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Election 2024

Deribit Suffers Outage Over 'Hardware Issues,' May Miss Thursday's Options Expiry

Update: Deribit had faced missing today's expiry, but has now announced trading is once more live.

By Daniel Palmer
AccessTimeIconAug 27, 2020 at 8:36 a.m. UTC
Updated Aug 19, 2021 at 3:57 a.m. UTC
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UPDATE (09:35 UTC, Aug. 27, 2020): Deribit has tweeted the issue is resolved and trading is once again live.

The most popular cryptocurrency options exchange, Deribit, is suffering a severe service outage.

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    • According to company tweets early on Thursday, the trading platform is suffering "hardware issues" and a technician has been called to reboot its servers and bring services back to normal functionality.
    • "We are not hacked and your funds are safe," an initial tweet stated.
    • Deribit went on to warn that it may not have its systems back online in time for today's daily options expiry.
    • In that case, the firm will "manually adjust the options expiry to reflect the actual market at the time of expiry."
    • The value used for the adjustment would be drawn from Deribit's index as listed on test.deribit.com.
    • However, the outage may knock confidence in the exchange with the news that Deribit doesn't seem to have server redundancy to avoid such severe ramifications from technical issues.
    • Similar issues have affected top U.S. spot exchange Coinbase in the past, leading it to eventually pledge to do more in terms of redundancy provision.
    • Deribit may, in fact, have been lucky the outage didn't occur Friday, when over $700 million-worth of monthly contracts are set to expire, most of them on Deribit.
    • Today's daily bitcoin option expiry is worth $22.8 million, alongside $6.5 million in ether options.
    • Deribit is by far the most popular options exchange in the crypto space in terms of trading volumes:
    Bitcoin options volumes (Deribit in red)
    Bitcoin options volumes (Deribit in red)

    Also read: Fidelity’s Chief Strategist Starts Bitcoin Index Fund

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