Deribit has just launched option markets and a perpetual for BNB. BNB is the native token of Binance Smart Chain (BSC), a blockchain network created by Binance. As of September 2024, BNB is the fourth largest cryptocurrency by market cap, behind BTC, ETH, and USDT, and just ahead of SOL.
Source: CoinGecko.com, 2024-09-30
Similar to the existing SOL and XRP derivatives on Deribit, the new BNB derivatives instruments on Deribit use USDC as the settlement currency. This means traders will typically hold USDC as collateral to trade these instruments, though with the cross collateral system, it is also possible to use BTC, ETH, or USDT as well. Unlike SOL and XRP though, there will not be any BNB spot markets for now, and it will not be possible to deposit/withdraw BNB itself from the Deribit platform.
It is important to note that even with the addition of these BNB derivatives, Deribit will still not support any transfers on the Binance Smart Chain (BSC), including the BEP20 versions of USDT and USDC.
BNB derivative contract specifications
BNB-USDC Perpetual:
- Minimum order size: 0.01 BNB
- Tick size: 0.05 USDC
BNB Options:
- Contract multiplier: 1
- Minimum order size: 1
- Tick size: 0.1
- USDC Block tick size: 0.1 USDC
- Minimum block trade size: 2,500 USDC in premium
- Expiries: Initially the same as the other USDC settled options, so two daily options, two weekly expiries, and one monthly.
The standard margin (SM) and portfolio margin (PM) parameters will be aligned with those currently applied to SOL and XRP.
Where to find the new BNB instruments
The options can be found in the same Options menu at the top of the page.
With the new perpetual available in the Futures menu at the top of the page.
Depositing currencies via the correct network on Deribit
As Deribit continues to add support for new currencies, it is important to be aware of which tokens and chains are accepted or not accepted as deposits into each type of address. You should only deposit the tokens and currencies stated on the relevant deposit page, and only via the blockchain mentioned on the same page.
The correct details are listed on the deposit page for each currency, but if you are in any doubt, please ask for help in the Deribit chat room, or email [email protected].
