> ## Documentation Index > Fetch the complete documentation index at: https://docs.deribit.com/llms.txt > Use this file to discover all available pages before exploring further. # incremental_ticker.(instrument_name) > Real-time ticker updates for an instrument, delivered as a snapshot followed by incremental updates. - The first notification contains the full ticker snapshot. - Subsequent notifications contain only fields that changed since the previous update. This event is sent at most once per second. ## AsyncAPI ````yaml specifications/deribit_asyncapi.json incremental_ticker.(instrument_name) id: incremental_ticker.(instrument_name) title: 'incremental_ticker.(instrument_name) ' description: > Real-time ticker updates for an instrument, delivered as a snapshot followed by incremental updates. - The first notification contains the full ticker snapshot. - Subsequent notifications contain only fields that changed since the previous update. This event is sent at most once per second. servers: - id: production protocol: wss host: deribit.com/ws/api/v2 bindings: [] variables: [] - id: testnet protocol: wss host: test.deribit.com/ws/api/v2 bindings: [] variables: [] address: incremental_ticker.(instrument_name) parameters: - id: instrument_name jsonSchema: type: string description: The name of the instrument description: The name of the instrument type: string required: true deprecated: false bindings: [] operations: - &ref_2 id: send_subscribe_incremental_ticker_instrument_name title: Send subscribe request for incremental_ticker description: Client sends subscription request for incremental_ticker updates type: send messages: - &ref_4 id: subscription_message contentType: application/json payload: - name: Subscription Notification Data description: Server sends subscription notification data type: object properties: - name: data type: object required: true properties: - name: type type: string description: >- Type of notification: `snapshot` for initial, `change` for others. enumValues: - snapshot - change required: false - name: instrument_name type: string description: Unique instrument identifier required: false - name: timestamp type: integer description: The timestamp (milliseconds since the Unix epoch) required: false - name: state type: string description: > The state of the order book. Represents the current lifecycle stage of the instrument. **State Lifecycle and Meanings:** - `open`: Default state for running books. In this state book is accepting new orders, edits, cancels; prices should be updated, trading is live. - `settlement`: Books enters to this state during settlement/delivery. New orders, edits, cancels are not accepted. After this state normally next state should be `open` if it was settlement, or `delivered` if it was delivery. On enter to this state good till day orders in book are canceled. - `delivered`: Final state of book that has been delivered. New orders, edits, cancels are not accepted. After some time book process will be terminated and, instrument moved to `expired_instruments` and its `instrument_state` will become archivized. On enter to this all open orders in book are canceled. - `inactive`: After a book is deactivated, this state is set on book. New orders, edits, cancels are not accepted. On enter to this all open orders in book are canceled. Book in this state is not considered as open. This can be also final state for book. - `locked`: New orders, edits, are not accepted, only cancels ARE accepted. In some cases when configured books can start as locked or it may become locked on admin request. Settlement is possible on locked books. - `halted`: The state that books enter as a result of an error. Settlement is not possible when there is at least one book in this state. - `archivized`: Set when instrument is moved to `expired_instruments` table, final state. enumValues: - open - settlement - delivered - inactive - locked - halted - archivized required: false - name: stats type: object required: false properties: - name: volume type: number description: Volume during last 24h in base currency required: false - name: low type: number description: Lowest price during 24h required: false - name: high type: number description: Highest price during 24h required: false - name: price_change type: number description: >- 24-hour price change expressed as a percentage, `null` if there weren't any trades required: false - name: volume_usd type: number description: Volume in usd (futures only) required: false - name: open_interest type: number description: >- The total amount of outstanding contracts in the corresponding amount units. For perpetual and inverse futures the amount is in USD units. For options and linear futures it is the