https://www.deribit.com/docs/
Quote:
1.8.Insurance
Deribit has an insurance fund that should cover all losses of bankrupt traders. Due to our advanced real time incremental liquidation system, it will be actually a challenge to go bankrupt even if a trader would wish to do so. On the insurance page we will publish in real time any occurring bankruptcies and the last state of the insurance fund. As long as there is BTC in the insurance funds, withdrawals of funds (including (unrealised) profits of not expired assets) are available for immediate withdrawal. If the insurance fund gets depleted, any then occurring bankruptcies will be socialised among the winning traders, though our goal is to never get to that point, and margin requirements will be made more strict as soon as bankruptcies appear. The Insurance fund will start with 100BTC. Deribit will never take out funds of the insurance fund for anything else than covering bankruptcies. Currently there are is a starting capital of 100BTC in the insurance fund and no bankruptcies have occurred so far.
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Unregulated trading on margin -- 20X leverage options -- they claim they haven't gone bust yet.