Deribit Turns TRX Options Volume Into Chinese New Year Rewards
Deribit, the crypto derivatives exchange acquired by Coinbase for $2.9 billion in 2025, is running a Chinese New Year promotion that converts TRX options trading volume into USDC rewards. The campaign, announced with a nod from TRON founder Justin Sun, lets eligible traders share a reward pool by actively trading TRX options contracts during the promotional period.
The timing is deliberate. TRON's network now hosts over $77 billion in USDT stablecoins, making it the largest stablecoin settlement layer in crypto. With Chinese New Year driving seasonal trading activity across Asian markets, Deribit is using the moment to deepen liquidity in its newest altcoin options vertical.
TRX Options: The Contract Specs That Matter
Deribit launched TRX options on January 14, 2026, out of its Dubai headquarters. The contracts are USDC-settled, meaning traders never need to hold actual TRX to take positions. Each contract represents 10,000 TRX in notional value, and the platform offers a stacked expiry schedule: two daily, two weekly, one monthly, and one quarterly expiry cycle.
The USDC settlement model is central to Deribit's strategy. As the exchange noted, "USDC anchors settlement, rewards, and accounting across Deribit's growing platform." This means traders can run covered calls, protective puts, and multi-leg strategies without managing the underlying token's custody at all.
One notable limitation: TRX deposits are not yet supported on Deribit. All collateral and settlement flow through USDC, which simplifies the accounting but limits traders who want to deposit TRX directly as margin.
Jean-David Péquignot, Deribit's Chief Commercial Officer, framed the listing as a natural fit: "TRON's scale, activity, and TVL make TRX a natural addition to our growing suite of options."
Tron Inc's $540 Million TRX Treasury Play
While Deribit builds out TRX derivatives infrastructure, a parallel story is unfolding on the equity side. Tron Inc, a Nasdaq-listed firm formed through a reverse merger, has been steadily accumulating TRX as a core treasury asset. The company's most recent purchase added 175,507 TRX at approximately $0.28 per token, bringing total holdings to 679.9 million TRX, valued at roughly $540 million.
Justin Sun publicly endorsed the strategy with a two-word directive on X: "keep going."
The accumulation has drawn comparisons to MicroStrategy's Bitcoin treasury approach, where a public company uses its balance sheet to build concentrated crypto exposure. For TRX, this creates a structural demand floor: a publicly traded entity with a stated policy of buying and holding the token regardless of short-term price action.
TRX has shown relative resilience during the recent market downturn, declining only 1.3% year-to-date compared to Bitcoin's nearly 19% drop. Some analysts have characterized it as a "defensive haven asset," partly because of TRON's dominance in stablecoin settlement, which generates consistent network activity even during bear markets.
What This Means for TRX Derivatives Traders
The convergence of institutional options access and corporate treasury accumulation creates an unusual setup for TRX. Derivatives traders now have a liquid, USDC-settled options market on the world's largest crypto options exchange, while a Nasdaq-listed entity is publicly committed to absorbing supply.
For options sellers, the Chinese New Year rewards add a direct incentive layer on top of the premiums they collect. Deribit has previously offered up to 30,000 USDC in shared reward pools for TRX and AVAX options trading, and this promotion extends that model with a seasonal twist.
For options buyers, the contract structure matters. With each contract representing 10,000 TRX (roughly $2,800 at current prices), the size is accessible for retail traders while still being meaningful for institutional desks. The stacked expiry schedule, from daily to quarterly, allows everything from short-term event plays to multi-month hedging strategies.
Sam Elfarra of TRON DAO emphasized the structural importance: "Standardized derivatives instruments help support more structured participation and long-term network utility."
Deribit's Altcoin Options Expansion Under Coinbase
The TRX listing is part of a broader pattern. Since Coinbase completed its $2.9 billion acquisition of Deribit, the exchange has been aggressively expanding its altcoin options lineup. AVAX options launched alongside TRX in January, with each AVAX contract representing 100 AVAX and also settling in USDC.
Before the acquisition, Deribit had already introduced USDC-settled linear options for Solana, Polygon, and XRP, followed by linear Bitcoin and Ethereum options in August 2025. The result is a unified, stablecoin-denominated derivatives platform where traders can construct cross-asset strategies without juggling multiple settlement currencies.
This matters for the broader derivatives market. CME Group saw a 92% year-over-year increase in crypto trading volumes throughout 2025, reaching an average daily notional value of $13 billion. As traditional finance firms like CME push into 24/7 crypto futures for Cardano, Chainlink, and Polkadot, Deribit's altcoin options expansion positions it to capture the more sophisticated end of the market.
For users who hold crypto cards and spend stablecoins regularly, the expansion of USDC-settled derivatives means more ways to manage exposure without ever leaving the stablecoin ecosystem. You can hedge your TRX position, collect premiums, and settle everything in the same USDC you might load onto a Bybit card or Binance card.
FAQ
What are Deribit's TRX options contract specs? Each TRX options contract represents 10,000 TRX and settles entirely in USDC. Deribit offers two daily, two weekly, one monthly, and one quarterly expiry cycles.
Do I need to hold TRX to trade TRX options on Deribit? No. All collateral and settlement is in USDC. You do not need to deposit or hold any TRX to trade these options.
What is the Chinese New Year TRX options promotion? Deribit is running a volume-based promotion where eligible TRX options traders can share USDC rewards based on their trading activity during the Chinese New Year period.
How much TRX does Tron Inc hold? As of February 2026, Tron Inc holds approximately 679.9 million TRX valued at roughly $540 million, accumulated as a core treasury asset.
Overview
Deribit is incentivizing TRX options trading volume with USDC rewards during Chinese New Year, adding a promotional layer to the USDC-settled derivatives contracts it launched in January 2026. Each TRX contract represents 10,000 TRX with daily through quarterly expiries. The promotion runs alongside Tron Inc's continued accumulation of TRX as a Nasdaq-listed treasury strategy, with holdings now at 679.9 million TRX worth $540 million. Deribit's parent company Coinbase completed its $2.9 billion acquisition in 2025, and the exchange has since expanded altcoin options to include TRX, AVAX, SOL, MATIC, and XRP, all settled in USDC.
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