Here is the short answer: After your options expire, a futures position appears in your account because since 2026 Deribit changed the settlement process to "first physical delivery into futures, then cash settlement of the futures." This futures position is just a temporary step in the settlement, not a mistake you made.
Previously, Deribit options were directly cash-settled — in-the-money (ITM) options would simply credit your account with the intrinsic value, and no other positions appeared. Under the new process, ITM options go through an extra step: they are first converted into a corresponding futures contract, which then gets cash-settled.
Specifically, two things happen when an option expires:
- The ITM option is "physically delivered" into a futures contract at the option's strike price.
- Immediately after, this futures position is cash-settled at the expiry index price, and the profit/loss is credited to your account.
The futures position you see in your account existed only for a very short moment between step one and step two. It is recorded in your transaction log but lasts only a few seconds to tens of seconds before being settled. Regardless of the final profit or loss, the total amount you receive is exactly the same as under the old process.
Case A: You held an in-the-money (ITM) option — your transaction log will show two entries: one "option physically delivered into futures" and another "futures settlement". The two together equal your final P&L.
Case B: You held an out-of-the-money (OTM) option — only one "expiry" entry appears, no futures position is created.
Risk Warning
There is a narrow window that can be easily overlooked. If the liquidation engine triggers a risk check after the option is delivered into futures but before the futures are settled (for example, if your margin ratio just barely falls short), the system may act on your hedged positions. Although Deribit's official documentation says this risk is very small and the futures are settled immediately in cash, if it does trigger, any remaining futures hedge positions left in your account will need to be managed by you.
Why Users Often Panic
Many people wake up to find an unexpected futures position in their account. Their first thought is, "When did I open this?" Then they rush to manually close it, which actually creates extra trading fees. In reality, you do not need to do anything — the system will automatically settle the futures. As long as you don't touch that position after delivery, it will disappear on its own once settlement completes.
Post-Settlement Checklist
After option expiry, open your Transaction Log and check that both step one (option delivered as futures) and step two (futures settlement) entries are present and show the same settlement price. If you use a Portfolio Margin account and after the futures are cleared the margin requirement is still below 100%, those hedge positions will remain open and you need to manage them yourself. Refresh your account holdings page within 15 minutes after settlement. If the futures position is still there, contact customer support to check if settlement didn't complete due to margin issues.
