Deribit Combo Fees and Margin Rules for Open Orders and MMP

Summary

This exchange update describes combo trading fee discounts and changes to initial margin rules. For options combos containing buys and sells, Deribit waives fees for the cheaper side; same-direction option legs do not qualify. Futures and perpetual combos instead receive a 50% discount on the cheapest taker leg. The notice also describes charging initial margin on open orders for portfolio margin accounts, with option calculations based on price bandwidth and futures calculations based on contract size and asset-specific factors.

It explains how Market Maker Protection settings and qualifying orders affect margin: settings themselves incur initial margin, while same-direction MMP orders below the configured quantity can avoid order margin. Orders exceeding the limit are charged under the stated simple calculation. The update also covers risk-reducing orders and API changes. These are venue-specific rules announced for a scheduled upgrade; the document does not compare them with other exchanges or assess their effect on trading performance.

Key ideas

• Eligible mixed-direction option combos receive a fee waiver on the side with the lower fees.
• Futures and perpetual combos receive a partial discount on the cheapest taker leg.
• Portfolio margin accounts incur initial margin on open orders under the announced calculations.
• Qualifying MMP orders below the configured cumulative quantity can avoid individual order margin, while the settings themselves incur initial margin.
• The described margin and fee mechanics are specific to Deribit and its stated upgrade.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.