit’s liquidation waterfall, is set out in the Exchange Membership Terms at Clause 12 (Liquidating Positions, Insurance Fund, and Socialised Losses).

Eligibility for Trading Pre-IPO Perps

18. Pre-IPO Perps are available only to eligible participants of Deribit. They are not available to U.S. persons or residents of other Restricted Jurisdictions.

19. Eligibility is determined in accordance with Deribit's Exchange Membership Terms, applicable regulations, and jurisdictional requirements.

Risk Warnings

Please refer to the Risk Disclosures on our Website for a full list of risks associated with trading Pre-IPO Perps.

Appendix E: Deposits And Withdrawals

1. Deposits and withdrawals – Virtual Assets

(a) Supported Virtual Assets

Deposits and withdrawals can be made in the below-listed Virtual Assets (which list may be updated from time to time on our Website):

Supported Virtual Assets are:

● BNB

● BTC

● BUIDL

● ETH

● PAXG

● SOL

● Staked ETH

● USDC

● USDe

● USDT

● USYC

● XRP

(b) Deposit and withdrawal limits

Deribit imposes the following withdrawal limits per Trading Session:

● 200 BTC for Bitcoin

● 2000 ETH for Ethereum

● 2,000,000 USDC for USDC; and

● 2,000,000 USDT for USDT

Appendix F: Restricted Jurisdictions

The access or use of the Exchange is not allowed if you are located, incorporated or otherwise established in, or a resident of any of the following Restricted Jurisdictions: 

● Belarus ((an exemption applies to nationals from the EEA and Switzerland)

● Canada

● Central African Republic

● Congo

● Cuba

● Guam

● Iran

● Iraq

● Japan

● Democratic People's Republic of Korea

● Libya

● Mali

● Myanmar

● Panama (Retail Investors may only trade Spot products)

● Puerto Rico

● Russian Federation (an exemption applies to nationals from the EEA and Switzerland)

● Samoa

● Somalia

● Sudan

● South Sudan

● Syrian Arab Republic

● Ukraine (sanctioned regions of Crimea, Donetsk, and Luhansk)

● United Arab Emirates (Retail Investors may only trade Spot products)

● United Kingdom (Retail Investors not allowed)

● United States of America

● US Virgin Islands

● Yemen

● any other jurisdiction designated on our Website as a restricted area from time to time

● a jurisdiction where it would be illegal for you to access or use the Exchange or use our services

● a jurisdiction where it would be illegal for us to provide you access to the Exchange or use our service

Appendix G: Orders

1. Order types

2. Order attributes

3. Time in force

Appendix H: Trading Limits For Spot Trades

Please refer to the Instrument Specifications for Spot Trades on our Website for full information on limits.

1. Maximum limits for Spot Trades

(a) Limit on total amount of Orders per Virtual Asset

A Member's total number of Orders, per Virtual Asset, at one time, cannot exceed 100. This is calculated on a per Sub-Account basis.

A Virtual Asset will be part of the volume limit calculation if the Virtual Asset is being sold as part of the Spot Trade. Therefore, the volume limit is calculated based on the direction of the Order.

For example in relation to a BTC/USDC pair:

● A buy order would count towards the USDC limit, as USDC is being sold to buy BTC.

● A sell order would count towards the BTC limit as BTC is being sold to buy USDC.

The same approach applies to the other spot trading pairs. 

(b) Limit on total amount of Virtual Assets across all Orders

A Member's total amount of Virtual Assets across all Orders, at one time, cannot exceed:

● 200 BTC for Bitcoin;

● 2000 ETH for Ethereum; 

● 5,000,000 USDC; and

● 5,000,000 USDT for USDT.

This is calculated on a per Sub-Account basis.

Appendix I: Trading Limits For Derivative Contracts

Please refer to the Instrument Specifications for Futures, Linear Perpetuals, Inverse Perpetuals, Equity Perpetual Contracts, Commodity Perpetual Contracts, Options, DVOL Futures, and Combo books on our Website for full information on limits.

1. Maximum limits for Future Contracts

(a) Specifications BTC

The maximum allowed position is 1,000,000 contracts (USD 10,000,000). Portfolio Margin users are excluded from this limit and can build up larger positions. On request, the position limit could be increased based on an account evaluation.

