Deribit Alternative: You Should Look Into In 2021

Deribit is one of the leading platforms in the crypto derivatives segment known for its institutional-grade services and transparent trading operations.

The exchange lags in terms of a good selection of trading products; low leverage rate offered other than BTC & ETH future products.

Therefore, if you are looking for a Deribit alternative, the following list offers a host of options, both for retail and experienced traders. Let’s check out.

Best Deribit Alternative

  1. ByBit: $90 Deposit Bonus & 100X leverage. [Recommended]
  2. FTX: Many exotic cryptocoins & tokens here for 50x levergae
  3. PrimeXBT – 35% Extra Bonus On Deposit, 100X leverage on all coins
  4. Phemex: Up & coming crypto futures and derivatives platform at 20x leverage
  5. Binance Futures: World’s largest crypto exchange with 100x derivatives
  6. Deribit: Bitcoin & Ethereum Futures @ 100x leverage

#1. Bybit

Established in March 2018, Bybit is one of the fastest-growing crypto derivatives exchanges in the market and is credited for changing the market dynamics through its highly advanced and efficient trading platform. 

Bybit has a highly liquid trading platform and offers to trade in inverse perpetual contracts, linear perpetual contracts, and inverse futures contracts (BTCUSD quarterly) and offers maximum leverage of up to 100X. 

The exchange is also known for its advanced trading platform system with a smart trading system, ultra-fast order matching engine with the ability to process 100K TPS, a state-of-the-art pricing system to prevent unfair liquidations, powerful APIs that support high-frequency trading. 

Regarding trading fees, Bybit has an attractive rate structure. It incentivizes the market maker by offering a 0.025% rebate and charges 0.075% from the market takers. 

Why choose Bybit?

  • Industry-leading advanced trading platform 
  • Suitable for both beginners and professional traders
  • Deep liquidity levels 
  • No-KYC exchange

#2. PrimeXBT

PrimeXBT is a Seychelles-based multi-asset exchange platform that was launched in early 2019. It has established itself as one of the leading exchanges in the crypto derivatives segment quickly. 

The exchange offers margin trading in BTC, LTC, ETH, EOS, and XRP and offers maximum leverage of up to 100X on all trading pairs. 

PrimeXBT boasts an advanced trading platform suitable for both beginners and professional traders. It can execute over 12,000 orders per second with an average order execution speed of less than 7.12 millisecond and is integrated with 12+ liquidity providers. 

The exchange has the lowest order slippage ratio in the industry, with 74.1% of orders executed at the requested quote.  The exchange has a flat fee rate structure and charges 0.05% as commission on all types of trades regarding trading fees. 

Why choose PrimeXBT?

  • Advanced trading platform
  • High leverage rates on all crypto trading pairs
  • Competitive trading fee
  • No-KYC exchange

#3. FTX

FTX is one of the top cryptocurrency exchanges globally, established in May 2019, and is backed by Alameda Research (a global crypto liquidity provider), Binance (the world’s largest crypto exchange), and other leading crypto VC firms. 

It is currently the sixth largest crypto derivatives trading platform by trading volume and has surpassed many traditional and established crypto exchanges.

The exchange features a powerful trading platform suitable for all types of traders with an innovative product offering range. It includes over 150 perpetual and quarterly futures, leveraged tokens, BTC options, FTX MOVE contracts, and crypto index futures and can trade with up to 101X leverage.

Like most crypto exchanges, FTX has a tiered trading fee structure starting from 0.07% to 0.04% as taker fee, and maker fee starts from 0.02% to NIL in higher levels. The exchange charges an additional 0.02% for using 50X leverage and 0.03% for 100X or higher leverage. 

FTT token holders are offered a discount on trading fees based on the quantum of holding. 

Why choose FTX?

  • Strong partners 
  • Wide range of crypto-derivative products
  • Low fees and tight-spread due to high liquidity
  • High leverage rate

#4. Phemex

Phemex is one of the latest and fastest-growing crypto derivatives exchanges in the market, started by 8 ex-Morgan Stanley executives on November 25th, 2019. 

