Best Crypto Options Exchanges

Crypto options let traders capitalize on market moves without directly holding the underlying asset. Call options profit from price increases, while put options benefit from declines, offering flexibility for speculation and hedging.

Choosing the right platform means weighing liquidity, fees, contract selection, and collateral types like USDC, USDT, and BTC. We analyzed these factors alongside advanced tools like APIs and futures integration to find the best exchanges for different trading styles.

Whether you're a professional trader or just starting with crypto options, these platforms provide the features and execution needed to stay competitive:

1. Bybit

Bybit is a top-tier crypto options platform offering European-style contracts on BTC, ETH, and SOL, exclusively margined and settled in USDC. These contracts follow automatic exercise at expiration, using a final settlement price based on the 30-minute average index value before expiry.

Designed for traders seeking flexibility, Bybit provides diverse expiration intervals, including daily, bi-daily, tri-daily, weekly, bi-weekly, tri-weekly, monthly, bi-monthly, and quarterly contracts. Investors benefit from execution speeds under 10 milliseconds and minimal slippage, ensuring precision in fast-moving markets.

Bybit caters to all skill levels with a tailored interface: beginner-friendly tools like “Option Explore” and “Easy” simplify learning, while “Option Pro” enhances trading with detailed option chains, multi-leg orders, and delta hedging strategies.

• Supported Assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL)
• Options Collateral: Settled exclusively in USD Coin (USDC)
• Fees: Maker/taker fees begin at 0.02% / 0.03%

2. Deribit

Deribit is the most dominant cryptocurrency options exchange, holding 85% of the BTC and ETH options market and processing daily volumes exceeding $1 billion. Its deep liquidity and strong trading infrastructure make it a preferred choice for professional traders.

The platform offers a broad range of derivatives, including inverse and USDC-settled options, perpetual contracts, and DVOL futures for volatility-based trading. With a proprietary matching engine and low-latency execution, Deribit delivers a seamless experience tailored to institutional investors.

Security is a top priority, with a proof-of-reserves system ensuring a 1:1 asset backing verified through weekly snapshots. Users also benefit from a fully customizable interface, 24/7 customer support, and a mobile app for easy trading access.

• Supported Assets: BTC, ETH, Gold (PAXG), BNB, SOL, and XRP options
• Options Collateral: Bitcoin (BTC), Ethereum (ETH), USDT, and USDC
• Fees: Fixed maker/taker fees of 0.03%

3. Binance

Binance provides an options platform settled in stablecoins, minimizing collateral risks from market volatility. This allows traders to calculate costs and potential profits more accurately without price fluctuations affecting their capital.

Unlike futures trading, which requires full margin, Binance Options only charge the options premium, lowering capital barriers for traders. To maintain high liquidity and reduce slippage, Binance partners with institutional market makers while keeping trading fees among the lowest available.

The platform supports a variety of trading strategies with multiple strike prices and expirations. Losses are capped at the premium paid, while call options retain unlimited upside, making them effective for both speculation and hedging.

• Supported Assets: BTC, ETH, BNB, XRP, DOGE, and SOL
• Options Collateral: Trades settled in Tether (USDT)
• Fees: Competitive maker/taker fees of 0.03%

4. Delta Exchange

Delta Exchange specializes in European-style BTC and ETH options, all settled in USDT. Traders can choose from daily, weekly, monthly, and quarterly expiration dates, providing flexibility for both short-term speculation and long-term hedging.

A key feature is MOVE options, allowing traders to bet on price movement size rather than direction. These contracts act as straddles, automatically combining call and put options at the same strike, making them powerful tools for trading market volatility.

For structured options trading, spreads combine long and short positions to balance risk and enhance returns. The platform also features an advanced symbology system, making it easy to track contracts across different strike prices and expiration dates.

• Supported Assets: Bitcoin (BTC) and Ethereum (ETH) contracts
• Options Collateral: Requires USDT for margin and settlement
• Fees: Standard 0.0375% maker/taker fee structure

5. OKX

OKX offers BTC and ETH options with a European-style cash-settlement model, automatically closing positions at expiration. Expiration choices include daily, weekly, monthly, and quarterly contracts, catering to diverse trading strategies.

The platform provides three trading tiers: Simple Options for beginners, an Options Chain for experienced traders, and an RFQ system for large or customized orders. Institutional traders can leverage portfolio margin accounts that accept multiple asset types as collateral.

BTC options have a 0.01 BTC contract multiplier, while ETH options use a 0.1 ETH multiplier, making it easier to scale positions. OKX determines fair pricing through the Black-Scholes model, incorporating real-time market volatility and applying caps to prevent price manipulation.

• Supported Assets: Bitcoin (BTC) and Ethereum (ETH) derivatives
• Options Collateral: BTC and ETH available for margin
• Fees: Maker fees at 0.02%, taker fees at 0.03%
  

What are Crypto Options?

Crypto options are contracts that give traders the right, but not the obligation, to buy (call option) or sell (put option) an asset at a fixed strike price before or on the expiration date. Each option has a premium, which represents the cost of opening a position and varies based on volatility, time to expiration, and strike price.

