If you have spent time trading Futures and Options on traditional exchanges, you could assume Deribit operates in much the same way. The interface looks familiar. There are order books, expiry dates, and strike prices. The vocabulary is the same. But underneath the surface lies a fundamentally different set of mechanics. Failing to understand them could mean a P&L behaving in the most unexpected ways. This article is intended to bridge that gap: taking traders comfortable with traditional derivatives and walk them carefully through the specific idiosyncrasies of Deribit's product design, with enough mathematical rigour to make the implications precise.
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