Spot markets are markets in which assets are traded for immediate delivery, meaning that the asset is bought/sold at the current market price and is settled immediately after the trade happens.
In the spot market, the price of the asset is determined by the forces of supply and demand, and it reflects the current market sentiment. Deribit's spot market is open 24/7.
Spot order routing
Selected spot pairs on Deribit are routed to Coinbase Exchange (CBE). A routed market stays accessible through Deribit, while the underlying liquidity is sourced from Coinbase Exchange. This gives clients deeper liquidity, access to a broader set of assets, and better execution quality, while assets acquired on spot can still be used as collateral within the Deribit ecosystem.
Routed pairs also move from the legacy Deribit spot specifications to Coinbase Exchange specifications. In practice, this means some pairs trade with finer tick sizes, finer base increments, or lower minimum order quantities than before. Review the pair-level specifications below before trading on a routed market.
For assets that are not permitted on Coinbase Exchange, Deribit continues to use the existing Deribit spot book where applicable.
When a market switches to Coinbase Exchange routing, it is paused briefly and all open orders on that book are cancelled before trading resumes under CBE routing.
BNB_USDC is routed to Coinbase Exchange, and the specification table below reflects its Coinbase Exchange specifications. All other spot pairs trade on the Deribit spot book.
Routing is being enabled in phases, so more spot and collateral assets are expected to be supported through this model over time. Additional pairs are announced before they switch to Coinbase Exchange routing.
Spot fees
Trading fees on a spot market depend on how that market is routed:
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Pairs routed to Coinbase Exchange are charged trading fees, and the Coinbase Exchange fee schedule applies to those markets rather than the Deribit fee schedule. BNB_USDC is the only routed pair, so it is the only spot market that currently charges fees.
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Pairs trading on the Deribit spot book are not charged trading fees: both the maker and the taker pay 0%.
Because routing is enabled per pair, Coinbase Exchange fees apply to a spot market from the moment it switches to Coinbase Exchange routing. The Order routing row in the specification table below shows which book each pair trades on.
Settlements
Only settled funds are available for spot trading. If a user has any unsettled funds, they will be available for spot trading after daily settlement at 8 AM UTC.
Spot instruments specification
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Spot instrument trades are settled immediately, there are no positions on spot instruments
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Buying on a spot instrument would buy the base currency which is paid with quoted currency.
Example: Buying 0.1 BTC on BTC_USDC at price $100.000. The BTC equity would increase with 0.1 BTC, the USDC equity would decrease with 10,000 USDC
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Selling on a spot instrument would sell the base currency to receive the quoted currency
Example: Selling 0.1 BTC on BTC_USDC at price $100.000. The BTC equity would decrease with 0.1 BTC, the USDC equity would increase with 10,000 USDC
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The orders placed are counted against the currency used. Please see Account order and size limits for the current limitations
Example: placing a buy order for 0.1 BTC on BTC_USDC will be counted as USDC order, USDC is spend (equity decreased) to execute the order.
Example: placing a sell order for 0.1 BTC on BTC_USDC will be counted as BTC order, BTC is spend (equity decreased) to execute the order.
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Spot instruments |
BTC/USDC |
BTC/USDT |
BTC/USDE |
ETH/USDC |
ETH/USDT |
ETH/USDE |
ETH/BTC |
STETH/ETH |
STETH/USDC |
USDC/USDT |
USDE/USDC |
USDE/USDT |
USYC/USDC |
SOL/ETH |
SOL/USDC |
XRP/USDC |
BNB/USDC |
PAXG/USDC |
BUIDL/USDC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Symbol |
BTC_USDC |
BTC_USDT |
BTC_USDE |
ETH_USDC |
ETH_USDT |
ETH_USDE |
ETH_BTC |
STETH_ETH |
STETH_USDC |
USDC_USDT |
USDE_USDC |
USDE_USDT |
USYC_USDC |
SOL_ETH |
SOL_USDC |
XRP_USDC |
BNB_USDC |
PAXG_USDC |
BUIDL_USDC |
|
Underlying Asset / Ticker |
Deribit SYMBOL Index |
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|
Type |
Spot |
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Category |
Spot |
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Order routing |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Deribit |
Coinbase Exchange |
Deribit |
Deribit |
|
Trading hours |
24/7 |
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|
Base currency |
BTC |
BTC |
BTC |
ETH |
ETH |
ETH |
ETH |
STETH |
STETH |
USDC |
USDE |
USDE |
USYC |
SOL |
SOL |
XRP |
BNB |
PAXG |
BUIDL |
|
Quoted Currency |
USDC |
USDT |
USDE |
USDC |
USDT |
USDE |
BTC |
ETH |
USDC |
USDT |
USDC |
USDT |
USDC |
ETH |
USDC |
USDC |
USDC |
USDC |
USDC |
|
Initial Margin |
There is no margin required. The full amount that will be traded has to be available when submitting an order. |
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Maintenance Margin |
Not required |
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Settlement |
Immediate |
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Minimum order size |
0.0001 BTC |
0.0001 BTC |
0.0001 BTC |
0.0001 ETH |
0.0001 ETH |
0.0001 ETH |
0.0001 ETH |
0.0001 STETH |
0.0001 STETH |
1 USDC |
1 USDE |
1 USDE |
1 USYC |
0.0001 SOL |
0.1 SOL |
1 XRP |
0.001 BNB |
0.01 PAXG |
1 BUIDL |
|
Minimum tick size |
1 USDC |
1 USDT |
1 USDE |
0.1 USDC |
0.1 USDT |
0.1 USDE |
0.0001 BTC |
0.0001 ETH |
0.1 USDC |
0.0001 USDT |
0.0001 USDC |
0.0001 USDT |
0.0001 USDC |
0.00001 ETH |
0.01 USDC |
0.0001 USDC |
0.01 USDC |
0.1 USDC |
0.0001 USDC |
|
Trading bandwidths |
Determined by the risk management and based on a risk matrix. |
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Spot reserve
Spot reserve is an indicator for the user, how much of the portfolio is currently “reserved” in outstanding spot orders.
When a user is liquidated due to violation of maintenance margin of derivative positions, the liquidation process firstly attempts to recover the margin requirements by cancelling the outstanding relevant (reserving from the required currency) spot orders, before progressing with the regular liquidation process.
API usage
Spot markets uses the same API endpoints as futures. There are no specific endpoints dedicated to a spot market. It is also supported by Deribit's Multicast, FIX and Historical APIs under the same endpoints/messages.