Deribit’s Block Trading Tool Hits $23 Billion in Just Four Months
It’s no secret that big money is moving into crypto, and Deribit’s latest numbers prove it. The exchange’s block trading tool, launched in March, has already seen over $23 billion in total volume. That’s a staggering figure for a system barely four months old—and it’s only growing faster.
For those unfamiliar, Deribit is one of the biggest names in crypto derivatives, especially when it comes to options. Bitcoin, Ethereum, Solana, XRP—you name it, they’ve got markets for it. But this new feature isn’t for retail traders. It’s built for institutions and high-volume players who need to move large amounts without shaking up prices.
How It Works (Without the Jargon)
The Block Request-for-Quote (RFQ) system is basically a way for big traders to ask for custom pricing on huge orders. Think of it like skipping the supermarket and going straight to the farmer. You want 10,000 apples? You’ll get a better deal if you negotiate directly, rather than buying them one by one in a crowded market.
Here’s the breakdown: A trader requests a quote for a single trade or a complex strategy—maybe a mix of options, futures, and spot. Market makers then compete to offer the best bid and ask prices. The trader picks the most favorable ones and executes the deal quietly, without tipping off the entire market.
Deribit’s CEO, Luuk Strijers, put it simply: “It’s about efficiency. Large trades can mess with prices if everyone sees them coming. This way, institutions get better execution, and the market doesn’t panic.”
The Numbers Don’t Lie
The growth has been sharp. In March, the RFQ system handled $883 million in trades. By April, that number jumped to $6.3 billion. May was even bigger at $9.8 billion, and June’s first half alone cleared $6 billion. At this rate, the second half of the year could be wild.
Another telling stat: Block trades made through the RFQ system now account for 27.5% of Deribit’s total block volume, up from just 17% in April. That’s a big shift in a short time—suggesting traders are quickly warming up to the tool.
Why It Matters
This isn’t just about Deribit. It’s a sign of where crypto is headed. Institutions don’t want to trade the same way retail investors do. They need anonymity, minimal price slippage, and the ability to bundle complex strategies. Tools like this make that possible.
Strijers mentioned that the system also cuts down on “adverse selection”—a fancy way of saying market makers aren’t left holding the bag when big trades go against them. That means tighter spreads and better prices for everyone.
Of course, none of this guarantees the system will keep growing at the same pace. Crypto markets are unpredictable, after all. But for now, it’s clear that block trading is becoming a bigger piece of the pie—and Deribit’s got a head start.
