Deribit Hits $1.1T in Volume as Crypto Derivatives Trading Surges

Deribit, a leading cryptocurrency derivatives exchange, experienced a phenomenal year in 2024, with trading volumes soaring to over $1.1 trillion. This represents a remarkable 95% increase from the previous year's $608 billion, solidifying Deribit's position as a dominant force in the crypto derivatives market.

A Surge in Activity: Institutional Optimism and a Bitcoin Rally

The surge in activity was particularly pronounced in the fourth quarter, coinciding with heightened optimism surrounding the U.S. presidential election and a significant Bitcoin price rally. Deribit CEO Luuk Strijers attributed the growth to increased institutional investor interest, noting that November 12 saw a record-breaking 24-hour rolling volume of $14.8 billion. Open interest, a measure of outstanding futures or options contracts, also hit an all-time high of around $48 billion on November 28.

Spot Trading Steals the Show: An 810% Increase

While Deribit is renowned for its derivatives offerings, its spot trading segment, launched in 2023, witnessed the most explosive growth, jumping a staggering 810% year-over-year. Total spot turnover reached $7.6 billion in 2024, up from $837 million the previous year. Options trading, however, remained a core strength, with notional volume growing by 99% and reaching $243 billion in the fourth quarter alone.

Beyond Deribit: A Banner Year for Crypto Exchanges

Deribit wasn't alone in benefiting from the year's market catalysts. The launch of Bitcoin and Ethereum ETFs, the rise of memecoins, and the increasing prominence of crypto in political discourse all contributed to a surge in trading activity across the industry. December 2024 marked the highest trading volume month for most exchanges since November 2021, according to The Block Research's data.

Growth Amidst Regulation: Deribit's Compliance Efforts

Notably, Deribit's impressive growth occurred alongside its efforts to enhance regulatory compliance. The company obtained a Virtual Assets Regulatory Authority license in Dubai and is pursuing derivatives licenses in France and Brazil. Deribit also implemented the Financial Action Task Force's (FATF) "Travel Rule" and introduced new custody features, including a hybrid model with Fidelity, Zodia, and Copper, as well as an "off-exchange" custody option using Fireblocks.