Compare Deribit with Papertrade
| Detail | ||
|---|---|---|
| Category | Derivatives | Derivatives |
| Used for | ||
| Futures Trading | Supports | Supports |
| Centralized Exchanges | Supports | Doesn't list |
| Options Analytics | Supports | Doesn't list |
| Options Trading | Supports | Doesn't list |
| Staking | Doesn't list | Supports |
| Chains | ||
| Arbitrum | Doesn't list | Supports |
| Platforms | ||
| API | Supports | Doesn't list |
| Mobile | Supports | Doesn't list |
| Web | Doesn't list | Supports |
| Features | ||
| API | Supports | Doesn't list |
| Dashboard | Doesn't list | Supports |
| Mobile App | Supports | Doesn't list |
| Real-time Data | Supports | Doesn't list |
| Data | ||
| Derivatives | Supports | Supports |
| Price | Doesn't list | Supports |
| Pricing and verification | ||
| Starting price | Unknown | Unknown |
| Free plan | Unknown | Unknown |
| Free trial | Unknown | Unknown |
| Verification | Not verified | Not verified |
“Doesn’t list” means the catalog has no record of it for that tool, not that the tool cannot do it.
Verdict
From CoinSeek’s reviewed take on each tool. Neither is declared the winner.
Deribit
Deribit is a centralized exchange for crypto derivatives, centered on Bitcoin and Ethereum. It covers options, futures, perpetual contracts and spot markets. Its analysis tools include a Position Builder for charting profit and loss and an Option Wizard that links options trades to a price view. A separate testnet lets users practice or test API integrations without real funds, and mobile apps and an API are available. Identity verification is required before depositing or trading, and some countries are restricted. It suits options and futures traders, developers building automated strategies, and institutions.
Best for: Trading Bitcoin and Ethereum options; Practicing strategies on a testnet; Automated trading through an API; Institutional derivatives trading
Papertrade
Papertrade is a web-based exchange for trading synthetic perpetual futures on-chain, using Hyperliquid's mid price as its pricing source. Trades happen directly against a protocol-owned liquidity pool instead of an orderbook, and the facts describe no slippage, spread or funding costs. Leverage is very high, which raises risk. Gains on profitable closed trades are reduced by an asymmetric impact haircut, and a profit fee applies when closing through an approved frontend. Users can also stake PAPER tokens to earn USDC, though the token cannot be transferred at launch. It suits experienced derivatives traders on Arbitrum.
Best for: Synthetic perpetual futures trading; Experienced leveraged derivatives traders; Staking PAPER for USDC; Orderbook-free on-chain trading