(b) Specifications ETH

The maximum allowed position is 5,000,000 contracts (USD 5,000,000). Portfolio Margin users are excluded from this limit and can build up larger positions. On request, the position limit could be increased based on an account evaluation.

(c) Specifications USDC

The maximum allowed position is USDC 10,000,000

(d) Specifications USDT

The maximum allowed position is USDT 10,000,000 

2. Maximum limits for Options Contracts

(a) Specifications BTC

The maximum short position for Standard Margin users is 1,000 BTC

(b) Specifications ETH

The maximum short position for Standard Margin users is 10,000 ETH

Appendix J: Trading Limits For Block Trades

(a) Block trades (general)

Deribit imposes minimum size requirements for Block Trades as set out on the website under the block trade section.

(b) Block trades with Directed RFQ

The Exchange allows for a taker (i.e. the initiator of the order) to select an instrument or strategy and produce a directed RFQ to request quotes (bids and asks). The taker will also select the volume to be traded but not the direction of the transaction (i.e. buy/sell). Makers (i.e. the respondents) can, during a specific window of time, send bids and/or asks. If the full size requested by the taker is met within the limited time window, the taker will have the option of executing the transaction; otherwise the RFQ will expire. If executed, the makers are bound by their respective trade and each trade will be reported to Deribit as a block trade. The Deribit Directed RFQ operates a blind auction model where the taker can see all quotes and the makers can only see their own quotes, i.e. they cannot see the quotes from the other makers. 

● The makers can submit:

○ an All-or-None quote (AON): the maker quotes for the full amount requested by the taker, and the order will only be filled if the entire amount is matched.

○ a Standard Order: makers can submit partial orders or full orders where the partial order or the full order may be partially filled. We call this the multi-maker model (MMM).

● The order entered by the taker must meet the minimum block sizes as depicted in the table under (a) above.

● All orders submitted by the makers as part of the MMM must also meet the minimum block size, as depicted in the table under (a) above. However, if the last trade in the structure receives a partial fill, it may be executed below the minimum block amount (we call this block the “odd block”). For example:

○ The minimum block amount is 25 BTC.

○ The taker sends a RFQ for a volume of 40 BTC.

○ Two makers respond with 25 BTC each. 

○ The taker order is executed against the two makers, leading to one block trade of 25 BTC and another block trade of 15 BTC.

● Price-time priority:

○ The matching algorithm uses price-time priority among all the orders to identify the structure with the best prices for the taker. Among those prices, the worst price is then selected for the whole transaction volume.

Appendix K: Rate Limits

1. Matching Engine Requests

Each Sub-Account has a rate limit that is updated every hour in line with the table below. The rate limit is measured as an aggregate of all Order books and Virtual Assets. 

When the counter is exhausted, you will get the following error message "too_many_requests" 10028. If you get a 10028 error and would like to cancel your orders, the best approach is to wait for the request refill time (see table) and send a mass cancellation.

2. Non-Matching Engine Requests

Non-Matching Engine Requests are requests that do not directly relate to an open Order, for example historical Orders.

Each Sub-Account has a rate limit of 100 in a burst or 20 requests per second.

Appendix L: Portfolio Margin – Supported Virtual Assets and Fiat

1. Supported Virtual Assets

Refer to the website for a list of supported Virtual Assets for Segregated / Cross Collateral Portfolio Margin.

2. Supported Virtual Fiat

Supported Fiat are:

●    None

Appendix M: Forks And Airdrops

The protocol of a Virtual Asset may be updated or modified, or otherwise cease to operate as expected due to changes made to its underlying technology. These changes may include, without limitation, a "fork", a "chain split", an "airdrop", or a "rollback". We do not support any such change unless we choose to do so in our sole and absolute discretion and only after assessing the nature and impact of such a change.

If Deribit decides to support an applicable change, the additional Virtual Assets resulting from the change shall be accrued to your Account, unless we have your prior consent specified in a written agreement or otherwise. If you are affected by such a change, we will communicate this to you.

Subject to Applicable Law, Deribit may decide not to collect or distribute the additional Virtual Assets, where the additional Virtual Assets are below a certain specification to be determined by us.