Update 3
We just reimbursed all affected accounts. A total of around 150 BTC got reimbursed by Deribit. The insurance fund will remain unaffected and all reimbursements will be paid by Deribit Company reserves.
Again, our sincerest apologies for all inconvenience.
We just reimbursed all affected accounts. A total of around 150 BTC got reimbursed by Deribit. The insurance fund will remain unaffected and all reimbursements will be paid by Deribit Company reserves.
Again, our sincerest apologies for all inconvenience.
Deribit flash crash – a letter from the founders
To all valued traders of Deribit,
Last night on October 31, 2019, at around 21:00 UTC, we experienced issues with our BTC index calculation mechanism. This caused a significant price drop on our exchange and sequentially triggered multiple invalid liquidations.
We would like to personally apologize to all traders that got affected by this issue and guarantee that our team has been working tirelessly to fix the issue as soon as possible. One of the aspects that ensures fair liquidation process is a manipulation resistant index. We have always ensured this by having multiple index constituents and excluding outlier exchanges. Unfortunately, due to a bug in our system, one of the outliers did not get excluded, which accordingly caused the flash crash. This was a fault of our system; therefore, we take responsibility for the incident.
Due to this, we tried to find the least damaging way to solve this as best as we can. After some discussion, we decided that the fairest solution would be compensating traders that got falsely liquidated and those who got affected by unwarranted stop-loss orders. Equity levels of all these accounts have been effectively brought back to pre-crash levels. A total amount of more than 150 BTC or $1.3 million got reimbursed this morning.
Moreover, we have been receiving a lot of questions about not rolling back the trades. Crypto markets are highly connected, and most market makers and arbitragers are following strategies that require hedging their positions on other platforms. Rollback of trades could have been even more damaging and would have taken additional time, thus exposing their positions to uncovered market risk for longer. This was our mistake, therefore, we wanted this to affect our traders as least as possible.
As of now, we have fixed the issue, and all constituents of the index are included in its calculation. Our index is robust again, and yesterday’s incident could not happen anymore. However, we are taking further measures to improve it even more, so that there are additional mechanisms in place to protect the exchange from situations like this.
We continue to believe in a fair, efficient and transparent crypto market and strive to uphold this standard in all our actions and services provided. We learn from every mistake made and appreciate all the support we have received from our clients.
We thank you for choosing our platform and hope that you will continue trading on Deribit.
Best regards,
Founders of Deribit,
John Jansen and Marius Jansen
To all valued traders of Deribit,
Last night on October 31, 2019, at around 21:00 UTC, we experienced issues with our BTC index calculation mechanism. This caused a significant price drop on our exchange and sequentially triggered multiple invalid liquidations.
We would like to personally apologize to all traders that got affected by this issue and guarantee that our team has been working tirelessly to fix the issue as soon as possible. One of the aspects that ensures fair liquidation process is a manipulation resistant index. We have always ensured this by having multiple index constituents and excluding outlier exchanges. Unfortunately, due to a bug in our system, one of the outliers did not get excluded, which accordingly caused the flash crash. This was a fault of our system; therefore, we take responsibility for the incident.
Due to this, we tried to find the least damaging way to solve this as best as we can. After some discussion, we decided that the fairest solution would be compensating traders that got falsely liquidated and those who got affected by unwarranted stop-loss orders. Equity levels of all these accounts have been effectively brought back to pre-crash levels. A total amount of more than 150 BTC or $1.3 million got reimbursed this morning.
Moreover, we have been receiving a lot of questions about not rolling back the trades. Crypto markets are highly connected, and most market makers and arbitragers are following strategies that require hedging their positions on other platforms. Rollback of trades could have been even more damaging and would have taken additional time, thus exposing their positions to uncovered market risk for longer. This was our mistake, therefore, we wanted this to affect our traders as least as possible.
As of now, we have fixed the issue, and all constituents of the index are included in its calculation. Our index is robust again, and yesterday’s incident could not happen anymore. However, we are taking further measures to improve it even more, so that there are additional mechanisms in place to protect the exchange from situations like this.
