If you are looking to trade crypto options, this guide will show you the best platforms for BTC and ETH contracts and learn pro strategies to manage risk.
Key Takeaways:
Crypto options used to be a side product and now they’re a core part of how serious traders hedge risk, play volatility, or stay active when spot markets stall.
But not all platforms handle options well. Some are built for volume, others for structure, a few barely work at all. This guide filters out the noise and shows you which platforms actually deliver when the trade matters.
We ranked the leading crypto options exchanges by what traders need most: strike depth, asset coverage, margin logic, and the ability to manage trades across time and volatility. The top picks let you trade single legs or complex spreads with clear fees, stable books, and interfaces that don’t get in the way.
This list is built for crypto-native traders who want fast, round-the-clock execution without the extra layers.
Bybit holds the highest position on our list, due to its distinct advantage in the crypto options market by emphasizing control, clarity, and execution. Its European-style contracts, which are USDC-settled, eliminate exposure clutter and enable traders to concentrate solely on volatility plays and directional calls.
The platform supports a wide range of expiry dates, from daily to quarterly, giving traders the flexibility to time entries with precision. Portfolio Margin reduces capital requirements for offsetting positions, allowing risk-managed portfolios to scale more efficiently.
Bybit’s liquidity holds steady even during high-stress events, keeping order flow smooth and spreads tight across major pairs. With a UI that favors speed and accuracy, it is built for traders who value structure over spectacle.
With over 700 listed contracts across BTC, ETH, BNB, SOL, XRP, and DOGE, Binance offers one of the broadest crypto options menus in the market. All positions settle in stablecoin, keeping margin, PnL, and position management clear even during volatility spikes.
Traders can express short-term views or hedge long-term exposure by simply paying the premium, with no leverage or collateral mechanics getting in the way. The platform supports a full menu of expiries and strike configurations, letting users shape trades with precision rather than forcing predefined setups.
It also incentivizes strategy, offering a leaderboard, performance insights, and API access for automation. For users who want scale without sacrificing simplicity, Binance makes options trading feel like a natural extension of the broader market experience.
Deribit handles more than 85% of global BTC and ETH options open interest, making it the platform of record for institutional and active traders. Its deep strike ladders, combo fee discounts, and mini-contracts support both heavy flow and tight strategies.
Traders can build advanced strategies using a wide range of strikes and expiries, supported by mini and regular contracts for broader flexibility. Fee breaks on multi-leg combos reward smart structure, making spreads and complex trades more cost-effective.
The platform is fast, stable under market volatility, and engineered for precision, with portfolio margining and analytics tools built into the interface. It’s unapologetically built for professionals, and for non-US traders, it’s still the closest thing crypto has to a true derivatives exchange.
OKX supports BTC and ETH options with expiries from 1-day to quarterly, and uniquely settles in crypto (BTC/ETH), not stablecoin. The platform offers both a simple order flow and a multi-leg simulator, making it unusually versatile across experience levels.
Each contract settles in the underlying coin, not stablecoin, which makes PnL feel more native to crypto holders who already think in BTC or ETH. Expiry choices are diverse, and the unified margin system lets capital flow efficiently across spot, futures, and options in a single account.
Portfolio margin is active across spot, futures, and options, letting capital stretch across multiple instruments without siloed risk. Add in solid liquidity, competitive fees, and a custom strategy builder, and OKX quietly becomes a favorite for hybrid traders who want speed and control without complexity.
Gate.io currently lists only BTC options, European-style and USDT-settled, with a retail-friendly interface and low capital barrier. You can buy puts or calls with a few clicks, but you won’t be writing contracts or executing complex trades here.
Only buy-side trades are allowed, meaning users can purchase calls or puts but cannot write options or construct more advanced strategies. Expiry selection is reasonable, but spreads are wide and liquidity tapers off quickly outside near-term, near-the-money strikes.
Gate’s strength lies in convenience; if you already hold BTC on the platform and want quick downside protection, it’s easy to execute. Serious options traders will find the toolset too limited, but for passive hedging, Gate covers the basics without complexity.
HTX supports BTC and ETH options into its derivatives suite with a focus on long-only trades and stablecoin settlement. Contracts are in either European or American style, with built-in suggestions for vertical spreads aimed at helping users control risk and cost.
The platform promotes structured trades like vertical spreads, encouraging users to control premium costs and manage risk more clearly. While you can’t write options or run complex strategies, the interface makes buying directional exposure intuitive and low-friction.
Liquidity is serviceable for near expiries and at-the-money strikes, though deeper trades may face slippage or thin books. HTX doesn’t chase advanced analytics but offers enough tooling to help new users explore options without getting overwhelmed.
KuCoin offers BTC and ETH options starting from just 10 USDT per contract, making it one of the lowest entry points on the list. Expiries include weekly, bi-weekly, and monthly, and positions auto-settle in USDT with capped trade and exercise fees.
The interface is clean and integrated into KuCoin’s broader trading app, offering simplified chains and mark pricing based on the Black-Scholes model. Only long positions are supported, which keeps risk capped but limits more advanced strategy construction for experienced users.
