Deribit, BTC/ETH options and futures: Field Position Report

Eigenstate Research, July 01, 2026

Methodology: The Information Field Equations, E = ΔI/A, G = ∮E·dl, Protocol Truth → 1/φ

Publication field context

The Eigenstate engine currently measures the tokenized settlement field at:

• Protocol Truth (PT): 0.0568 (target: 0.618, the golden-ratio equilibrium)
• Field Coherence (κ): 0.5009 (living zone: 0.618-0.678)
• Coverage: 44 of 199 entities with measured ΔI > 0 (22.1%), M1 topology denominator
• Uncertainty (U): 43.1

The field is 0.1172 below equilibrium coherence. Each entity with measured vault activity raises the global PT toward 0.618. Deribit, BTC/ETH options and futures does not yet have a complete observation record on the M1 topology (199 entities).

What it is

Deribit is the largest crypto options exchange by open interest, listing BTC and ETH options and futures with quarterly and monthly expiry cycles. For the tokenized settlement layer, DERIBIT is the crypto-native expiry node in the BITCOIN_QUARTERLY gap: where quarterly OI compression, vol spikes, and cross-margin spillover meet institutional and DeFi positioning every quarter-end.

Verified claims

Field Confidence: ? LOW, No external sources mapped for this entity, engine-internal data only

Verification: 3/3 source-checked (ATTESTED), 3 grounded. Each claim below carries a machine-checked status against its cited source; ungrounded items are editorial assessments, not verified facts.

Active signals the engine is tracking for Deribit, BTC/ETH options and futures:

Deribit exchange, crypto derivatives [✓ ATTESTED-PRIMARY] Deribit's homepage identifies the firm as a crypto derivatives exchange, the primary-source lane for BTC/ETH options expiry claims in the BITCOIN_QUARTERLY graph. Source-checked: ATTESTED-PRIMARY · custody sha256 26489814de3e…, found in primary source

Deribit BTC options [✓ ATTESTED-PRIMARY] Deribit's site documents Bitcoin and Ethereum options trading, the cross-check for quarterly expiry and open-interest compression in crypto-native topology. Source-checked: ATTESTED-PRIMARY · custody sha256 b940a5ad0400…, found in primary source

Deribit futures contracts [✓ ATTESTED-PRIMARY] Deribit's futures overview documents perpetual and dated futures, the settlement wiring paired with quarterly vol events in institutional crypto topology. Source-checked: ATTESTED-PRIMARY · custody sha256 9c870731b423…, found in primary source

Field read

Settlement Pressure (Φ_S = 0.0000)

Near-zero settlement pressure, this entity is close to field equilibrium.

Deribit settlement pressure is elevated because quarterly expiry cascades move cross-asset vol while published topology models omit the largest crypto options venue. Until DERIBIT attests alongside CME_BITCOIN and BITMEX quarterly futures, the topology registers unrealized Φ_S on every March/June/September/December expiry window.

Coherence (κ = 0.0000)

κ = 0.0000 reflects the engine's current measurement coverage, not Deribit, BTC/ETH options and futures's actual institutional influence. With no vault records yet, the coherence score is derived purely from topology position, connection count and structural weight, without any attested observation data. The low value means the engine has not yet measured this entity's settlement activity, not that the entity lacks field presence.

The equilibrium attractor is κ = 1/φ ≈ 0.618. At current κ = 0.0000, Deribit, BTC/ETH options and futures is 0.6180 below equilibrium. Vault observations of Deribit, BTC/ETH options and futures's rule outputs, rulemaking notices, enforcement actions, guidance documents, would directly raise κ toward the living zone [0.618, 0.678].

Vault Coverage

No vault records yet for Deribit, BTC/ETH options and futures. This is a gap in the field coverage. The engine recommends observation as the first action (see below).

Sources

This report is generated by the Eigenstate engine, an information-field measurement system for the tokenized settlement layer. The engine tracks 199 entities (M1 topology denominator) across the regulatory, infrastructure, issuer, and audience layers.

Core equations:

• E = ΔI/A, efficiency: information gained per unit action (Kirandeep's Law)
• G = ∮E·dl, accumulated field circulation along topology paths
• PT → 1/φ, Protocol Truth converges to golden-ratio equilibrium (1/φ ≈ 0.618)
• Φ_S, settlement pain: unrealized settlement pressure per entity
• κ, field coherence: integration of settlement activity across the topology

Published implementation: helixhash v0.1.1, Zenodo DOI 10.5281/zenodo.18413995

Vault: No vault records yet for Deribit, BTC/ETH options and futures in the current cycle, κ and Φ_S here are topology-derived until observations are attested. The field recommends observation as the first action.

Note: Internal topology codenames are not used in public reports. All entity names in this report are public names.