Deribit to launch linear bitcoin and ether options settled in USDC

The Block

Aug 15, 2025 22:00:02

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Crypto derivatives exchange Deribit, now owned by Coinbase, is set to launch linear bitcoin and ether options priced and settled in USDC on Aug. 19, extending its stablecoin-settled product line to the two largest cryptocurrencies.

The rollout also includes USDC-settled BTC and ETH dated futures, adding to Deribit’s existing USDC-settled perpetual futures, the exchange said Friday.

The new contracts come about 18 months after Deribit introduced USDC-settled linear options for altcoins such as Solana (SOL), Polygon (MATIC), and XRP — though MATIC linear options were later discontinued, CEO Luuk Strijers told The Block. The exchange also offers Paxos Gold (PAXG) linear options.

Deribit said institutional and retail demand for stablecoin-settled derivatives drove the decision to expand to BTC and ETH.

Linear options differ from Deribit’s inverse BTC- and ETH-settled contracts in that payouts move in direct proportion to the underlying asset’s price, with settlement in a fiat-equivalent stablecoin. Inverse options will continue to run alongside the new contracts, with both types offsetting each other for margin purposes to improve capital efficiency, Deribit said.

The USDC-settled BTC and ETH linear options will have smaller minimum order sizes — 0.01 BTC and 0.1 ETH — to improve accessibility.

"By settling in USDC, we’re providing greater flexibility, capital efficiency, and a familiar fiat-equivalent structure that appeals to both institutional and retail participants," Strijers said.

Founded in 2016 by brothers John and Marius Jansen, Deribit remains the largest crypto options exchange by trading volume and open interest, according to The Block's Data Dashboard. Last month, it recorded over $185 billion in trading volume — its "best month ever" — amid a surge in institutional flows.

In May, Coinbase agreed to acquire Deribit for about $2.9 billion in cash and stock, including $700 million in cash and 11 million Coinbase Class A shares. The deal closed last week, bringing Deribit under the Nasdaq-listed exchange’s umbrella.

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