Deribit Combo Instruments for Executing Multi-Leg Crypto Strategies
Summary
The document explains how Deribit combo instruments package multiple futures or options legs into one separately listed instrument. Traders can place a single order on the combo book, which can reduce the execution risk and spread crossing involved in trading each leg independently. It illustrates futures spreads and option structures such as vertical spreads, ratios, straddles, calendars, butterflies, condors, boxes, and reversals, with naming conventions and leg ratios.
It also describes creating and discovering combos through the interface or API, retrieving leg details, and handling orders, trades, and RFQs. Combo orders appear as combo orders, while executions are reported for both the combo and its individual legs; prices implied from the legs are not inserted into the combo book. Creation is restricted to supported structures, with account and usage limits described. The article is an exchange product guide rather than a strategy evaluation: it gives no performance evidence, and its examples and API details may reflect the platform state when it was written.
Key ideas
- A combo allows multiple futures or options legs to be traded through one order book instrument.
- Single-order execution can reduce legging risk and the need to cross spreads in separate books.
- The guide lists supported structures and explains how their names encode expiries, strikes, and leg ratios.
- Combo orders are displayed as combos, while trade reports include the individual legs.
- Combo creation and RFQ use platform limits, and the article does not assess strategy performance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.