Deribit Isn't a Clearing House — It's a Risk Dumpster Fire
Everyone in crypto thinks Deribit clears trades.
It doesn't.
It just collects them.
In TradFi, if you're running a venue that settles billions in options and futures, you need one thing above all: a real clearing house. One that compresses margin, offsets exposure, manages systemic risk, and guarantees trades in any market condition.
Deribit does none of that.
What Deribit and most crypto "exchanges" really are: risk warehouses.
They stack one naked position on top of another and call it "cross-margin." They let you write leveraged options without accounting for correlations or real-time risk. And they leave the systemic mess to be mopped up when markets go vertical or, more often, down-only.
🚨 Let's Be Clear: Deribit Is Not a Clearing House
It doesn't net trades across venues.
It doesn't compress margin across products.
It doesn't have deterministic, rules-based liquidation logic.
It doesn't settle against portfolio-wide VaR.
It doesn't manage default risk transparently.
And it sure as hell doesn't share exposure data or risk parameters with anyone else.
This isn't clearing.
This is YOLO collateralization wrapped in a slick interface.
And while that might've worked in the bull market casino, it's now a hand grenade with the pin half-out.
So Where Does Real Clearing Start?
At Jetstream — and only because it's powered by Pascal Protocol.
Pascal is DeFi's first real clearing engine. It brings TradFi-grade logic — portfolio-based risk models, composable offsets, real-time netting — and puts it all on-chain, transparent, and deterministic.
Jetstream is built directly on top of Pascal. That's why it can:
- Post collateral once and clear across multiple products.
- Offset risk intelligently, not just slap on isolated margin.
- Compress capital requirements up to 99%.
- And show you exactly how your margin and exposure are calculated — every second, live.
Pascal is the reason Jetstream clears. Without it, we'd just be another fork in the road to liquidation.
Why It Matters Now
Options markets are booming.
OTC desks are choked with bilateral risk.
Capital is locked up in a dozen silos.
And institutions? They're watching. Closely.
They're not coming until someone fixes the mess.
Until someone actually builds a clearing layer for crypto.
That's what Pascal is.
And Jetstream is the first proof it works — live, on-chain, and at scale.
If You're Still Trading Like It's 2021, You Deserve the Liquidation
Let's be honest: you wouldn't trust a TradFi desk that couldn't show its margin logic.
You wouldn't touch a $100M options trade if the clearing house was a spreadsheet.
So why are you trading crypto like it's still OK to not have a real clearing solution?
Jetstream gives serious traders what they've been waiting for:
- ✅ Real-time clearing
- ✅ Portfolio risk models
- ✅ Capital efficiency that scales
- ✅ Full transparency
- ✅ Powered by Pascal Protocol
We're not another fork.
We're not rent-seeking.
We're not funded by liquidations.
We built a real derivatives platform — with real clearing underneath it, not narrative.
TL;DR
- Deribit ≠ clearing house. It's a black box.
- Jetstream = on-chain clearing with deterministic logic.
- That's only possible because it runs on Pascal Protocol.
- The future of crypto derivatives needs capital efficiency, transparency, and margin that actually offsets risk.
- That future is already live.