We continue to believe in a fair, efficient and transparent crypto market and strive to uphold this standard in all our actions and services provided. We learn from every mistake made and appreciate all the support we have received from our clients.
We thank you for choosing our platform and hope that you will continue trading on Deribit.
Best regards,
Founders of Deribit,
John Jansen and Marius Jansen
We are experiencing many ddos attacks in last few hours, and occassionally Deribit website and API's can be hard to reach.
Deribit Servers Are Moving To London!
- Deribit is moving it's Matching Engine from OVH datacenter SBG in Strasbourg to Equinix LD4 in Slough.
- In order to facilitate level playing field fast access to our platform we will offer colocation as well for 1 or 2 U servers in our client rack.
- Alternatively clients can requests x-connects from their own servers in LD4.
- Deribit will be partnering with GTT for hosting and smart hands services.
- More information can be found inthis link https://tinyurl.com/y5cnzfok.
Timing to be confirmed
- Testing mid November - year end. We will most likely launch early January 2020.
- The client rack as well as regular x-connects will be offered as of 1 month before the final launch date to give every firm sufficient time to order and prepare hardware.
Connectivity
- For Deribit hosting clients can order a maximum 1 or 2 u for GPB 250 + VAT per u. Service includes 1 hr smart hands for installation, hosting, energy, 20 mbps ISP, x connect to Deribit. The patch will be done with a twinax cable. All of them will be 7 meters long and rate limited to 1gbit. We'll offer an A and B feed, so you'll need at least 2 ports available to crossconnect to our infrastructure. Patches to other destinations need to land directly into your server (no switch).
- When you apply for a x connect to your own rack, we recommend a LC-LC 10Gb 50/125 OM3 fiber connection. This will be rate limited to 1gbit on our switch.
- Deribit will not procure client servers.
Please fill in this form to reserve a spot in our client rack. https://tinyurl.com/yyg5m6bo
- Deribit is moving it's Matching Engine from OVH datacenter SBG in Strasbourg to Equinix LD4 in Slough.
- In order to facilitate level playing field fast access to our platform we will offer colocation as well for 1 or 2 U servers in our client rack.
- Alternatively clients can requests x-connects from their own servers in LD4.
- Deribit will be partnering with GTT for hosting and smart hands services.
- More information can be found inthis link https://tinyurl.com/y5cnzfok.
Timing to be confirmed
- Testing mid November - year end. We will most likely launch early January 2020.
- The client rack as well as regular x-connects will be offered as of 1 month before the final launch date to give every firm sufficient time to order and prepare hardware.
Connectivity
- For Deribit hosting clients can order a maximum 1 or 2 u for GPB 250 + VAT per u. Service includes 1 hr smart hands for installation, hosting, energy, 20 mbps ISP, x connect to Deribit. The patch will be done with a twinax cable. All of them will be 7 meters long and rate limited to 1gbit. We'll offer an A and B feed, so you'll need at least 2 ports available to crossconnect to our infrastructure. Patches to other destinations need to land directly into your server (no switch).
- When you apply for a x connect to your own rack, we recommend a LC-LC 10Gb 50/125 OM3 fiber connection. This will be rate limited to 1gbit on our switch.
- Deribit will not procure client servers.
Please fill in this form to reserve a spot in our client rack. https://tinyurl.com/yyg5m6bo
We are experiencing DDOS attacks that can make it difficult to reach our servers. We are working on blocking the attacks. But it may happen that the exchange (website and api) is not reachable for a short period of time.
We needed to shortly lock the platform, we expect to be back again very soon.
The platform is locked because admin is performing maintenance work. The admin will unlock the platform soon. Then you will be able to cancel your open orders for a short period until trading will be enabled again.
Platform is back online, trading will be resumed within 2 minutes. Traders can now cancel any open orders.
Scheduled Maintenance - Tuesday the 3rd of December 2019 - Expected downtime 15 minutes.
Type: Technical Stack Upgrade; Various backend changes and an update of the internal subsystem for event notifications refactoring the core matching engine to increase the maximum trading throughput. Furthermore multiple smaller changes relating to new functionalities, bugfixes etc.