Most crypto options are cash-settled in stablecoins, though some platforms offer settlement in the underlying cryptocurrency. The industry primarily supports European-style options, which are exercised only at expiration, while American-style options, allowing early exercise, are rarely available.

Options are classified as in the money (ITM) when they have intrinsic value, at the money (ATM) when the strike price matches the market price, or out of the money (OTM) when they hold no intrinsic value. Open interest (OI) measures the number of active contracts, while max pain is the price level where the most contracts expire worthless.

Crypto options have varied expirations, from daily to quarterly, allowing traders to align positions with their market outlook. Strategies like spreads and straddles use multiple contracts to manage risk, optimize returns, or capitalize on volatility.

Crypto Options Trading Fees

Crypto options trading fees vary by platform and can include transaction costs, exercise charges, and margin-related expenses. These fees may be structured as a percentage of the contract premium, a flat rate per contract, or a combination of both.

• Transaction Fees: Most platforms use a maker-taker model, where makers (who provide liquidity) pay lower fees than takers (who remove liquidity). Fees typically range from 0.02% to 0.10% per trade.
• Exercise Fees: Some platforms charge a fixed percentage of the settlement value when an option is exercised, while others waive this fee for certain account tiers.
• Premium-Based Fees: A percentage of the option’s premium may be charged, often capped at a fixed rate (e.g., 3.75 BPS or 12.5% of the premium, whichever is lower).
• Margin & Liquidation Fees: Traders using margin accounts may face borrowing costs, and if a position is liquidated due to insufficient margin, additional liquidation or auto-deleveraging (ADL) fees may apply.
• Discounts & Fee Reductions: Many exchanges offer tiered discounts based on trading volume, VIP status, or holdings of native tokens like BNB (Binance) or DETO (Delta Exchange) to reduce fees.

Crypto Options Trading Risks

Crypto options trading carries inherent risks, including the potential loss of the premium, market volatility, and liquidity constraints. While options can be a strategic tool for hedging or speculation, factors like leverage and expiration timing can heavily impact trading outcomes.

Key Risks in Crypto Options Trading:

• Premium Loss: If an option expires out of the money, it becomes worthless, and the trader loses the entire premium paid to open the position.
• Market Volatility: Rapid and unpredictable price swings in cryptocurrency markets can cause options premiums to fluctuate significantly, making it harder to predict profitability.
• Liquidity Constraints: Low trading volume in certain options contracts can lead to wide bid-ask spreads, slippage, and difficulty executing trades at desired prices.
• Implied Volatility Shifts: Unexpected changes in implied volatility can inflate or deflate an option’s price, impacting its value even if the underlying asset remains stable.
• Leverage Exposure: While leverage can magnify potential gains, it also increases the risk of liquidation if the market moves against an open position.
• Regulatory Uncertainty: Crypto derivatives regulations vary across jurisdictions, and new restrictions or bans can impact exchange access and trading conditions.

Crypto Options vs. Crypto Futures

Crypto options and futures are both derivatives, but they serve different trading purposes. Options allow traders to pay a premium for market exposure without committing to a full trade, while futures require full execution at a contract’s expiration.

Risk management is a major distinction: options limit potential losses to the premium paid, while futures can lead to unlimited losses if the market moves unfavorably. Options are commonly used for hedging and volatility-based strategies, whereas futures focus on leveraged speculation and directional trading.

Settlement also differs, as most options are cash-settled in stablecoins, while futures may be cash-settled or involve physical delivery of the asset. Another key factor is time decay, which gradually reduces an option's value, while futures remain tied to the spot market price until expiration.

Final Thoughts

Selecting the right crypto options exchange directly impacts your ability to capitalize on market movements, manage risk, and execute advanced strategies with precision.

Bybit stands out as the clear leader, not only because of its ultra-fast trade execution under 10 milliseconds but also due to its uniquely diverse expiration intervals, reliable multi-leg order support, and intuitive interfaces suitable for all trader skill levels.

FAQs

Are Crypto Options Available in the USA?

Yes, but with restrictions. Crypto options trading in the U.S. is primarily limited to regulated platforms like CME Group, which offers Bitcoin and Ethereum options for institutional traders. Most retail traders use offshore exchanges like Deribit and Bybit, though they officially restrict U.S. users due to regulatory compliance.

What Is the Difference Between European and American Crypto Options?

Most crypto options are European-style, meaning they can only be exercised at expiration. American-style options, common in stock markets, allow early exercise before expiry but are rare in crypto due to the complexity of risk management.

Do Crypto Options Expire?

Yes, all options contracts have an expiration date, which determines when they can be exercised or expire worthless. Common expirations include:

• Daily, weekly, and monthly for short-term traders
• Quarterly and bi-annual for institutional hedging strategies

What Collateral Do I Need for Crypto Options?

Collateral varies by exchange. Some use stablecoins (USDC, USDT) to prevent volatility-related margin issues, while others accept BTC or ETH as collateral. Stablecoin-backed contracts (like Bybit’s USDC-settled options) simplify profit calculations by eliminating collateral price fluctuations.

What Happens If a Crypto Option Expires Out of the Money (OTM)?

If an option expires OTM (where the strike price is unfavorable), it becomes worthless and the trader loses the premium paid. ITM options (profitable contracts) are automatically settled in cash or crypto, depending on the exchange.