1. Deribit Support
  2. Exchange
  3. Orders
  4. Trade Orders

USD Order - Options

  • Updated

A USD order for inverse options allows the trader to choose a USD value for the order. The price of the order in the order book will regularly be updated to match the chosen USD value. It won't always be possible to match the chosen value exactly, so the closest valid price will be used in the order book. This type of order is only available for inverse options.

Additional details

  • USD orders don't update in real time. They usually update roughly every 1 second, but can take longer. This means during a fast move, it is possible for the price of a USD order to be stale.

  • USD orders will snap to the nearest valid price in the order book. So two USD orders with different USD values can share the same price in the order book.

  • USD prices are calculated based on the current index price of the relevant currency.

  • To avoid any unexpected behaviour going into expiry, USD orders are cancelled 15 minutes before the option is due to expire.

Example of order

For example, let's assume that bitcoin is trading at $100,000, and a USD order to buy a bitcoin option for $10,000 is placed. As the price of bitcoin is $100,000, the USD price of $10,000 is equivalent to 0.1 BTC, so the order sits at a price of 0.1 BTC in the order book. Now let´s assume that the price of bitcoin decreases to $80,000. The USD price of $10,000 is now equivalent to 0.125 BTC (10,000/80,000), so the order sits at a price of 0.125 BTC in the order book.

Placing a USD order for an inverse option on Deribit

  1. Instrument selection

    1. Expiry date

    2. Strike

    3. Side

  2. RFQ. This button allows traders to send a notification to market makers that indicates they are interested in trading the instrument. This will allow market makers to put a quote into the order book for the requested size. This button is informational only, not an execution mechanism.

  3. Order type. Some order types are not available for certain instruments.

  4. Option limit order - The limit price is entered in the settlement currency.

  5. Option USD order - The USD value of the order is entered. The price of the order in the order book will then be regularly updated to be the closest valid price to the chosen USD value.

  6. Option IV order - The implied volatility of the order is entered. The price of the order in the order book will then be regularly updated to be the closest valid price to the chosen implied volatility.

  7. Order amount

  8. Order price

  9. Buy and Sell buttons

  10. TIF

    • Good till cancel (GTC) - GTC is the default setting. The order will remain open until it is filled, cancelled, or the instrument expires.

    • Good till day (GTD) - If it has not already been filled or cancelled, the order will be cancelled automatically at the end of the current daily session (8 AM UTC).

    • Immediate or cancel (IOC) - Any portion of the order that cannot be filled immediately will be cancelled.

    • Fill or Kill (FOK) - The order is either filled immediately and completely, or not at all.

  11. Special

    • Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.

  12. The current position size on the selected instrument.

  13. Initial margin requirement

  14. Position impact PM (portfolio margin).