underlying base currency coin. required: false - name: best_bid_price type: number description: >- The current best bid price, `null` if there aren't any bids required: false - name: best_bid_amount type: number description: It represents the requested order size of all best bids required: false - name: best_ask_price type: number description: >- The current best ask price, `null` if there aren't any asks required: false - name: best_ask_amount type: number description: It represents the requested order size of all best asks required: false - name: index_price type: number description: Current index price required: false - name: min_price type: number description: >- The minimum price for the future. Any sell orders you submit lower than this price will be clamped to this minimum. required: false - name: max_price type: number description: >- The maximum price for the future. Any buy orders you submit higher than this price, will be clamped to this maximum. required: false - name: mark_price type: number description: The mark price for the instrument required: false - name: last_price type: number description: The price for the last trade required: false - name: underlying_price type: number description: >- Underlying price for implied volatility calculations (options only) required: false - name: underlying_index type: number description: >- Name of the underlying future, or `index_price` (options only) required: false - name: interest_rate type: number description: >- Interest rate used in implied volatility calculations (options only) required: false - name: bid_iv type: number description: (Only for option) implied volatility for best bid required: false - name: ask_iv type: number description: (Only for option) implied volatility for best ask required: false - name: mark_iv type: number description: (Only for option) implied volatility for mark price required: false - name: greeks type: object description: > Only for options. Greeks are risk measures that describe how the option's price changes with respect to various factors. **Delta (Δ)** Deribit uses two different Deltas: - **DeltaTotal** in the account summary uses the **Net Transaction Delta (NTD)** - **Delta** for individual option expiries is the **Black Scholes Delta** In the settings section you can toggle Net Transaction Delta instead. **What is DeltaTotal in the account summary?** `DeltaTotal = Net Transaction Delta of options + BTC Position of Futures` **What is Net Transaction Delta?** `Net Transaction Delta = Black Scholes Delta - Mark Price of Options` **Why do we use a Net Transaction Delta?** The Delta Total uses the Net Transaction Delta (or price adjusted Delta) of the options. This is because, from a risk perspective, we are interested in the change in Bitcoin price as the underlying changes. You should actually treat your delta as **Equity + Delta Total** if you want to have less risk for your USD PnL. **Example:** Consider a call option with strike 0, which has a Black Scholes Delta of 1 and Net Transaction Delta = 0. Imagine you have 2 BTC equity and no positions and BTC price is at USD 60k. In that case you would short 2 Futures contracts to hedge your USD exposure to BTC. Now let's say you buy one call with strike 0. The question is if you should sell another future? The call will always have a price of 1 BTC. So you buy it at 1 BTC which equates to USD 60k. Let's say the price increases to USD 70k. The value of the call is still 1 BTC. At settlement you receive 1 BTC for the call. So you paid 1 BTC and then receive 1 BTC which means your USD PnL on buying the call is 0. If you sold a future on it, then you would actually lose on the future. ⚠️ **During the 30 minute settlement period we decay your Delta.** See [Delta decay during settlement](https://support.deribit.com/hc/en-us/articles/25944751433757-Delta-decay-during-settlement) for more details. **Theta (Θ)** The Theta that Deribit uses is the **minimum of (1 day Theta, lifetime theta of the option)**. So if you take an option with 1 hour to expire for example, generally Black Scholes Theta will give you the equivalent 1 day Theta. Whereas we show the 1 hour Theta, so our Theta would differ from Black Scholes Theta when time to expiry is less than 1 day. **Vega, Gamma, and Rho** Vega (not actually a Greek symbol), Gamma, Theta and Rho values shown on Deribit are calculated using **standard Black Scholes without adjustments**. required: false properties: - name: delta type: number description: > (Only for option) The delta value for the option. This is the **Black Scholes Delta** for individual option expiries. Note that DeltaTotal in account summary uses Net Transaction Delta instead. See the greeks object description for more