Deribit Perpetual Leverage, Liquidation Fees, and Margin Structure
Summary
This exchange update describes changes to Deribit’s perpetual swap, including a maximum leverage increase to 100x and an increase in the liquidation fee from 0.10% to 0.15%. It explains leverage as exposure relative to account funds, after trading fees, and says the higher liquidation charge is intended to support the exchange’s reserve fund.
The document also outlines Deribit’s liquidation and margin design. It describes incremental liquidations that may return remaining funds to traders, and explains that cross-margin uses account funds to back all open trades. Traders seeking isolated margin for a position can use a subaccount. The update cites a more than 50% increase in total exchange volume during the first two weeks of the beta and reports growing market-maker support, but these are exchange-reported claims, not independent analysis. It gives no details on funding, maintenance margin, or how liquidation outcomes vary across market conditions; the stated leverage and fees alone do not quantify the risks of using the product.
Key ideas
- Deribit raised the perpetual swap’s maximum leverage to 100x.
- The liquidation fee increased from 0.10% to 0.15% to support the reserve fund.
- Deribit describes liquidations as incremental and says remaining funds may be returned after a partial liquidation.
- Cross-margin draws on account funds to support all open trades.
- A subaccount can isolate funds for a trade when using isolated margin.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.