⚠️Expected downtime: 15 - 30 minutes
Client impact:Maintenance 9 AM UTC - The system will be down for around 15 - 30 minutes. Client systems will not be able to communicate with Deribit during this time.
⚠️ New order book lifecycle - BREAKING CHANGE
The Instrument Order Book Lifecycle has been improved. It now supports multiple states, which are visible through the state field in methods like public/get_order_book or instrument.state.{kind}.{currency} channel.
Previously, instruments progressed through a simplified lifecycle (created, started, settled, closed, deactivated, terminated). The state field now represents the current lifecycle stage of an instrument’s order book. Each state explicitly defines what actions are permitted and how the order book behaves at every stage of its lifecycle.
Order Book States
|
State |
Description |
|
|
Default active trading state. The order book accepts new orders, edits, and cancellations. Prices are updated and trading is live. |
|
|
New orders and edits are not accepted; cancellations are accepted. Books may start in this state or be locked by administrative action. Settlement remains possible. |
|
|
Entered during settlement or delivery processing. New orders, edits, and cancellations are not accepted. Good-Till-Day orders are canceled upon entry. |
|
|
Final state after delivery completion. No new orders, edits, or cancellations are accepted. All open orders are canceled upon entry. |
|
|
No new orders, edits, or cancellations are accepted. All open orders are canceled upon entry. This may be a final state. |
|
|
Entered due to an error condition. Settlement is not possible while any book is in this state. |
|
|
Final archival state after the instrument is moved to expired instruments. No further activity is possible. |
Multicast:
-
book_snapshotsnow exposes the state field using the new order book lifecycle states. -
multicast/get_instrument_dictionaryreturns only instruments that are not indeliveredand not ininactivestate.
Migration Guidance
Warning
Clients that integrations relied on legacy order book lifecycle states should update logic to evaluate the new state field values.
Clients consuming FIX Security List (y) messages should also update their handling of SecurityStatus (965) accordingly.
Comparison: Legacy vs New Lifecycle
|
Legacy lifecycle state |
How to detect / handle now |
|
|
Previously indicated that the order book was starting for the first time. This distinction no longer exists. Clients should assume that a book has just started if they receive a state notification for an instrument they have not seen before. |
|
|
Previously indicated that the order book was starting again (e.g. platform reset, book reset). This distinction has been removed. Clients should treat |
|
|
Previously only signaled that settlement had begun (not delivery). In the new model, clients should observe state transitions: when the book enters |
|
|
Represented that trading was finished. This is now expressed explicitly via terminal states such as |
|
|
Represented book deactivation (primarily for combos). This is now explicitly communicated via |
|
|
Represented the final end of the instrument lifecycle. This is now expressed by |
Test Before Production
To verify your integration, use any of the following methods/channels in a test environment and confirm your application correctly:
Methods:
Channels:
Fee Discounts For Linear Options
Trading fee discounts are now applied after the option trading fee cap for linear (USDC settled) options. This reduces the trading fee for options where the fee cap applies.
Linear option trading fees will therefore change from this formula:
to this formula:
The fees on inverse options already work in this way, so this update will simply align the fees for the two types of options.
For more information on trading fee discounts, see the Fees page in the Knowledge Base.
In the upcoming deployment, we are updating our Portfolio Margin and Cross-Collateral haircut parameters to enhance capital efficiency without compromising conservative risk management.
stETH Portfolio Margin Update
• stETH will be moved into the ETH’s bucket in the Portfolio Margin Extended Risk Matrix.
This allows stETH to offset ETH exposure, while continuing to account for depeg risk via the haircut.
Cross Collateral Haircut Changes
Haircut decreases (charging less margin)
• SOL
XSM: 24.00% → 15.00%
• PAXG
XSM: 100.00% → 5.00%
• USYC
XPM: 10.00% → 2.00%
XSM: 10.00% → 2.00%
• BUIDL
XPM: 10.00% → 2.00%
XSM: 10.00% → 2.00%
• stETH
XPM: 15.00% → 7.50%
XSM: 15.00% → 7.50%
• USDe
XPM: 10.00% → 5.00%
XSM: 10.00% → 5.00%
Haircut increases (charging more margin)
• PAXG
XPM: 0.00% → 2.50%
• USDT
XSM: 0.00% → 2.00%
Eligibility Change
• BNB
No longer eligible as cross collateral or as an offset asset
No Change
✓ BTC, ETH, USDC - remain unchanged
XRP - remains offset only
These changes will be applied automatically in the next deployment. Users can review the impact of both the haircut adjustments and the Portfolio Margin update on their margin requirements via pb.deribit.com, where the new changes are already implemented.
⚠️ New order book lifecycle - BREAKING CHANGE
As part of the Instrument Order Book lifecycle enhancement, the state field in the following methods and channels has been updated:
Affected methods:
Affected channels:
Extended pme/simulate method with additional data
Extended private/pme/simulate API response with pre_aggregated_risk_vectors which contain aggregated_risk_vectors before applying pnl_offset and extended_dampener params
As part of Instrument Order Book Lifecycle enhancement, the FIX Security List (y) message has been updated.
The SecurityStatus (965) tag has been modified to reflect the new order book states using the following values:
Comments
0 comments
Article is closed for comments.