[nullc]

Not only isn't deribit physically settled but the "cash" is Bitcoin-- my understanding is that there is no actual USD on the platform (like how bitmex works).

While this is a convenience for those of us that like Bitcoin exposure, it's probably a major downside for people who expect Bitcoin to lose lots of value, be outlawed, or even fail completely. :)

(plus, I would be uneasy about any cash settled product not just becoming irrecoverably insolvent in the event of the kind of black swan that a contract buyer would be hoping for...)

I'd say it would be worth asking LedgerX for 5 year contracts but I doubt anyone would be willing to sell them for prices people would be willing to buy them at-- and that assumption is supported by the fairly low volumes on the Dec2022 so far.