Delta Exchange India and Pi42 are both built for derivatives traders: INR-margined futures, options on Bitcoin and Ethereum, free INR transfers and no crypto withdrawals. The differences are in contract range, fees and track record.
Delta Exchange is the more established options venue, with published fees and a longer record. Pi42 offers far more futures contracts, including gold, oil and US stocks, and slightly lower options fees, but it only launched in 2024 and advertises extreme leverage.
| Delta Exchange | Pi42 | |
|---|---|---|
| Our score | 7.2/10 (#8) | 7.2/10 (#9) |
| Best for | Experienced futures and options traders | Experienced traders who want INR-margined futures |
| Founded / HQ | 2018 · operated in India by Excelium Technologies Pvt Ltd | 2024 · Ahmedabad (Lightningnodes Technologies Pvt Ltd) |
| FIU-IND registered | Yes, registered with FIU-IND (per the company); no FIU penalty found | Yes, registered with FIU-IND (ID VA00045558); no FIU penalty found |
| INR deposits | Direct INR bank deposits and withdrawals, free | UPI, IMPS and bank transfer; deposits and withdrawals free |
| Spot trading fee | Spot: buying free, 0.1% on sells. Futures 0.02% maker / 0.05% taker. Options 0.03% (capped at 3.5% of premium). + 18% GST | No spot market. INR futures 0.02% maker / 0.05% taker at the base tier, lower with volume; options 0.0127% / 0.0169% (capped at 7% of premium); plus 18% GST |
| Futures | Yes, INR-settled futures, perpetuals and options on BTC and ETH | Yes, INR- and USDT-margined perpetuals on hundreds of pairs (including gold, oil and US stock contracts) and INR options on BTC and ETH; leverage advertised up to 150x |
| SIP / recurring | No | No |
| Coins listed | Small list; derivatives focus | Derivatives only (Pi42 says 500+ pairs) |
| Crypto withdrawals | Not allowed on Delta Exchange India; INR withdrawals only | Not allowed; you can deposit USDT but only withdraw INR |
| 1% TDS deducted | Deducted on spot sells; ask a CA how TDS applies to your futures and options trades | Pi42 says 1% TDS does not apply to futures; it deducts 1% when USDT is converted to INR. Profits are still taxable. |
| Security record | No hack found | No hack found since its 2024 launch. No published proof of reserves found. |
Delta offers INR-settled futures, perpetuals and options on BTC and ETH, plus a small spot market. Pi42 has no spot market at all but lists hundreds of perpetual contracts with INR or USDT margin, and INR options on BTC and ETH since October 2025.
Futures cost 0.02% maker and 0.05% taker on both. Delta charges 0.03% on options, capped at 3.5% of premium; Pi42 charges 0.0127% maker and 0.0169% taker on options, capped at 7% of premium. GST at 18% applies on top.
Pi42 advertises leverage up to 150x. At that level a move of well under 1% against you wipes out your margin. Neither platform is regulated by SEBI, and the tax treatment of crypto derivatives is still debated, so read crypto futures in India: legal and tax.
Read the full reviews: Delta Exchange review · Pi42 review · see where both rank in the best crypto app in India list.
Delta for options and a longer track record; Pi42 for a much wider range of futures contracts. Both are FIU-registered and offer INR margin.
No. Both let you withdraw only INR to your bank account.
Pi42 says the 1% TDS does not apply to futures trades. Delta deducts it on spot sells. Ask a CA how tax applies to your derivatives trades.
