I was going to write a response disagreeing based on the assumption that, like any normal exchange, Derivabit would fully intermediate the trade. But after read

I was going to write a response disagreeing based on the assumption that, like any normal exchange, Derivabit would fully intermediate the trade. But after reading the guide, I realize you are correct! They explicitly say the maximum you could ever recover on your put option is the 20% margin. In my opinion this is extremely misleading and to call such a contract a "put" and hide the real definition in a FAQ is straightforwardly wrong.