Data as of September 15, 2026
Crypto Options: How They Work and Where They Trade
Crypto options give the right, not the obligation, to buy or sell a coin at a set price by expiry. Deribit holds $32.3B in BTC options open interest; EVEDEX offers perpetual futures, not options.
BTC options open interest by venue
BTC options open interest from each venue's market data, September 15, 2026, around 13:50 UTC, converted at BTC $76,256 from CoinGecko.
Where crypto options trade
Four venues with public options APIs. EVEDEX is not in the table: its crypto derivatives are perpetual futures only, and a perpetual contract has no strike or expiry.
| Venue | Underlyings with live options | BTC options open interest | Settlement | Notes |
|---|---|---|---|---|
| Deribit | BTC, ETH, plus SOL, XRP, HYPE, TRX, AVAX (stablecoin-settled) | 424,157 BTC, about $32.3B | BTC options settle in BTC | 0.1 BTC minimum trade on BTC options |
| OKX | BTC, ETH | 35,790 BTC, about $2.73B | BTC options settle in BTC | Contract size 0.01 BTC |
| Binance | BTC, ETH, BNB, SOL, XRP, DOGE, gold, silver | 21,926 BTC, about $1.67B | USDT | Naked option selling only on BTC and ETH |
| Bybit | BTC, ETH, SOL, XRP, DOGE, HYPE, MNT | 18,260 BTC, about $1.39B | USDT | Smallest BTC options open interest of the four |
Data as of September 15, 2026, around 13:50 UTC: market data from Deribit, OKX, Binance Options and Bybit; BTC $76,256 from CoinGecko.
How crypto options work
Calls and puts
A call gives the buyer the right to buy at the strike price; a put gives the right to sell. The seller takes on the matching obligation.
Strike and expiry
The strike is the agreed price, and the expiry is the date the contract ends. Deribit listed 896 BTC option instruments on September 15, 2026.
Premium
The buyer pays a premium up front; premium plus fees is the most a buyer can lose. The seller keeps the premium but can lose far more.
Exercise style
European-style options are exercised only at expiry, American-style options at any time before it. Check each venue's contract specification.
Connect your wallet
Log in to the EVEDEX exchange with your wallet. There is no traditional KYC; deposits pass AML screening.
Deposit USDT
Fund your account from 6 USDT. Margin is in USDT, and all open positions share cross margin.
Open BTC-USD
Choose long or short and set leverage: 200x applies only to positions up to $50,000 notional. The minimum order is 5 USDT.
EVEDEX offers perpetual futures, not options
EVEDEX has no calls, puts, strikes or expiries.
EVEDEX is a hybrid perpetual futures exchange: the order book and matching run off-chain, and settlement runs on Arbitrum L2. On September 15, 2026, it listed 52 public pairs, all perpetual futures, including crypto, stocks, commodities and forex, all trading 24/7.
Fees are capped at 0.015% maker and 0.045% taker before cashback of up to 35%, and funding is calculated every 8 hours and charged hourly as 1/8. A perpetual has no premium or expiry, and a leveraged position can be liquidated, so your loss is not capped at an upfront cost. It is not a substitute for buying an option.
Risk warning
Perpetual futures carry a high risk of loss: with leverage, a small price move against you can wipe out your entire margin. Option sellers can also lose far more than the premium they receive. EVEDEX is not intended for UK retail clients. This page is not investment advice.
Crypto options questions
Crypto options are contracts that give the buyer the right, but not the obligation, to buy a coin with a call or sell it with a put at a set strike price by expiry. The buyer pays a premium for that right. EVEDEX does not offer options.
An option has a premium and an expiry, and a buyer cannot lose more than the premium plus fees. A perpetual future never expires: traders post margin, pay or receive funding and can be liquidated. EVEDEX lists 52 perpetual futures pairs and no options.
By BTC options open interest on September 15, 2026, the largest venues were Deribit with about $32.3B, OKX with $2.73B, Binance with $1.67B and Bybit with $1.39B, according to their market data. Check that a venue serves your country before you open an account.
No. EVEDEX offers perpetual futures only: 52 public pairs on September 15, 2026, with fees capped at 0.015% maker and 0.045% taker before cashback. Leverage reaches 200x only on BTC-USD, ETH-USD and SOL-USD for positions up to $50,000 notional.
A buyer can lose the whole premium plus fees if the option expires worthless. A seller keeps the premium but faces a much larger loss if the price moves past the strike. That is why venues restrict selling: Binance allows naked option selling only on BTC and ETH, per its API.
European-style options can be exercised only at expiry, American-style options at any time up to expiry. The style changes how an option is priced and when you can act on it, so check the venue's contract specification.
It depends on the venue. On September 15, 2026, Deribit and OKX settled BTC options in BTC, so the collateral value moves with the market, while Binance and Bybit settled their options in USDT, according to each exchange's market data.
A short perpetual position can offset price exposure, but it is not an option: there is no premium, no strike and no fixed maximum loss. On EVEDEX all positions share cross margin, funding is calculated every 8 hours, and positions can be liquidated. Perpetual futures carry a high risk of loss.
