In Crypto Derivatives, What Entities Often Perform the Clearing House Function?

In the cryptocurrency derivatives market, the exchanges themselves often perform the clearing house function. Centralized exchanges like Binance, Bybit, and OKX act as the central counterparty for their own futures and perpetual swap products.

They manage margin accounts, conduct MTM, and guarantee settlements. This integrated model is common in the crypto space, unlike traditional finance where the exchange and clearing house are often separate entities.