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Have a question about Delta Exchange?

  • Does Delta Exchange support margin trading?

    Delta exchanges offers trading in cryptocurrency futures. These futures offer: (a) up to 100x leverage and (b) ability to go both long or short. Crypto futures not only have the same features as margin trading, but also higher liquidity and lower trading fees.

  • Which cryptocurrencies can I trade on Delta Exchange?

    Delta Exchange is a derivatives exchange. You can trade futures on cryptocurrencies, but not cryptocurrencies directly. The complete list of futures listed on delta is available here.

  • How does Delta Exchange ensure safety of crypto in its custody?

    Delta Exchange has enterprise-grade security and stores crypto in multi-sig wallets. For additional security, withdrawals are processed only once a day with manual review.

  • What trading fees does Delta Exchange charge?

    Delta Exchange charges trading fees only for taker orders (0.075% for BTC contracts) and offers a trading fee rebate for maker order (-0.025% for BTC contracts).

    For our complete fee schedule, see our fees page.

Cryptocurrency Derivatives

Overview: A derivative is a class of financial contracts that derive their value from the performance of an underlying entity. Derivatives where this underlying is a cryptocurrency or a cryptoasset, e.g. Bitcoin, Ether etc are known as cryptocurrency derivatives. Trading of crypto derivatives does not entail actual buying or selling of bitcoins or any other crypto. The value of the derivative contract changed with the change in price of the underlying cryptocurrency and thus, trading derivatives in an alternative way to get exposure to the underlying cryptoasset or cryptocurrency.

 

Types: The prominent types of derivative contracts include futures, options, contracts for difference (CFD), perpetual swaps and swaps. Derivative contracts are traded both on exchanges and over the counter (OTC). Exchange traded derivatives are standardised contracts and are typically very liquid. In contrast, OTC derivatives are bespoke contracts between two parties.

 

Uses: There are broadly, three categories for derivative use-cases. These are: (a) hedging: this is essentially getting insurance for adverse price movements of an asset you already own. For e.g. miners may want to lock-in the price of mined bitcoin without selling it, (b) speculation: traders employ derivatives to create leveraged pay-off profiles based on their market view, and (c) access: traders that are not able to buy bitcoin or cryptocurrencies directly could potentially gain exposure to them via derivatives.

 

Benefits: For traders/ investors, derivatives offer several benefits which are unavailable in spot trading. These include: (a) ability to go both long and short, i.e. profit from both rising and falling market, (b) leverage trading which enables a trader to take bigger positions and (c) strong liquidity which reduces the cost of trading.

Bitcoin Futures and Futures on Other Cryptocurrencies

When two parties enter into a futures contract, they agree to buy/ sell an asset or security at a pre-fixed price on a selected date in the future. Crypto futures have bitcoin or altcoins (e.g. Ethereum, Ripple, Stellar) as the underlying.

 

The price of a crypto futures changes linearly with the price of the underlying cryptocurrency. Consider trading of a bitcoin futures contract.  If price of bitcoin moves up by 10%, ceteris paribus the price of bitcoin futures will also move by 10%. This feature makes trading the bitcoin futures a good alternative to trading bitcoin directly. The same applied to futures contracts which have other cryptos like Ether, Ripple and Bitcoin Cash. Moreover, crypto futures come up: (a) in-built leverage, (b) flexibility of going long or shorting and (c) low transaction costs.

 

Futures trading on Delta: Delta currently has futures on bitcoin (BTC), Ether (ETH), Ripple (XRP) and Stellar Lumens (XLM). The maximum allowed leverage is 100x for the BTC futures contract. For the rest of the futures contracts, maximum allowed leverage is 20x.

Cryptocurrency Futures vs. Margin Trading

Either Futures and margin trading can be used if a trader is looking for leverage and the ability to go both long and short. In margin trading these are achieved via two steps:

Step 1: borrow money or a cryptoasset

Step 2: For  going long: use the borrowed money to buy crypto. For going short: sell the borrowed cryptoasset. In contrast, futures contracts have both these features built in their design

 

Futures are superior to margin trading across all dimensions:

  • Higher leverage: Maximum leverage allowed in futures contracts tends to be much higher than the leverage allowed in margin trading. For example, on Delta, one can trade bitcoin with up to 100x leverage. Whereas, in bitcoin margin trading, leverage is typically capped at 5x.
  • Higher liquidity: Borrow markets are inherently hard to build and tend to have limited liquidity. This in turn impacts the liquidity of margin trading. Futures markets being free of this limitation tend to be highly liquid and are usually bigger than spot markets.
  • Higher flexibility: Margin trading facility is available only on top 2-3 cryptocurrencies such as bitcoin and Ether. Whereas, liquid futures markets are available for a wide range of cryptocurrencies. For example, it is not possible to trade XLM on margin, but XLM can be traded via futures on Delta.