Deribit's Quarterly Options Expiry: Understanding the Figures

The quarterly Bitcoin options expiry on Deribit occurred on September 25 at 08:00 UTC, with an enormous open-interest figure of $16.1 billion in BTC. However, a closer look reveals that this number represents outstanding positions, not the amount of premium paid or transferred between market participants.

Deribit's contract specifications distinguish between inverse options settled in BTC and linear options settled through USDC products. The exchange's published delivery price is the relevant reference for exercise and settlement, not the last trade at 08:00 UTC.

The reported $16.1 billion is a pre-expiry estimate of open positions, not the actual amount transferred between market participants. In fact, an option can expire without value or finish only a small distance beyond its strike price, which affects the net result for traders.