details. required: false - name: gamma type: number description: > (Only for option) The gamma value for the option. Calculated using standard Black Scholes without adjustments. Gamma measures the rate of change of delta with respect to changes in the underlying asset price. required: false - name: rho type: number description: > (Only for option) The rho value for the option. Calculated using standard Black Scholes without adjustments. Rho measures the sensitivity of the option price to changes in the risk-free interest rate. required: false - name: theta type: number description: > (Only for option) The theta value for the option. Deribit uses the **minimum of (1 day Theta, lifetime theta of the option)**. So if you take an option with 1 hour to expire for example, generally Black Scholes Theta will give you the equivalent 1 day Theta. Whereas we show the 1 hour Theta, so our Theta would differ from Black Scholes Theta when time to expiry is less than 1 day. Theta measures the rate of change of the option price with respect to time decay. required: false - name: vega type: number description: > (Only for option) The vega value for the option. Calculated using standard Black Scholes without adjustments. Vega (not actually a Greek symbol) measures the sensitivity of the option price to changes in implied volatility. required: false - name: funding_8h type: number description: Funding 8h (perpetual only) required: false - name: current_funding type: number description: Current funding (perpetual only) required: false - name: delivery_price type: number description: >- The settlement price for the instrument. Only when `state = closed` required: false - name: settlement_price type: number description: >- Optional (not added for spot). The settlement price for the instrument. Only when `state = open` required: false - name: estimated_delivery_price type: number description: >- Estimated delivery price for the market. For more details, see Contract Specification > General Documentation > Expiration Price required: false headers: [] jsonPayloadSchema: type: object description: Response containing notification data properties: data: type: object properties: type: type: string description: >- Type of notification: `snapshot` for initial, `change` for others. enum: - snapshot - change x-parser-schema-id: instrument_name: type: string description: Unique instrument identifier example: BTC-PERPETUAL x-parser-schema-id: timestamp: type: integer example: 1536569522277 description: The timestamp (milliseconds since the Unix epoch) x-parser-schema-id: state: description: > The state of the order book. Represents the current lifecycle stage of the instrument. **State Lifecycle and Meanings:** - `open`: Default state for running books. In this state book is accepting new orders, edits, cancels; prices should be updated, trading is live. - `settlement`: Books enters to this state during settlement/delivery. New orders, edits, cancels are not accepted. After this state normally next state should be `open` if it was settlement, or `delivered` if it was delivery. On enter to this state good till day orders in book are canceled. - `delivered`: Final state of book that has been delivered. New orders, edits, cancels are not accepted. After some time book process will be terminated and, instrument moved to `expired_instruments` and its `instrument_state` will become archivized. On enter to this all open orders in book are canceled. - `inactive`: After a book is deactivated, this state is set on book. New orders, edits, cancels are not accepted. On enter to this all open orders in book are canceled. Book in this state is not considered as open. This can be also final state for book. - `locked`: New orders, edits, are not accepted, only cancels ARE accepted. In some cases when configured books can start as locked or it may become locked on admin request. Settlement is possible on locked books. - `halted`: The state that books enter as a result of an error. Settlement is not possible when there is at least one book in this state. - `archivized`: Set when instrument is moved to `expired_instruments` table, final state. type: string enum: - open - settlement - delivered - inactive - locked - halted - archivized x-parser-schema-id: stats: type: object required: - volume - high - low properties: volume: description: Volume during last 24h in base currency type: number x-parser-schema-id: low: description: Lowest price during 24h type: number x-parser-schema-id: high: description: Highest price during 24h type: number x-parser-schema-id: price_change: description: >- 24-hour price change expressed as a percentage, `null` if there weren't any trades example: 10.23 type: number x-parser-schema-id: