Important
This release was postponed from 13.11.2025, to 18.11.2025, and then to 25.11.2025.
⚠️Expected downtime: 15 - 30 minutes
Client impact:Maintenance 9 AM UTC - The system will be down for around 15 - 30 minutes. Client systems will not be able to communicate with Deribit during this time.
Deribit is introducing a new Market Maker Protection (MMP) parameter, Max Quote Quantity (MQQ) which will impact Initial Margin calculation and the total amount of open MMP orders. This change improves system performance, reduces latency, and provides greater flexibility in MMP configurations.
Why Introduce MQQ-
Decoupling Limits:
MQQ separates the total open order quantity from the maximum quote size. This allows clients to set a Quantity Limit smaller than their largest quote, enabling more flexible quoting behavior.
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Performance Optimization:
The new structure eliminates the need to assign Initial Margin to individual quotes or MMP orders, supporting faster and more efficient trading.
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Order Limits:
The total amount of open MMP orders per side, per order book, cannot exceed the MQQ.
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Margin Reservation Logic:
MMP margin reserved will be set to 3% of max(MQQ, Quantity Limit).
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Quote Rejection for Mass Quotes:
If one side of a quote in a mass quote is rejected, the other side of that same quote is also rejected.
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For configurations with a nonzero Quantity Limit, MQQ = Quantity Limit.
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For configurations with a 0 Quantity Limit, MQQ = Delta Limit.
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For configurations with both Quantity Limit and Delta Limit = 0, MQQ = 0.
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All MMP configuration values will support up to 4 decimal places.
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A rejected quote will no longer cancel the current quote.
Warning
Actions for ClientsBefore enforcement, clients should:
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Check open orders:
Ensure total open MMP order sizes per side, per order book, do not exceed the MQQ.
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Review limits:
Confirm that the Quantity Limit is set appropriately before migration, or manually set the MQQ to the desired level once available.
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November 2025 Release:
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MQQ can be configured in the UI.
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MMP margin reserved = max(MQQ, Quantity Limit).
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December 2025 Release:
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MQQ enforcement begins.
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Initial Margin will be calculated as 3% of MQQ at all times.
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Inverse future spreads: Size calculation will use the minimum mark price of legs.
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We would like to inform our clients about an update to the fee calculation methodology for Block RFQ Combination trades. This change is designed to improve accuracy and consistency between reported execution prices and mark prices.
BackgroundPreviously, Deribit’s pricing algorithm determined the distribution of leg prices based on the total premium of the structure combined with the mark prices of individual legs.
Makers participating in a Block RFQ could also reprice individual legs within defined bandwidths in multi-leg trades. In certain cases, this led to one or more legs reaching a fee cap, even when the fair or mark price of that option would not normally qualify.
As a result, trade reports sometimes displayed executed prices deviating from mark prices, which could cause discrepancies during reconciliation.
What’s Changing-
Scope: Block RFQ Combination Trades
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Change Description:
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The fee calculation will now be based solely on the price distribution generated by Deribit’s pricing algorithm.
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Makers will still be able to set preferred leg price levels, but fees will no longer be determined based on manually repriced options.
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Breaking Changes
Removed deprecated method public/get_index. Users are advised to use /public/get_index_price instead.
Non-Breaking Changes
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Added max_quote_quantity parameter to private/set_mmp_config (when
block_rfq: false). -
Limited precision of Quantity Limit, Delta Limit and Vega Limit to 4 decimals.
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Added 20119 (MaxQuoteQuantity) tag to MM Message.
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Limited precision of Quantity Limit, Delta Limit and Vega Limit to 4 decimals.