Deribit to launch bitcoin and ether options to bet on US election

Crypto derivatives exchange Deribit is launching bitcoin and ether options that will expire in early November, allowing investors to bet on how the U.S. election session will affect crypto markets. 

“Based on client demand, we have decided to introduce the 8 November 2024 options expiry ahead of the regular introduction timing,” Deribit wrote on X. “The early introduction is aimed at enabling our clients to position themselves effectively for the upcoming 5 November US elections, speculate, hedge, and more.”

The trading products will go live on Thursday, July 18. 

Deribit is one of the most dominant crypto derivatives trading platforms. It saw over $2 billion in open interest across its perpetuals and futures markets in the past 24 hours, according to CoinGecko. The exchange has led the market since 2020 and accounted for 70% ($35.7 billion) of the $51.1 billion bitcoin options trading volume in April.

The election options are just the latest in a number of blockchain-based betting solutions, enabling people across the world to wager on the U.S. election season. This year has seen the rise of “PoliFi” (short for “political finance”) memecoins and prediction markets like Polymarket that act as conduits for people to bet on who they think will win.