--- title: "Crypto Options: How They Work and Where They Trade | EVEDEX" description: "Crypto options explained: calls, puts, strikes, expiries, how they differ from perpetual futures and where BTC options trade. EVEDEX has no options." url: "https://evedex.com/en/crypto-options/" lang: "en" --- # 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. [Trade BTC-USD](https://exchange.evedex.com/en/trade/BTCUSD) ## 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. - **$32.3B** — Deribit: 424,157 BTC - **$2.73B** — OKX: 35,790 BTC - **$1.67B** — Binance: 21,926 BTC - **$1.39B** — Bybit: 18,260 BTC ## Where crypto options trade Four venues with public options APIs. EVEDEX is not in the table: its [crypto derivatives](https://evedex.com/en/crypto-derivatives/) are perpetual futures only, and a [perpetual contract](https://evedex.com/en/blog/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 | _Crypto options venues on September 15, 2026_ Data as of September 15, 2026, around 13:50 UTC: market data from [Deribit](https://docs.deribit.com/), [OKX](https://www.okx.com/docs-v5/en/), [Binance Options](https://developers.binance.com/docs/derivatives/options-trading/general-info) and [Bybit](https://bybit-exchange.github.io/docs/v5/intro); BTC $76,256 from [CoinGecko](https://www.coingecko.com/en/coins/bitcoin). ## 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. ## Trade a BTC-USD perpetual in three steps EVEDEX has no options. If a perpetual future fits your plan, you can open one in three steps. ### 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 ### What are crypto options? 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. ### How are crypto options different from perpetual futures? 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. ### Where can I trade crypto 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. ### Does EVEDEX offer crypto options? 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. ### How much can you lose on a crypto option? 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. ### What is the difference between European and American options? 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. ### What do crypto options settle in? 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. ### Can EVEDEX perpetual futures replace options for hedging? 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. ## Looking for perpetual futures instead? EVEDEX has no options. It offers 52 perpetual futures pairs, fees capped at 0.015% maker and 0.045% taker before cashback, and 200x on BTC-USD for positions up to $50,000 notional. [Trade BTC-USD](https://exchange.evedex.com/en/trade/BTCUSD)