Best Deribit Alternatives for Crypto Options Traders

Why Look Beyond Deribit?

Deribit controls over 80% of the crypto options market, but it’s not perfect:

• Narrow asset focus, with most activity limited to BTC and ETH options

• Geo-restrictions blocking US traders and other regions

• KYC requirements that many prefer to avoid

• Limited portfolio margining capabilities

Alternative platforms offer a broader range of services, including advanced trading options, mobile apps, security features, analytical tools, and customer support, to meet the needs of different traders.

The good news? Several platforms have emerged offering competitive liquidity, better fee structures, and unique advantages for different trading styles.

Top 5 Deribit Alternatives for Options Trading

1. Bybit - Best All-Around Alternative

Bybit has quickly become the strongest challenger to Deribit’s dominance, offering a comprehensive suite of crypto options with substantial liquidity.

Why choose Bybit:

• Competitive fees (0.03% maker/0.06% taker)

• Supports BTC, ETH, and SOL options

• Portfolio margin for up to 10x leverage

• Intuitive, trader-friendly interface

• Deep order books with tight spreads

Bybit makes it easy for users to start trading options with a streamlined onboarding process.

Limitations:

• Still subject to KYC requirements

• Less liquidity than Deribit for certain expirations

• US traders still restricted

2. Binance - Best for Existing Binance Users

The world’s largest crypto exchange has entered the options game, leveraging its massive user base to build respectable options liquidity.

Why choose Binance:

• Competitive 0.02% maker/0.04% taker fees

• European-style options on BTC, ETH, BNB

• Unified trading account with portfolio margin

• Margin trading and leverage trading up to 50x

• Deep integration with other Binance products

Limitations:

• Limited expirations compared to Deribit

• European-style options only (exercise at expiration)

• Strict KYC requirements

3. Bit.com - Best for Institutional Traders

A growing player in the derivatives space, Bit.com offers institutional-grade options trading with attractive fee structures. Bit.com is designed for experienced traders seeking institutional-grade features and advanced trading tools.

Why choose Bit.com:

• Industry-low fees at 0.02% maker/0.04% taker

• Options on BTC, ETH, and SOL

• Strong institutional focus

• Support for block trades for large transactions

• Multiple wallet connection options

Limitations:

• Less user-friendly interface for beginners

• Lower liquidity than market leaders

• Fewer educational resources

4. OKX - Best for Product Variety

OKX offers one of the most diverse product suites, making it ideal for traders who want options alongside other derivative products. OKX allows users to trade options and futures contracts for a wide range of assets, providing access to both futures trading and options trading for efficient speculation and hedging.

Why choose OKX:

• Competitive 0.02% maker/0.05% taker fees

• BTC, ETH, and SOL options available

• Advanced portfolio margin system

• Strong mobile trading experience

• Growing liquidity pool

Limitations:

• Interface can be overwhelming for newcomers

• Still catching up to Deribit in liquidity

• KYC requirements similar to other centralized platforms

5. Lyra - Best Decentralized Option

For traders seeking a true DEX experience for options trading, Lyra stands out as the most viable decentralized alternative.

Why choose Lyra:

• No KYC requirements

• Non-custodial trading (you control your keys)

• No geographical restrictions

• Options on ETH, BTC, ARB, and more

• Automated market maker design

Users can also act as a liquidity provider by depositing collateral, such as ETH or USDC, into Lyra's pools to facilitate options trading and earn premiums.

Limitations:

• Higher fees than centralized alternatives

• Limited liquidity and wider spreads

• Less intuitive for traditional options traders

• Requires understanding of web3 wallets

Feature Comparison Table

Note: Each platform supports different deposit methods for account funding, such as crypto deposits and, in some cases, fiat options. Network requirements and verification steps may be necessary to generate deposit addresses and complete deposits. Please check each platform’s documentation for specific deposit requirements and supported countries.

