How Deribit’s Coinbase Spot Routing Changes Liquidity and Trading Specs
Summary
This exchange update explains Deribit’s phased routing of selected spot pairs to Coinbase Exchange liquidity, beginning with BNB-USDC. Routed markets remain accessible through Deribit’s interface, while using Coinbase liquidity and trading specifications. The stated rationale is to expand asset coverage and improve liquidity and execution; assets acquired through spot may also be used as collateral in the broader Deribit ecosystem.
The document details practical changes for traders: a market is briefly paused during conversion and its open orders are cancelled, while unsupported assets continue on Deribit’s native book. Tick sizes and minimum quantities may change, and fees for routed pairs follow Coinbase-related fee criteria; native spot pairs remain fee-free. It lists specification changes for several assets and names additional pairs planned for later rollout phases. The update provides no comparative execution data to verify the claimed quality improvements, and the rollout schedule is subject to change.
Key ideas
- Selected Deribit spot orders are routed to Coinbase Exchange liquidity while remaining accessible through Deribit.
- Routed pairs adopt Coinbase trading specifications, which can change tick sizes and minimum quantities.
- Open orders on a market are cancelled when that market is paused for conversion to routing.
- Native Deribit spot pairs remain available for assets unsupported by Coinbase and retain zero trading fees.
- The rollout is phased, and the timing of later pair additions may change.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.