Deribit will implement a redesigned margin model for standard margin accounts on futures and perpetual contracts effective August 2026. The new calculation methodology replaces the legacy approach and introduces tiered leverage parameters based on position size and instrument classification, reflecting the platform’s expanded perpetual offerings following the consolidation of INTX. The update affects how much leverage traders can access across different market conditions.
- Implementation date: August 2026
- Asset scope: Futures and perpetuals (options calculations remain unchanged)
- Control parameters: Four tier-specific coefficients (C1, C2, C3, C4) plus maximum position sizes (NMAX)
- Tier 1 example (BTC): Starting leverage of 50x declining to 4x, with 2,000 BTC maximum position limit
The new model replaces the previous formula-based approach with a dynamic leverage function that adjusts based on position size and instrument tier. Rather than static margin parameters, the system now uses four configurable coefficients: C1 establishes starting leverage for minimal positions, C2 sets leverage at maximum position sizes, C3 determines when leverage reduction begins, and C4 controls the steepness of the leverage curve decline. Instruments are classified into tiers, each with distinct parameter values tailored to their risk profiles.
According to the framework, tier assignments vary by asset, with leverage availability decreasing as position sizes grow. For BTC perpetuals classified as tier 1, a trader holding 150 BTC would access approximately 27.73x leverage under the new model. The risk team can now fine-tune leverage exposure across all position sizes without requiring separate calculations for each scenario.
The redesigned system provides Deribit with enhanced control mechanisms necessary to manage risk across the expanded perpetual instrument roster. Initial and maintenance margin requirements will be recalculated using the new formulas, while hard position size limits prevent concentration risk at the account level. The upgrade streamlines margin administration while maintaining granular risk controls across diverse market instruments.
