Parameter;Deribit;Binance;Bybit;OKX
Platform Focus;Spot & Derivatives (BTC, ETH, USDC);Spot & derivatives trading;Derivatives, spot, copy trading;Multi-product: trading + DeFi/Web3
Options;✅ Yes (BTC, ETH);✅ Yes (limited);❌ No;✅ Yes (broader)
Futures & Perpetuals;✅ Only BTC, ETH, USDC;✅ Wide variety;✅ Wide variety;✅ Very wide variety
Options Type;European-style, physical settlement;American/European (limited);—;European-style (flexible)
Options Liquidity;🔥 Highest;Medium;—;Higher than Binance
Futures Fees;0.01% / 0.05%;0.02% / 0.04%;0.01% / 0.06%;0.02% / 0.05%
Options Fees;~0.03% of premium;~0.03% (varies);—;Varies, slightly higher
API / Algo Trading;✅ Very fast;✅ Full API;✅ Stable;✅ HFT-friendly
Margin & Leverage;Up to 100x;Up to 125x;Up to 100x;Up to 125x
Demo Account / Testnet;✅ Available;✅ Available;✅ Available;✅ Available
Security;Cold storage, 2FA;High + insurance;Very strong;Advanced protection
User Interface;Pro-focused;User-friendly;Gamified;Powerful but dense
Licensing & Regulation;Not in U.S.;Cayman Islands;British Virgin Islands;Seychelles