Product Drop: Deribit just got an Interchange upgrade

Interchange by Zodia Custody is evolving, and so is our relationship with Deribit by Coinbase. Already one of the most trusted liquidity venues in our network, Deribit has now been upgraded to support fully automated, rulebook-governed off-exchange settlement through Interchange. This latest release enhances client experience offering improved performance, predictability, and transparency. All underpinned by Zodia’s hallmark: cold, segregated custody.

From integration to automation: what’s changed

Deribit has long been part of the Interchange venue network. Until now, settlement was manually coordinated and processed, but with this latest upgrade, we’ve introduced end-to-end automation, built directly into the Interchange engine, and that unlocks a whole new layer of institutional utility.

Here’s what institutions get with Interchange’s latest release for Deribit:

Net settlement, optimised

Trades are settled in net, daily batches, so your activities on Deribit for the day will be automatically reflected in your Zodia wallet after the settlement cycle. Fee buffer automation ensures gas fees are handled without friction.

API-driven process

No more manual workflows. Settlement instructions are posted and executed via API, enabling seamless operational integration.

Cold and segregated custody

Client assets remain in Zodia’s cold, air-gapped custody, fully segregated by default. Trading vaults are on-chain, per-venue, and per-client – never pooled, never commingled until the point of settlement.

DvP, verifiable on-chain

Interchange enforces delivery-versus-payment (DvP) logic through our on-chain engine. Movements only occur once both sides meet pre-set conditions, reducing settlement risk.

How it works: the Interchange trading vault model

Each Interchange client has a dedicated multi-currency trading vault, governed by trust law and connected to their preferred venues.

Assets remain secured in Zodia Custody until the moment of settlement. Deposit of funds into your dedicated trading vault will be mirrored instantaneously to your linked Deribit account. Then post-trade, daily settlement occurs automatically through Interchange’s rule-based engine.

Every wallet movement is on-chain and auditable. Every client wallet is ring-fenced. Every process is governed by the Interchange Rulebook, which provides:

• Standardised terms between clients and venues
• Legal clarity and counterparty safeguards
• A codified approach to termination, conflict resolution, and risk control

It’s custody-led settlement, designed for institutions that can’t afford to compromise.

Built for institutions. Designed for scale.

We created Interchange to help institutions trade, lend, and deploy capital with confidence, all while maintaining control of their assets in secure, segregated custody. It’s not just about reducing counterparty risk. It’s about reducing friction, complexity, and uncertainty.

This Deribit upgrade marks a meaningful step in that mission.

And it’s only the beginning.

Looking ahead: the future of Interchange

We’re actively expanding the Interchange product set under Zodia’s Trade product pillar – from derivatives to collateral management to tokenised real-world assets.

Next up? We’re working with Deribit to enable tokenised money market funds (TMMFs) as collateral – a move that will allow clients to put more capital to work, with greater efficiency and flexibility. Clients can already use BUIDL with Deribit on Interchange today.

Expect more announcements soon as we continue to build new capabilities on top of Interchange’s automated foundation. More venues. More asset types. More ways for institutions to connect liquidity with security, without compromise.

—

If you would like to activate Deribit via Interchange from Zodia Custody, reach out to your Relationship Manager or express your interest using our simple form.

If you’re not yet part of the Interchange network, we’d love to show you what makes our approach different.

🔗 Learn more about Interchange