Liquidity is modest but growing, especially around short-term BTC strikes, and the exchange caps all trading and exercise fees to prevent overcharging on small trades. With tutorials, a test mode, and a large retail base, KuCoin positions options as an easy add-on for spot and futures users looking to expand.
Crypto options are trading contracts that give you the right to buy or sell a digital asset at a specific price on a future date. What sets them apart from other crypto derivatives is that you are never obligated to follow through; you can walk away if the market does not move your way.
Each contract is built around an underlying asset like BTC or ETH, usually priced in stablecoins, and tied to a defined expiry window. Some expire daily, others stretch into weekly, monthly, or quarterly cycles. You pay a premium to enter the trade, pick a strike price, and wait to see if the market crosses your line.
Options are not just about picking a direction. You can build positions that pay off when price moves, when it doesn't, or when it moves fast but unpredictably. The mechanics can get complex, but the power is simple: limit your risk, and define your edge before the trade even begins.
If you’re trading options, the platform might show you a clean order form, but the terminology behind it comes from decades of derivatives trading. These are the core ideas baked into every trade you place, whether you’re buying a simple call or structuring a full volatility spread.
Quick guide to crypto options terminology:
Options trading also includes deeper mechanics that become important as you gain experience, such as in-the-money probabilities, volatility skews, and max pain. These concepts help explain why prices behave a certain way near expiry and why some strike levels tend to attract price action.
Every options trade is built on the same inputs: strike, premium, time, and direction. Strategies combine these into defined setups that behave differently depending on market conditions. Some work best when volatility is rising, others when price stays still.
Below are four core approaches used by traders to manage risk, seek edge, or structure payoff.
The "covered call" is a strategy for earning extra income from coins you're already holding when you expect price to stay flat or drift. You sell a call option at a strike above the current price, collecting a premium that you keep as long as the asset doesn't rally past that level.
When to use: Popular with long-term holders during slow markets.
Example: You hold 1 BTC bought at 101800 and sell a 106000 call for 800 USDT. If BTC finishes below 106000 at expiry, you keep both the BTC and the premium.
A "protective put" acts as insurance when you're worried about downside but don't want to sell your position. You buy a put option with a strike below market, setting a worst-case exit price if the asset crashes. The cost of the put is your tradeoff for peace of mind, and if the market goes up, you lose only the premium.
When to use: Before high-risk events like earnings or major news.
Example: You hold 1000 SOL at 135 and buy a 120 put for 2.5 per coin. If SOL drops to 100, you can still sell at 120, limiting your loss to the premium paid.
The "long straddle" is a volatility play when you expect a large move but don't want to guess the direction. You buy a call and a put at the same strike and expiry, betting that one side will gain more than the combined cost of both. If price moves far enough in either direction, the trade can be profitable.
When to use: Works best before events like CPI prints, Fed meetings, or earnings.
Example: Buy an ETH 2200 call and 2200 put, each for 40 USDT. If ETH moves to 2360 or drops to 2040 before expiry, one leg becomes valuable while the other expires worthless.
An "iron condor" is a neutral strategy that profits from time decay and low volatility. You sell a put spread below market and a call spread above, collecting premium from both sides. The trade wins if the asset stays between the inner strikes until expiry, and the risk is defined by the width of each spread.
When to use: During quiet weeks when no big moves are expected.
Example: On BTC at 102000, you sell a 98000-96000 put spread and a 108000-110000 call spread. If BTC stays between 98000 and 108000, both spreads expire and you keep the full premium.
If you’ve been putting crypto options off, brushing them aside as “too complex” or “for later,” you’re not alone. But the market doesn’t wait, and neither does opportunity.
Options give you tools that spot and futures can’t: timing, control, and asymmetry when it matters most. They might be a worthwhile addition to your trading arsenal, especially if you’re already active on one of the platforms we’ve covered.
European options can only be exercised at expiration. Most crypto platforms (such as Deribit and Binance) use this model for simplicity and consistency.
Most crypto options platforms charge a fee per trade based on the notional value of the contract, typically around 0.02% to 0.05%. Some also charge a separate exercise fee if the option finishes in the money.
Platforms may set a minimum fee per contract, and in some cases, offer discounts for high-volume traders or multi-leg strategies. Always check whether fees are charged on both entry and exit, and if there are limits or caps on total fees per trade.
This depends on your jurisdiction. In many countries, options are treated as capital gains or derivatives income, so consult a tax advisor for specifics.
Yes. Most crypto options platforms are cash-settled, meaning you can trade them without owning BTC or ETH. Profit and loss are settled in USDT or another stablecoin.
While both are derivatives, crypto options give you the right to trade, whereas futures come with an obligation. With options, your downside is limited to the premium paid, and you can build asymmetric trades (small risk, larger potential gain).
Futures, on the other hand, offer linear exposure, where gains and losses move 1:1 with the market, which can mean high risk without protection. Traders often use options for hedging or volatility plays, while futures are more suited to directional bets and high-leverage trades.