Where you buy and sell BTC derivatives for 1 - 5 year time span with minimal counterparty risk?
Deribit is a larger derivatives exchange by trading volume, and is open to the rest of the world (explicitly not the US), but isn't physically settled so is more of a "side bet" and is riskier. That said, it's been operating successfully for a while now. I haven't used it because I'm not allowed to in the US.
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.
Deribit operates from Panama.
Typically these markets work well until there is finally some big event in the markets. Just when when big wins and losses are actualized they have "technical difficulties" or they just disappear.
But if you're outside the US I'm not sure there are many other choices. I think okex and bit.com might both offer some flavor of option, but last I looked were relatively tiny markets.