Binance vs Deribit: Revenue, Profit and Business Model
Binance reported $16B of revenue in FY2025 and — of net income. Deribit does not publish annual revenue.
Latest financial snapshot
Financial summary
Binance
Binance does not publish audited accounts, so every revenue figure is an outside estimate. Fortune put 2022 revenue at about $12 billion. Bloomberg's billionaires index estimated $9.8 billion for the 12 months to March 2024, using tracked trading volume and published fee rates. In March 2026 Forbes quoted an Artemis analyst estimating $16 billion to $17 billion a year in 2024 and 2025, about two and a half times Coinbase's $6.6 billion. Forbes valued Binance at about $100 billion and estimated CZ's stake at roughly 90%. The only disclosed outside equity investment is MGX's $2 billion minority stake from March 2025, settled in the USD1 stablecoin. The largest known cost was the roughly $4.3 billion US penalty agreed in November 2023.
Deribit
Deribit has never published audited revenue or profit, so any figure for its earnings is an estimate. What is disclosed is activity: total volume of $608 billion in 2023 and $1.185 trillion in 2024, with options accounting for $743 billion of the 2024 total. Deribit reported a record month of more than $185 billion in July 2025 and about $60 billion of open interest when Coinbase closed the deal. Coinbase paid about $2.9 billion ($700 million cash and 11 million COIN shares) and said Deribit was profitable on an adjusted EBITDA basis. Since September 2025 Deribit's results are reported inside Coinbase's financial statements rather than separately.
Revenue and profit by year
Binance
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $16B | — | 0.0% | +0.0% | Source |
| FY2024 | $16B | — | 0.0% | +63.3% | Source |
| FY2023 | $9.8B | — | 0.0% | -18.3% | Source |
| FY2022 | $12B | — | 0.0% | — | Source |
Deribit
Deribit does not publish annual revenue. What is known about its finances is in the summary above.
Full Deribit financialsBusiness model and strategy
Binance
How it makes money
Binance earns most of its money from trading fees. Regular spot traders pay 0.1% per trade, or 25% less when they pay in BNB, and futures fees start at 0.02% for makers and 0.05% for takers, falling for high-volume VIP tiers. Derivatives carry most of the volume, so they carry most of the fee income.
Growth strategy
Under Richard Teng, and since December 2025 co-CEO Yi He, Binance has swapped its old borderless model for licences and a single home regulator. The ADGM authorisation, effective January 5, 2026, puts the main platform under Abu Dhabi's FSRA.
Competitive advantage
Liquidity is the moat. Binance has the most traders, so its order books are the deepest and its spreads the tightest, which draws more traders and market makers. Forbes put its share of global crypto trading at about 38% in early 2026.
Deribit
How it makes money
Deribit makes money from trading fees. Options are charged 0.03% of the underlying per contract, capped at 12.5% of the option's price, so cheap out-of-the-money options never carry outsized fees; futures and perpetuals use a maker-taker schedule. It also earns delivery fees on expiring contracts and liquidation fees when under-margined positions are closed.
Growth strategy
Growth now runs through Coinbase: combining Coinbase International Exchange with Deribit, routing Deribit spot orders to Coinbase Exchange, and cross-selling options to Coinbase's institutional and advanced traders outside the US.
Competitive advantage
Deribit's edge is liquidity. Options need tight quotes across dozens of strikes and expiries, and market makers quote where the order flow already is, which has kept most crypto options volume on Deribit since the late 2010s. Its portfolio margin system, block-trading integrations (such as Paradigm) and the DVOL implied-volatility index reinforce that position.
Questions about Binance vs Deribit
Which company has higher revenue — Binance or Deribit?
Binance reported $16.0B (FY2025). A verified revenue figure for Deribit was not available at the time of this comparison.
Which is more financially efficient — Binance or Deribit?
Binance generates $3.20M / employee in revenue per employee. A comparable figure for Deribit requires matching employee and revenue data from the same reporting period.
How do Binance and Deribit make money?
Binance and Deribit generate revenue in fundamentally different ways. Binance: Binance earns most of its money from trading fees. Deribit: Deribit makes money from trading fees.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Binance vs Deribit overview