Mercury Digital Assets (“Mercury”), a technology provider for digital asset markets, today announced the launch of connectivity to Deribit, a leading cryptocurrency derivatives exchange. Mercury is integrating with the exchange to allow professional and institutional traders using the BEACON platform and API to trade bitcoin and ethereum options, futures, and perpetual swaps on Deribit’s exchange.
Through this partnership, global crypto traders will have access to an increased number of order and execution management features, including the ability to trade directly in the exchange order book while viewing their proprietary theoretical prices alongside option greeks, implied volatilities, and streaming market data. Traders can also slice large orders into smaller child orders that can be worked across Deribit’s market, other exchanges, and Mercury’s RFQ network, and monitor multiple options expiries in a single market view, allowing them to easily see price discrepancies and trading opportunities.
“Deribit is the leader in market share for crypto options trading, and we have been very impressed with its recent records in traded volume and open interest, signifying the growth of the overall crypto derivatives space and the increase in participants entering the market,” said Tony Saliba, Founder of Mercury. “We relish the chances we have to help foster the growth and adoption of these assets in the professional and institutional trading segments alongside Deribit as it continues its own growth.”
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The integration also allows the global crypto trading audience to source liquidity in Mercury’s RFQ network and privately negotiate single-leg and multi-leg trades. Those orders are sent as block trades to be settled at Deribit to minimize the price impact of large orders.
“We are seeing growing interest from traditional derivatives market participants that want to expand into trading cryptocurrencies,” said Luuk Strijers, Chief Commercial Officer of Deribit. “The experienced background of the Mercury team, along with the reliability of the BEACON platform, gives us the confidence that Mercury is the right partner for helping these market participants gain exposure to digital assets.”
The crypto derivatives market has grown significantly in recent years, setting new records in 2020. With more institutional participation and crossover from the traditional markets into digital assets there will be an increased demand in crypto derivatives and the need for more sophisticated products. Mercury is positioned to help facilitate that growth by providing institutional-grade trading technology and by partnering with leading exchange players like Deribit.