How to Choose the Right Deribit Alternative

Your ideal platform depends on your specific trading priorities: having a clear trading strategy is crucial for success, as it helps you manage risk and optimize your trades. When comparing options, evaluating the core features of each platform is crucial to ensure they align with your needs. Additionally, understanding fee structures is essential for optimizing trading outcomes and making informed decisions.

If you value lowest fees:

Choose Bit.com or Binance with their maker fees as low as 0.02%. Lower fees reduce the overall cost of trading, which can increase your potential profits.

If you need to avoid KYC:

Lyra is your best option as a decentralized platform with no identity verification.

If you prioritize liquidity:

Bybit offers the closest experience to Deribit with deepening order books. High liquidity is particularly important for active traders executing frequent or large trades.

If you're an institutional trader:

Bit.com or Bybit provide the professional-grade tools and liquidity you need. These platforms also display detailed trading information and analytics tailored for institutional users.

If you want the best all-around package:

Bybit strikes the best balance of fees, liquidity, and user experience for most traders. The platform also offers robust customer support to assist users at every stage.

Beyond the Basics: Advanced Considerations

Liquidity is King

Don't be fooled by low fees alone. Without sufficient liquidity, you'll lose more on slippage than you save on fees. For large position sizes, Bybit and Binance currently offer the most viable Deribit alternatives.

Settlement Mechanisms Matter

European-style options (like those on Binance) can only be exercised at expiration, while American-style options (Deribit, Bybit) allow exercise any time. This affects how you manage positions approaching expiration.

Different platforms offer various types of options contracts, each with unique settlement mechanisms that determine how and when these contracts are exercised or settled.

Portfolio Margining Benefits

Platforms with robust portfolio margin systems (Bybit, Binance, OKX) allow you to use offsetting positions to reduce margin requirements, effectively increasing your capital efficiency. Margin requirements, such as initial and maintenance margin, are clearly displayed on the account interface, helping traders manage their positions.

Final Verdict: The Best Deribit Alternative in 2025

While each platform has its strengths, Bybit emerges as the most compelling overall alternative to Deribit in 2025. Its combination of competitive fees, growing liquidity, and trader-focused features makes it suitable for both retail and institutional traders looking beyond Deribit.

For those specifically seeking to avoid KYC or geographical restrictions, Lyra offers the most developed decentralized alternative, though with significant tradeoffs in liquidity and user experience.

As the crypto options market matures, expect these alternatives to continue closing the gap with Deribit, potentially forcing the market leader to reconsider its fee structure and accessibility policies.

This review highlights the best Deribit alternatives for 2025, providing an analysis of their features, usability, and limitations to help traders make informed decisions.

FAQ: Deribit Alternatives

Are Deribit alternatives safe to use?

The centralized alternatives listed (Bybit, Binance, OKX, Bit.com) have established security track records, though no exchange is immune to risk. These platforms implement secure protocols such as two-factor authentication and cold storage to protect user assets. Decentralized options like Lyra eliminate counterparty risk but introduce smart contract risk.

Can US traders use these Deribit alternatives?

Most centralized exchanges restrict US traders due to regulatory concerns. US traders can legally access decentralized platforms like Lyra, though doing so is at their own discretion and risk.

Which platform has the lowest options fees?

Bit.com and Binance currently offer the lowest maker fees at 0.02%, undercutting Deribit's 0.03%. However, for large trades, liquidity quality may matter more than nominal fee differences.

Do these alternatives offer the same options expirations as Deribit?

Not entirely. Deribit still offers the most comprehensive range of expirations (weekly, monthly, quarterly). Bybit comes closest, while others typically offer fewer expiration choices.

Can I use the same options strategies on these alternatives?

Yes, standard strategies like spreads, straddles, and condors can be executed on all these platforms, though the interface for building complex strategies varies in user-friendliness. For example, you can implement a bull call spread by buying a call option at a lower strike price and selling another call at a higher strike price on these platforms.