Linear Perpetual futures are a type of contracts where the settlement currency is a stablecoin such as USDC, instead of BTC/ETH. Unlike with inverse contracts, the provided margin will be USDC unless cross collateral is used.
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Linear perpetual |
Underlying Asset / Ticker |
Contract size |
Minimum order size |
Minimum tick size (USDC) |
Minimum block size (USDC) |
Minimum block tick size (USDC) |
NMax (Coins) |
|
BTC |
Deribit BTC-USDC Index* |
0.0001 BTC |
0.0001 BTC |
0.5 |
200,000 |
0.5 |
2,000 |
|
ETH |
Deribit ETH-USDC Index* |
0.001 ETH |
0.001 ETH |
0.05 |
100,000 |
0.05 |
35,000 |
|
ADA |
Deribit ADA-USDC Index |
10 ADA |
10 ADA |
0.00001 |
50,000 |
0.00001 |
3,000,000 |
|
ALGO |
Deribit ALGO-USDC Index |
10 ALGO |
10 ALGO |
0.00001 |
50,000 |
0.00001 |
2,100,000 |
|
AVAX |
Deribit AVAX-USDC Index |
0.1 AVAX |
0.1 AVAX |
0.001 |
50,000 |
0.001 |
120,000 |
|
BCH |
Deribit BCH-USDC Index |
0.02 BCH |
0.02 BCH |
0.001 |
50,000 |
0.001 |
40,000 |
|
BNB |
Deribit BNB-USDC Index |
0.01 BNB |
0.01 BNB |
0.01 |
50,000 |
0.01 |
1,150 |
|
DOGE |
Deribit DOGE-USDC Index |
100 DOGE |
100 DOGE |
0.00001 |
50,000 |
0.00001 |
21,000,000 |
|
DOT |
Deribit DOT-USDC Index |
1 DOT |
1 DOT |
0.0001 |
50,000 |
0.0001 |
600,000 |
|
HYPE |
Deribit HYPE-USDC Index |
0.1 HYPE |
0.1 HYPE |
0.001 |
50,000 |
0.001 |
130,000 |
|
LINK |
Deribit LINK-USDC Index |
1 LINK |
1 LINK |
0.001 |
50,000 |
0.001 |
100,000 |
|
LTC |
Deribit LTC-USDC Index |
0.1 LTC |
0.1 LTC |
0.01 |
50,000 |
0.01 |
20,000 |
|
NEAR |
Deribit NEAR-USDC Index |
1 NEAR |
1 NEAR |
0.0001 |
50,000 |
0.0001 |
550,000 |
|
PAXG |
Deribit PAXG-USDC Index |
0.01 PAXG |
0.01 PAXG |
0.1 |
50,000 |
0.1 |
3,500 |
|
SOL |
Deribit SOL-USDC Index |
0.1 SOL |
0.1 SOL |
0.001 |
50,000 |
0.001 |
250,000 |
|
TRX |
Deribit TRX-USDC Index |
100 TRX |
100 TRX |
0.00001 |
50,000 |
0.00001 |
3,150,000 |
|
TRUMP |
Deribit TRUMP-USDC Index |
1 TRUMP |
1 TRUMP |
0.0001 |
50,000 |
0.0001 |
650,000 |
|
UNI |
Deribit UNI-USDC Index |
1 UNI |
1 UNI |
0.0001 |
50,000 |
0.0001 |
225,000 |
|
XRP |
Deribit XRP-USDC Index |
10 XRP |
10 XRP |
0.0001 |
50,000 |
0.0001 |
5,000,000 |
Addition specifications that apply to all linear perpetuals:
The symbol for each linear perpetual is in the form: UnderlyingAsset_QuotedCurrency-PERPETUAL For example: BTC_USDC-PERPETUAL
Type: Linear
Category: Perpetual
Trading hours: 24/7
Quote currency: USDC
Settlement currency: USDC
Daily settlement is at 08:00 UTC
The delivery price is calculated as a time-weighted average (TWAP) of the relevant Deribit index, as measured between 07:30 and 08:00 UTC
The settlement method is cash settled in USDC
The funding cap is +/- 5%
The funding dampener is +/- 0.025% for all perpetuals except for the PAXG perpetual, which has a funding dampener of +/- 0.1%
Note
* As of the 15th of July 2025, the BTC-USDC index is pegged to the BTC-USD index, and the ETH-USDC index is pegged to the ETH-USD index. This means that for the purposes of delivery and settlement of derivatives that use these two indexes, parity between USD and USDC is assumed. For the valuation of collateral in X:SM and X:PM accounts though, the USDC/USD exchange rate is still used to calculate equities and margin balances in USD terms.
