KEY TAKEAWAYS
- Deribit enhances capital efficiency by updating Portfolio Margin parameters and Cross-Collateral haircuts for staked Ether (stETH).
- stETH is now supported as cross-collateral, allowing users to earn staking rewards while trading on Deribit’s derivatives platform.
- stETH’s integration into the ETH bucket under Portfolio Margin allows for offsetting ETH exposure, with risk managed through applied haircuts.
Deribit has implemented changes to its Portfolio Margin parameters and Cross-Collateral haircuts for staked Ether (stETH), aiming to enhance capital efficiency for stETH holders while maintaining conservative risk management practices. These updates were announced here.
stETH, a liquid staking token representing staked Ether, is now supported as cross-collateral on Deribit. This allows users to post stETH as margin for open positions or orders across Deribit’s derivatives suite, including options, futures, and perpetual contracts. By using stETH as collateral, users can continue to earn Ethereum staking rewards while utilizing stETH to support active trading strategies. This dual functionality enables stETH to serve as productive collateral without sacrificing staking rewards.
Portfolio Margin and Cross-Collateral Adjustments
In a significant update, stETH has been moved into the ETH bucket within Deribit’s Extended Risk Matrix. This adjustment allows stETH positions to offset ETH exposure under Portfolio Margin. Despite this integration, additional risk is explicitly priced in through an applied haircut, ensuring that risk assumptions remain conservative.
Furthermore, Deribit has reduced the margin haircuts applied to stETH. Lower haircuts decrease the required margin when using stETH as cross-collateral, thereby improving capital efficiency across eligible strategies. These updates reinforce stETH’s role as a core, capital-efficient asset within Deribit’s institutional-grade derivatives infrastructure.
Why This Matters: Impact, Industry Trends & Expert Insights
Deribit has updated its margin parameters for staked Ether (stETH), enhancing capital efficiency for holders while maintaining risk management practices. This allows stETH to be used as collateral for derivatives trading on the platform.
Recent industry reports indicate that crypto derivatives are experiencing strong momentum in early 2026, with perpetual futures emerging as a core trading instrument. This trend aligns with Deribit’s move to support stETH as collateral, enhancing capital efficiency in the derivatives market.
Recent industry research suggests that Deribit’s updates reduce margin requirements for stETH strategies without increasing requirements for other users. This supports Deribit’s aim to enhance capital efficiency while maintaining risk controls.
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