volume_usd: description: Volume in usd (futures only) type: number x-parser-schema-id: x-parser-schema-id: open_interest: description: >- The total amount of outstanding contracts in the corresponding amount units. For perpetual and inverse futures the amount is in USD units. For options and linear futures it is the underlying base currency coin. type: number x-parser-schema-id: best_bid_price: description: The current best bid price, `null` if there aren't any bids type: number x-parser-schema-id: best_bid_amount: description: It represents the requested order size of all best bids type: number x-parser-schema-id: best_ask_price: description: The current best ask price, `null` if there aren't any asks type: number x-parser-schema-id: best_ask_amount: description: It represents the requested order size of all best asks type: number x-parser-schema-id: index_price: description: Current index price type: number example: 8247.27 x-parser-schema-id: min_price: description: >- The minimum price for the future. Any sell orders you submit lower than this price will be clamped to this minimum. type: number x-parser-schema-id: max_price: description: >- The maximum price for the future. Any buy orders you submit higher than this price, will be clamped to this maximum. type: number x-parser-schema-id: mark_price: description: The mark price for the instrument type: number x-parser-schema-id: last_price: description: The price for the last trade type: number x-parser-schema-id: underlying_price: description: >- Underlying price for implied volatility calculations (options only) type: number x-parser-schema-id: underlying_index: description: >- Name of the underlying future, or `index_price` (options only) type: number x-parser-schema-id: interest_rate: description: >- Interest rate used in implied volatility calculations (options only) type: number x-parser-schema-id: bid_iv: description: (Only for option) implied volatility for best bid type: number x-parser-schema-id: ask_iv: description: (Only for option) implied volatility for best ask type: number x-parser-schema-id: mark_iv: description: (Only for option) implied volatility for mark price type: number x-parser-schema-id: greeks: description: > Only for options. Greeks are risk measures that describe how the option's price changes with respect to various factors. **Delta (Δ)** Deribit uses two different Deltas: - **DeltaTotal** in the account summary uses the **Net Transaction Delta (NTD)** - **Delta** for individual option expiries is the **Black Scholes Delta** In the settings section you can toggle Net Transaction Delta instead. **What is DeltaTotal in the account summary?** `DeltaTotal = Net Transaction Delta of options + BTC Position of Futures` **What is Net Transaction Delta?** `Net Transaction Delta = Black Scholes Delta - Mark Price of Options` **Why do we use a Net Transaction Delta?** The Delta Total uses the Net Transaction Delta (or price adjusted Delta) of the options. This is because, from a risk perspective, we are interested in the change in Bitcoin price as the underlying changes. You should actually treat your delta as **Equity + Delta Total** if you want to have less risk for your USD PnL. **Example:** Consider a call option with strike 0, which has a Black Scholes Delta of 1 and Net Transaction Delta = 0. Imagine you have 2 BTC equity and no positions and BTC price is at USD 60k. In that case you would short 2 Futures contracts to hedge your USD exposure to BTC. Now let's say you buy one call with strike 0. The question is if you should sell another future? The call will always have a price of 1 BTC. So you buy it at 1 BTC which equates to USD 60k. Let's say the price increases to USD 70k. The value of the call is still 1 BTC. At settlement you receive 1 BTC for the call. So you paid 1 BTC and then receive 1 BTC which means your USD PnL on buying the call is 0. If you sold a future on it, then you would actually lose on the future. ⚠️ **During the 30 minute settlement period we decay your Delta.** See [Delta decay during settlement](https://support.deribit.com/hc/en-us/articles/25944751433757-Delta-decay-during-settlement) for more details. **Theta (Θ)** The Theta that Deribit uses is the **minimum of (1 day Theta, lifetime theta of the option)**. So if you take an option with 1 hour to expire for example, generally Black Scholes Theta will give you the equivalent 1 day Theta. Whereas we show the 1 hour Theta, so our Theta would differ from Black Scholes Theta when time to expiry is less than 1 day. **Vega, Gamma, and Rho** Vega (not actually a Greek symbol), Gamma, Theta and Rho values shown on Deribit are calculated using **standard Black Scholes without adjustments**. type: object required: - delta - gamma - rho - theta - vega properties: delta: description: > (Only for option) The delta value for the option. This is the **Black Scholes Delta** for individual option expiries. Note that DeltaTotal in account summary uses Net Transaction Delta instead. See the greeks object description for more details. type: number x-parser-schema-id: gamma: description: > (Only for option) The gamma value for the option. Calculated using standard Black Scholes without adjustments. Gamma measures the rate of change of delta with respect to changes in the underlying asset price. type: number x-parser-schema-id: rho: description: > (Only for option) The rho value for the option. Calculated using standard Black Scholes without adjustments. Rho measures the sensitivity of the option price to changes in the risk-free interest rate. type: number x-parser-schema-id: theta: description: > (Only for option) The theta value for the option. Deribit uses the **minimum of (1 day Theta, lifetime theta of the option)**. So if you take an option with 1 hour to expire for example, generally Black Scholes Theta will give you the equivalent 1 day Theta. Whereas we show the 1 hour Theta, so our Theta would differ from Black Scholes Theta when time to expiry is less than 1 day. Theta measures the rate of change of the option price with respect to time decay. type: number x-parser-schema-id: vega: description: > (Only for option) The vega value for the option. Calculated using standard Black Scholes without adjustments. Vega (not actually a Greek symbol) measures the sensitivity of the option price to changes in implied volatility. type: number x-parser-schema-id: x-parser-schema-id: funding_8h: description: Funding 8h (perpetual only) type: number x-parser-schema-id: current_funding: description: Current funding (perpetual only) type: number x-parser-schema-id: delivery_price: description: >- The settlement price for the instrument. Only when `state = closed` type: number x-parser-schema-id: settlement_price: description: >- Optional (not added for spot). The settlement price for the instrument. Only when `state = open` type: number x-parser-schema-id: estimated_delivery_price: description: >- Estimated delivery price for the market. For more details, see Contract Specification > General Documentation > Expiration Price example: 11628.81 type: number x-parser-schema-id: required: - instrument_name - timestamp additionalProperties: false x-parser-schema-id: required: - data additionalProperties: false x-parser-schema-id: title: Subscription Notification Data description: Server sends subscription notification data example: |- { "data": { "type": "snapshot", "best_ask_amount": 100, "best_ask_price": 36443, "best_bid_amount": 5000, "best_bid_price": 36442.5, "current_funding": 0, "estimated_delivery_price": 36441.64, "funding_8h": 0.0000211, "index_price": 36441.64, "instrument_name": "BTC-PERPETUAL", "last_price": 36457.5, "mark_price": 36446.51, "max_price": 36991.72, "min_price": 35898.37, "open_interest": 502097590, "settlement_price": 36169.49, "state": "open", "stats": { "high": 36824.5, "low": 35213.5, "price_change": 0.7229, "volume": 7871.02139035, "volume_usd": 284061480 }, "timestamp": 1623060194301 } } bindings: [] extensions: - id: x-parser-unique-object-id value: subscription_message bindings: [] extensions: &ref_0 - id: x-parser-unique-object-id value: incremental_ticker.(instrument_name) - &ref_1 id: receive_incremental_ticker_instrument_name_updates title: Receive incremental_ticker updates description: Client receives incremental_ticker update notifications type: receive messages: - &ref_3 id: subscribe_request contentType: application/json payload: - name: Subscription Request description: >- Client sends subscription request to subscribe to notification channel. Please refer to [Notification page](https://deribit.mintlify.app/articles/notifications) for more information. type: object properties: [] headers: [] jsonPayloadSchema: properties: {} additionalProperties: false x-parser-schema-id: title: Subscription Request description: >- Client sends subscription request to subscribe to notification channel. Please refer to [Notification page](https://deribit.mintlify.app/articles/notifications) for more information. example: |- { "jsonrpc": "2.0", "method": "public/subscribe", "id": 42, "params": { "channels": [ "incremental_ticker.BTC-PERPETUAL" ] } } bindings: [] extensions: - id: x-parser-unique-object-id value: subscribe_request bindings: [] extensions: *ref_0 sendOperations: - *ref_1 receiveOperations: - *ref_2 sendMessages: - *ref_3 receiveMessages: - *ref_4 extensions: - id: x-parser-unique-object-id value: incremental_ticker.(instrument_name) securitySchemes: [] ````