— A — SURVEY
— Of the World, in This Year of —

Atlas of Digital
Derivatives Venuesbeing a four-plate cartographic survey, drawn from public sources of the year

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Anno Domini MMXXVI · Independent Edition

Compiled at no commission from any of the venues herein described. Set forth purely for the orientation of those wishing to understand the present geography of crypto-asset derivative trading places.

— § Cartographer's Foreword § —

Four trading venues are surveyed in the plates that follow, each handling derivative contracts on Bitcoin, Ether, and adjacent crypto-assets. They occupy very different territories — some are crypto-native specialists, one is a regulated traditional-finance exchange, one a vast all-purpose continent, and one an Asia-leaning archipelago.

This atlas does not rank them. It simply maps each venue's coastline, climate, and customs, so the reader may judge for themselves which territory best suits the journey they intend. Derivatives carry significant risk; access to many of these venues is restricted by jurisdiction. A formal advisory is set down at the close of this volume.

N E S W
— § Legend & Conventions § —
※
marks a notable feature of the territory
—
indicates a faded or absent feature
plate
each venue is given its own page with a stylised territorial sketch
survey
final table compares all four side-by-side
advisory
read the closing note before any voyage is undertaken
— Plate I · the options coast —

Deribit

— a coastal venue specialising in BTC and ETH options —

PORT · DXB N Plate I · figura I
— Notable Features of the Territory —
  • Options-first venue: the dominant share of crypto options open interest passes through this port.
  • BTC & ETH only for options; perpetuals on a wider set of pairs.
  • Sophisticated order book with block trades and combos for institutional flow.
  • Acquired by Coinbase in August 2025; integration with Coinbase derivatives offering ongoing.
— On Boundaries —
The territory does not admit U.S. residents. Travellers from other restricted regions should consult the venue's published list before approach. KYC required for anything beyond observation.
— Plate II · the regulated citadel —

CME Group

— a fortified, fully regulated harbour in the United States —

CITADEL · CHI LIGHT N Plate II · figura II
— Notable Features of the Territory —
  • Fully regulated by the U.S. Commodity Futures Trading Commission.
  • Cash-settled USD contracts — no on-chain custody is required of the trader.
  • Standardised contract sizes: 5 BTC and 50 ETH for the standards; smaller "Micro" contracts also listed.
  • Institutional gateway: typically accessed through a registered futures broker, not direct retail signup.
— On Boundaries —
The territory's gates are open but well-watched. Access is via a regulated U.S. futures broker; minimum capital requirements and margin rules typically place this venue out of reach for very small accounts.
— Plate III · the continental empire —

Binance

— a vast continental territory covering nearly every crypto-asset trade —

SPOT FUTURES PERPS OPTIONS EARN N Plate III · figura III
— Notable Features of the Territory —
  • Broadest catalogue of derivative products: USD-M perpetuals, COIN-M perpetuals, dated futures, and an options book.
  • Deep order books on major perpetuals — typically among the highest crypto derivatives volumes globally.
  • Crypto-settled primarily, with some stablecoin-settled instruments.
  • Regulatory landscape varies sharply by country; Binance.US is a separate, more limited entity for U.S. users.
— On Boundaries —
Borders are different in each region. Some sovereign territories restrict or licence Binance's offerings. U.S. residents are directed to Binance.US, which does not offer the same derivative products as the global venue.
— Plate IV · the eastern archipelago —

OKX

— a chain of trading islands, comprehensive in its derivatives catalogue —

PERP FUTURES OPTIONS SPOT EARN N Plate IV · figura IV
— Notable Features of the Territory —
  • Comprehensive derivatives suite: perpetual swaps, dated futures, options, structured products.
  • Both USDT-margined and crypto-margined contracts.
  • Strong Asia-Pacific presence; product set comparable to Binance in breadth.
  • Self-custody Web3 wallet integrated alongside the centralised exchange — uncommon among peers.
— On Boundaries —
The archipelago does not admit U.S. residents, and operates under different regulatory licences in each port it serves. Access depends sharply on the traveller's home country.
— § General Survey · all four territories § —

Side-by-Side

Trait Deribit CME Binance OKX
Year Founded20161898 (BTC '17)20172017
RegulatorUAE-licensedU.S. CFTCVariesVaries
BTC optionsDeepest bookYesYesYes
ETH optionsDeepest bookYesYesYes
Other-asset opts.NoNoLimitedLimited
PerpetualsYesNoBroadBroad
Dated futuresYesYes (USD)YesYes
SettlementCryptoCash USDCrypto / USDTCrypto / USDT
U.S. retail accessNoVia brokerNo (use .US)No
AudiencePro / institutionalInstitutionalRetail + inst.Retail + inst.
Self-custody walletNoNoSeparateBuilt-in
Owner (2026)Coinbase (Aug '25)CME GroupBinance Hldg.OK Group
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— § Cartographer's Closing Caution § —

Read Before Any Voyage

Derivatives carry significant risk. Leveraged products such as perpetual swaps, futures and options can produce losses that exceed the trader's initial deposit, particularly during periods of high volatility. Liquidations may occur very quickly. None of the territories described in this atlas guarantees a profitable crossing.

Access is restricted by jurisdiction. Several venues described above do not admit residents of the United States and other regions. Always check the venue's published list of restricted countries before opening an account; using a virtual private network to evade these limits typically violates the venue's terms of service.

This atlas is informational only. It is not financial advice, not a recommendation of any venue, and not a solicitation to trade. Figures herein are drawn from public 2025–26 reporting and may have changed by the time the reader consults them. Verify all material facts directly with the venue or a licensed advisor before committing capital.

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— § Imprint & Colophon § —

Compiled and engraved without commission from any of the venues herein described, for orientation only and not as advice. The cartographer holds no position in, nor has been compensated by, any of the four. Set down in the year of our common era, two thousand and twenty-six.

Independent edition· No venue sponsor· Public 2025–26 sources· Informational only· Not financial advice· Marks belong to respective owners