Funding Rate
When the funding rate is positive, long position holders pay funding to the short position holders; when the funding rate is negative, short position holders pay funding to the long position holders. The funding rate is expressed as an 8-hour interest rate, and is calculated at any given time as follows:
Premium Rate
Premium Rate = ((Mark Price - Deribit Index) / Deribit Index) * 100%
Funding Rate
Sequentially, the funding rate is derived from the premium rate by applying a damper.
If the premium rate is within -0.025% and 0.025% range, the actual funding rate will be reduced to 0.00%.
If the premium rate is lower than -0.025%, then the actual funding rate will be the premium rate + 0.025%.
If the premium rate is higher than 0.025%, then the actual funding rate will be the premium rate - 0.025%.
Additionally, the funding rate is capped at +/ - 5% for all linear USDC perpetuals.
Funding Rate = Maximum (0.025%, Premium Rate) + Minimum (-0.025%, Premium Rate)
Time Fraction
Time Fraction = Funding Rate Time Period / 8 hours
The actual funding payment is calculated by multiplying the funding rate by the position size and the time fraction.
Funding Payment = Funding Rate * Position Size * Time Fraction
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Example 1 |
If the mark price is at USDC 10,007.50 and the Deribit index is at USDC 10,000, the funding rate and premium rate are calculated as follows: Premium Rate = ((10,007.50 - 10,000) / 10,000) * 100% = 0.075% Funding Rate = Maximum (0.025%, 0.075%) + Minimum (-0.025%, 0.075%) = 0.075% - 0.025% = 0.05% Let's assume a trader has a long position of USDC 10,000 for 1 minute, and during this minute the mark price remains at USDC 10,007.50 and the Deribit index remains at USDC 10,000, in this case, the funding calculation for this period is: 8 hours = 480 minutes: Funding Rate = 1/480 * 0.05% = 0.0001041667% Funding Payment = 0.0001041667% * 10,000 = 0.01041667 USDC The short position holders receive this amount and the long position holders pay it. |
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Example 2 |
If a trader chose to hold the position of the previous example for 8 hours and the mark price and Deribit index remained at USDC 10,007.50 and USDC 10,000 for the entire period, then the funding rate would be 0.05%. The funding payment would be paid by the longs and received by the shorts. For 8 hours, it would have been 5.00 USDC. |
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Example 3 |
If the mark price is USDC 10,007.50 for 1 minute and then changes to USDC 9,992.50 the minute after that, however, the Index remains at USDC 10,000, then the net funding in these 2 minutes for a 10,000 USDC long position is exactly 0 USDC. After the first minute, the trader would pay: 1/480 * 0.05% * Position Size = 0.0001041667% * 10,000 = 0.01041667 USDC, however, the minute after, the trader would receive exactly the same amount. |
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Example 4 |
The mark price is USDC 10,002, and the Index remains at USDC 10,000. In this case, real-time funding is zero (0.00%) because the mark price is within the +/-0.025% range from the index price (within USDC 9,997.50 and USDC 10,002.50). This can be checked by using the premium rate and funding rate formulas: Premium Rate = ((10,002 - 10,000) / 10,000) * 100% = 0.02% Funding Rate = Maximum (0.025%, Premium Rate) + Minimum (-0.025%, Premium Rate) = 0.025% - 0.025% = 0.00% |
In reality, the spread of the Deribit Index and the mark price changes continuously, and all changes are taken into account. Therefore, the examples above are extreme simplifications of the actual calculations. The funding paid or received is continuously added to the realized PNL and is moved to or from the cash balance at the daily settlement, at 08:00 UTC.
Fees on Funding
Deribit does not charge any fees on funding. All the funding payments are transferred between the holders of the perpetual contracts. This makes the funding a zero-sum game, where longs receive all funding from shorts, or shorts receive all funding from longs.
Mark Price
When calculating unrealized profits and losses of futures contracts, not always the last traded price of the future is used.
To calculate the mark price, first, we must calculate the EMA (exponential moving average) of the difference between the bounded (around best bid and best ask) mid price and the Deribit Index.
The mark price is calculated as:
Index Price + EMA of the difference between bounded mid price and index price
Mark prices are determined by a mark-to-market model.
Allowed Trading Bandwidth
Two parameters act as a boundary to the allowed trading range:
Perpetual trades are limited by Deribit Index + 1 minute EMA (Bounded mid price - Index) +/- 1.5%, and a fixed bandwidth of the Deribit Index of +/- 7.5%.
If the market circumstances require so, bandwidth parameters can be adjusted at the sole discretion of Deribit.
Mis-Trade Rules
Due to various reasons, there can be a situation when perpetual contracts are traded at prices caused by an abnormal non-orderly market, with a high chance that one side of the trade has been done unwillingly. If a mistrade occurs at a price more than 2.5% away from the mark price, Deribit may adjust the prices or reverse the trades.
Please refer to Section 12 of the Exchange Rulebook for additional information.