Deribit Unveils USDC-Settled Linear Options for Bitcoin and Ethereum

Deribit, recognized for enabling much of the world’s crypto options trading, has long offered inverse options settled in the underlying asset (BTC or ETH). The new USDC-settled linear options differ fundamentally: their payouts move in direct proportion to the asset’s price, while settlement occurs in a dollar-pegged stablecoin, offering a structural, more intuitive alternative to crypto-settled options. The offerings complement Deribit’s existing stablecoin-based toolkit, which already includes USDC-settled perpetual and dated futures for both BTC and ETH.

Deribit’s expansion into BTC and ETH linear options is a direct response to increasing demand from both institutional and retail traders for stablecoin-denominated derivatives, particularly for their capital efficiency, clearer risk profile, and simpler settlement mechanics. A key feature of the new contracts is lower minimum order sizes, just 0.01 BTC and 0.1 ETH, making them more accessible to smaller traders and better suited for precise strategy execution.

The exchange also ensures that these new linear options are fully integrated into its existing risk engine, enabling positions in both linear and inverse options to offset each other for margin purposes. This enhances capital efficiency, allowing traders to hedge across different derivative formats with more efficient collateral usage.

Luuk Strijers, CEO of Deribit, emphasized the value of the launch: “The introduction of linear options for BTC and ETH marks a significant milestone in our mission to offer institutional-grade products tailored to the evolving needs of our clients. By settling in USDC, we’re providing greater flexibility, capital efficiency, and a familiar fiat-equivalent structure that appeals to both institutional and retail participants.”

This launch expands upon last year’s rollout of USDC-settled linear options for altcoins, including Solana (SOL) and XRP, with MATIC options later discontinued due to limited activity. More recently, Deribit introduced a USDC rewards program, allowing users to earn passive returns on their USDC holdings without the need for staking or lockups, further reinforcing the platform’s stablecoin-oriented strategy.

Deribit continues to hold its position as the largest crypto options exchange by trading volume and open interest, with over $185 billion in trading volume recorded in July 2025, its best month ever. Its integration into the Coinbase ecosystem, via the $2.9 billion acquisition completed earlier this month, is enabling a further push into institutional-grade offerings and broadening its product reach.

For traders, the launch comes with several important details. The contracts will begin trading on August 19, 2025. Settlement will be in USDC, a stablecoin pegged to the U.S. dollar. Minimum trade sizes are set at 0.01 BTC and 0.1 ETH, allowing participation from both smaller and larger traders. Existing BTC and ETH inverse options will remain operational, ensuring continuity. Deribit’s risk engine will manage integrated margining, providing efficient offsetting between linear and inverse products. The products are designed for both institutional and retail clients seeking stablecoin-settled strategies.

The move reflects a growing trend in crypto markets: the convergence of traditional financial features, such as fiat-equivalent settlements and user-friendly derivatives, with the flexibility of crypto trading. For institutional participants, the predictable settlement structure simplifies accounting and risk management. For retail traders, the lower entry threshold and avoidance of volatile crypto payouts enhance usability and trust.

Deribit’s expansion into USDC-settled linear options for BTC and ETH signals a clear shift toward accessible, capital-efficient, and familiar trading instruments. The launch underscores both Deribit’s leadership in the sector and Coinbase’s broader strategy to expand institutional-grade crypto products, potentially setting a new standard for the market in the years ahead.