The exchange has the fastest trading system globally with an order response time of less than 1ms, can process over 300,000 trades per second, and 30+ integrated liquidity providers. 

In a short period, the exchange has built a large user base of over a million traders and records over $1 billion in daily trade. The exchange offers advanced functionalities like FIX API, sub-account feature, and L3 market data for professional traders. 

Phemex offers to trade in 15 leading crypto perpetual futures contracts and offers maximum leverage of up to 100X on BTC/USD pair and up to 20X on remaining pairs. 

Regarding trading fees, Phemex offers a market rebate of 0.025% and charges a taker fee of 0.075%, which is the standard rate in the industry. 

Why choose Phemex?

  • Powerful trading platform 
  • Advanced functionalities for professional traders
  • No-KYC exchange
  • Good customer support

#5. Binance Futures

Binance Futures has established itself as the leading crypto derivatives exchange platform in the market.

Launched on September 9th, 2019, Binance Futures allows trading in a wide range of crypto derivative products, including USDT-margined perpetual and quarterly futures, COIN-M (Bitcoin-margined perpetual futures), Bitcoin options, and leveraged tokens with maximum leverage of up to 125X, which is the highest in the industry.  

Some of the Binance Futures platform features include mobile trading, interactive charts, institutional-grade research report to all users, profit and loss analysis, and a wallet to hold collateral required to margin trade.

It has a 10-tiered trading fee structure based on the last 30-day cumulative trading volume. The maker fee ranges from 0.02% to NIL, and the taker fee ranges from 0.04% to 0.017%. Binance offers a 10% discount on trading fees when paid using BNB token and on USDT-M contracts.

Why choose Binance Futures?

  • Established and reputed trading platform
  • Wide range of trading products
  • High leverage rate
  • Supports deposit and withdrawal in both crypto and fiat via the Binance platform

#6. Kraken

Kraken is a US-based crypto exchange that offers trading services in both the spot and the futures market. It was established in 2011 and is known for its platform security and advanced platform functionality. 

The future segment offers to trade in five perpetual futures contracts, including XBT/USD, ETH/USD, LTC/USD, BCH/USD, and XRP/USD, with maximum leverage of 50X. 

The exchange’s trading fees for the futures segment are based on the last 30-day cumulative trading volume with maker fees ranging from 0.02% to NIL, and the taker fee ranges from 0.05% to 0.01%. 

Why choose Kraken?

  • Provides maximum security
  • Deep liquidity level
  • Low fees 
  • Bank withdrawal through SWIFT and SEPA

#7. BitMEX

BitMEX is one of the earliest exchanges to launch trading in crypto derivatives. Launched in 2014, BitMEX has set a benchmark in the industry for its high trading volume and high leverage rate. 

The platform offers derivatives trading in perpetual futures, traditional futures, and Quanto futures in 13 different cryptocurrencies and offers maximum leverage of up to 100X.

Built for professional traders, the exchange uses advanced API used by major banks in high-frequency trading, clean interface, charting system from tradingview, advanced order capability, and auto-deleveraging feature. 

BitMEX has a flat-fee rate structure. It offers a maker rebate of 0.025% to market makers and charges 0.075% as a taker fee from market takers. 

Why choose BitMEX?

  • Established and reputed exchange
  • Good selection of crypto pairs
  • High-security level
  • Best for high-frequency trading

Conclusion

There are many options in the market, but the list of exchanges discussed above are the leading ones and will offer a superior trading experience.

If you’re a beginner in the segment, you can consider Bybit, PrimeXBT, and FTX to kickstart your journey in derivatives trading. And, if you’re a professional trader, you can select any exchange from the list based on your trading objectives.

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Jack Bailey

I am John, a veteran trader turned into a trading coach. Especially in the realm of cryptocurrency derivatives which is now booming and expected to grow big.