How Deribit Calculates USDC Rewards and Applies Cross-Collateral
Summary
The article explains Deribit’s USDC reward arrangement, which relies on Coinbase custody and Coinbase’s reward payments. Eligibility depends on a user’s jurisdiction and, for corporate users, both incorporation and principal business locations. The platform calculates rewards from each day’s minimum USDC equity over the prior 24 hours, totals daily amounts for the month, and pays the sum early in the next month. Funds held entirely with an external custodian do not count, while balances held on Deribit in a hybrid setup can qualify.
The article also describes USDC as eligible cross-collateral and says Deribit reduced its margin haircut from two percent to zero, allowing the full balance to count toward derivatives margin. It provides illustrative calculations using an assumed annual rate and notes that actual reward rates may change. These terms are platform-specific and time-sensitive; the page directs readers to Deribit’s current eligibility and payment information for details.
Key ideas
- Daily rewards are calculated from the minimum USDC equity held on Deribit during each prior 24-hour period.
- Eligible daily amounts are accumulated across the month and paid as a lump sum early in the following month.
- In hybrid custody arrangements, only USDC held on Deribit contributes to the reward calculation.
- Eligibility for rewards depends on users’ locations, with corporate users assessed by both incorporation and principal business location.
- Deribit’s stated zero percent haircut lets eligible USDC count at full value toward cross-collateral margin.
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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.