Please review the following link for the complete overview of changes:
https://www.deribit.com/static/3_December_2019_Change_Release.pdf
Client impact: No impact expected however Deribit does request users to monitor system behavior
Time: Exact time will be confirmed 2 December 2019
Type: Technical Stack Upgrade; Various backend changes and an update of the internal subsystem for event notifications refactoring the core matching engine to increase the maximum trading throughput. Furthermore multiple smaller changes relating to new functionalities, bugfixes etc.
Please review the following link for the complete overview of changes:
https://www.deribit.com/static/3_December_2019_Change_Release.pdf
Client impact: No impact expected however Deribit does request users to monitor system behavior
Time: Exact time will be confirmed 2 December 2019
ETH fee change - Monday December 2nd 2019 - 09:00 UTC
Deribit will change the trading fees for ETH perpetual and futures contracts.
The taker fee will change to 0.05% and the maker fee will change to 0.00%.
This change is coming into force on Monday, December 2, 2019, at 09:00 UTC.
Deribit will change the trading fees for ETH perpetual and futures contracts.
The taker fee will change to 0.05% and the maker fee will change to 0.00%.
This change is coming into force on Monday, December 2, 2019, at 09:00 UTC.
Deribit has decided to change ETH Perpetual & Futures fees to improve liquidity measured in volumes as well as spreads. The taker fee is reduced to 0.05% and the maker fee is changed to 0.00% from today, Monday, December 2, 2019 09:00 UTC.
The ETH books are tick constrained on Deribit; spreads cannot be tighter as the current spread is 1 tick (0.05) already. We think that reduced taker fees will generate higher volumes whilst maintaining tight spreads.
The ETH books are tick constrained on Deribit; spreads cannot be tighter as the current spread is 1 tick (0.05) already. We think that reduced taker fees will generate higher volumes whilst maintaining tight spreads.
Scheduled Maintenance - Tuesday the 3rd of December 2019 - 10 AM UTC - Expected downtime 15 minutes.
Type: Technical Stack Upgrade as announced 26 November 2019;
Please review the following link for the complete overview of changes:
https://www.deribit.com/static/3_December_2019_Change_Release.pdf
Client impact: No impact expected however Deribit does request users to monitor system behavior
Time: 3 December 2019 - 10 AM UTC
Type: Technical Stack Upgrade as announced 26 November 2019;
Please review the following link for the complete overview of changes:
https://www.deribit.com/static/3_December_2019_Change_Release.pdf
Client impact: No impact expected however Deribit does request users to monitor system behavior
Time: 3 December 2019 - 10 AM UTC
Minimum trade size for blocktrades just have been imposed. BTC: 40 options contracts or 200.000 dollar in Futures/Perpetual. ETH: 800 options contracts or 100.000 dollar in Futures/Perpetual.
Correction
Deribit has implemented a minimum trade size for Block Trades today to safeguard orderbook liquidity.
Block Trades are privately negotiated trades in futures, options or a combination of multiple thereof. As of 2 December 2019 the following minimum sizes are required for reporting of Block Trades:
BTC
25 options contracts or USD 200.000 in Futures/Perpetual.
ETH
500 options contracts or USD 100.000 in Futures/Perpetual.
Deribit has implemented a minimum trade size for Block Trades today to safeguard orderbook liquidity.
Block Trades are privately negotiated trades in futures, options or a combination of multiple thereof. As of 2 December 2019 the following minimum sizes are required for reporting of Block Trades:
BTC
25 options contracts or USD 200.000 in Futures/Perpetual.
ETH
500 options contracts or USD 100.000 in Futures/Perpetual.
Reminder at 10 AM UTC this morning (1 hour from now) the platform will be locked for scheduled maintenance.
Maintenance
The platform is locked now because admin is performing scheduled maintenance as announced earlier.
The platform is locked now because admin is performing scheduled maintenance as announced earlier.
Maintenance
Deribit platform is back online, orders can be cancelled only, after final checks platform will go live for trading.
Deribit platform is back online, orders can be cancelled only, after final checks platform will go live for trading.
Maintenance
Deribit has completed the scheduled maintenance and trading has resumed. Thanks for your support!
Deribit has completed the scheduled maintenance and trading has resumed. Thanks for your support!