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Leading cryptocurrency options exchange "Deribit" announces the launch of spot market with zero trading fees for a limited time.

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Leading cryptocurrency options exchange "Deribit" announces the launch of spot market with zero trading fees for a limited time.

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Deribit enters the spot market seven years after its establishment

Summary:

  • Maker: 0% | Taker: 0%

  • Not available for the U.S. and restricted countries

  • Will go live on April 24, 2023, at 8:00 PM Taiwan time

  • Three trading pairs: BTC/USDC, ETH/USDC, and ETH/BTC

The official announcement states that Deribit previously offered options, perpetual contracts, volatility futures, and more for three underlying cryptocurrencies: BTC, ETH, and USDC. The main purpose of introducing spot trading is to allow users to trade collateral according to their needs more easily without the need for external asset conversion.

Deribit launches zero-fee trading following Binance

Following the launch of Bitcoin volatility futures with Deribit Bitcoin Volatility, DVOL, Deribit decided to launch a zero-fee spot market shortly after Binance ended its zero-fee trading.

Binance's zero trading fee activity for BTC trading that started in July last year ended in March, and currently, only makers of BTC/TUSD, BNB/TUSD, and ETH/TUSD enjoy zero fees.

More details about Binance promoting TUSD: Is TUSD secure? Why does Binance enjoy zero fees alone? Is TUSD related to Justin Sun?

Deribit's Head of Business, Luuk Strijers, mentioned the following to the media outlet The Block:

  • Zero fees will not be permanent

  • More cryptocurrencies may be listed in the future

  • Plans to move headquarters from Panama to Dubai

2022 was a challenging year for Deribit, with the investment in LUNA collapsing and Three Arrows Capital going bankrupt, forcing Deribit to liquidate its positions. In September, it raised $40 million in funding at a valuation of $400 million, but in November, it suffered a hack, losing $28 million.