Options are a sophisticated trading instrument that allows traders to manage their risk or speculate on price movements. Options are gradually gaining popularity among cryptocurrency traders, as an increasing number of crypto traders is pursuing more complex strategies in their hunt for profits.
In this article, we’ll be showcasing the 6 best crypto options trading platforms. We considered several key aspects of crypto options trading, including liquidity, fees, ease of use, supported cryptocurrencies and more.
Key highlights:
- An option is a type of financial derivative that gives its holder the right to buy or sell an asset (for example BTC) at a specified price at a specified date.
- For most people, options are less intuitive than futures contracts, which are much more popular in the crypto industry.
- Crypto options trading is still a relatively niche part of the cryptocurrency trading sector, but a growing number of platforms is adopting it.
- We have selected 8 of the best platforms where you can trade crypto options.
What is crypto options trading?
Before we get started with our list of the best crypto options trading platforms, let’s first learn a little bit about the concept of crypto options trading.
The term “crypto options trading” refers to trading options contracts that have a cryptocurrency as their underlying asset. The vast majority of crypto options trading is done on options where the underlying asset is either Bitcoin or Ethereum.
An options contract gives its holder the right (but not the obligation) to purchase or sell an asset at a specified price on a specified date, which is called the expiration date. The price specified in the option contract is called the strike price.
Depending on the style of option contract, the holder of the option can also purchase the asset at the specified price before the expiration date. If the holder decides to purchase or sell an asset this way, we say that the option was “exercised”.
A European-style option can only be exercised on the expiration date. Meanwhile, an American-style option can be exercised on the expiration date or before.
Traders who are speculating that the price of the asset will increase buy “call” options, which give them the right to purchase the asset at the specified price. Meanwhile, traders who are speculating that the price of the asset will decline buy “put” options, which give them the right to sell the asset at the specified price.
The best crypto options trading platforms in 2024
Now that we’ve refreshed our knowledge of options, let’s check out the 8 best crypto options trading platforms in 2024:
- Binance – The world’s biggest cryptocurrency exchange
- CoinCall – A streamlined crypto options and futures platform
- Deribit – The most liquid crypto options trading platform
- Bybit – A versatile crypto exchange with options trading feature
- OKX – One of the most popular destinations for crypto options traders
- Delta Exchange – Crypto derivatives platform that’s best known for its options
- CME – A regulated exchange in the United States
- Crypto.com – Popular crypto exchange with CFTC-regulated crypto options for US traders
| Supported assets for crypto options | Options fees | Supported countries | |
|---|---|---|---|
| Binance | BTC, ETH, BNB, XRP, DOGE | 0.03% for both maker and taker orders | Global (excluding US and certain other countries) |
| CoinCall | BTC, ETH and 10 altcoins | 0.03% maker fee and 0.10% taker fee for ETH and BTC options. 0.02% maker fee and 0.06% taker fee for altcoins | Global (excluding US and certain other countries) |
| Deribit | BTC, ETH | 0.03% of the underlying or 0.0003 BTC / ETH per contract | Global (excluding US and certain other countries) |
| OKX | BTC, ETH | 0.02% maker fee, 0.03% taker fee | Global (excluding US and certain other countries) |
| Bybit | BTC, ETH, SOL | 0.02% for both taker and maker orders | Global (excluding US and certain other countries) |
| CME | BTC, ETH | Varies by type of customer and options product | US |
| Delta Exchange | BTC, ETH | 0.03% for both maker and taker orders | Global (excluding US and certain other countries) |
| Crypto.com | BTC, ETH and 8 altcoins | $1 exchange fee and $0.99 technology fee per contract | US |
1. Binance – The world’s biggest cryptocurrency exchange
Binance is the world’s largest cryptocurrency exchange, and its extensive suite of products also includes crypto options. At the time of writing, Binance offers options on Bitcoin, Ethereum, BNB, and XRP.
Binance Options is a well-designed options trading platform that provides a useful alternative to popular types of crypto derivatives, such as perpetuals contracts. The options offered on Binance Options are European-style options, which means that they cannot be exercised before their expiration date.
Trade Crypto Options on Binance
You can trade options on the Binance app, so the exchange is also worth considering if you’re looking for a crypto options trading app.
If you’re a sophisticated crypto options trader, however, Binance might not be the best choice, as their options have relatively low volume and open interest. Still, Binance Options should more than suffice for traders that like to occasionally supplement their crypto strategies with options.
2. CoinCall – A streamlined crypto options and futures platform
CoinCall is a relative newcomer to the crypto options trading space that has quickly made a name for itself thanks to a very user-friendly interface and a variety of options and futures contracts. The platform supports both Bitcoin and Ethereum options with a wide range of expiration dates, starting from 1 day.
Where CoinCall differentiates itself from other competitors in the space are the high leverage amounts traders can use. The leverage amount goes up to as high as 99,999x, which is a hundred times more than most other options platforms.
Trade Crypto Options on CoinCall
In addition to options, users can trade crypto futures as well. The selection includes not only crypto staples like Bitcoin, Ethereum, and Litecoin but also smaller market-cap coins and tokens like Blur, SingularityNET, and Conflux.
Another unique characteristic of CoinCall is the way it handles users’ funds. The company stores customer assets with high-profile third-party custodians like Copper, Cobo, and Clearloop. This means that in the unlikely event that CoinCall is targeted in an attack, users can rest assured that their funds are completely safe.
3. Deribit – The most liquid crypto options trading platform
Deribit is currently the dominant player in the cryptocurrency options market. At the time of writing, Deribit has a market share of over 90% when it comes to open interest for Bitcoin options, according to The Block’s data dashboard.
Currently, Deribit only offers options on Bitcoin and Ethereum, but the platform is still the most popular destination for cryptocurrency options trading thanks to its sophisticated offering.
Trade Crypto Options on Deribit
Even though Deribit provides an institutional-grade crypto derivatives platform, it also has features that are friendly to beginners. The exchange provides a free course on options trading, and a tool called the Options Discovery which allows traders that are just getting familiar with options to understand how options work using concrete examples.
Deribit also offers a testnet version of their trading platform, where traders can try out new strategies without taking on risk.
4. Bybit – A versatile crypto exchange with options trading feature
Bybit is a popular cryptocurrency exchange that introduced its crypto options product in 2022. The exchange currently offers Bitcoin, Ethereum and Solana options, all of which are margined and settled with the USDC stablecoin. This makes the options on Bybit more convenient when calculating returns.
The options offered by Bybit are European-style options, which means that they can only be exercised at the contract’s expiration date.
When trading Bybit options, you can use the portfolio margin mode, which can improve capital efficiency when used correctly. The fees on Bybit’s options trading platform start at 0.03% for both takers and makers, but can be lowered all the way to 0.01% depending on the trader’s Bybit account level.
If you’re already a Bybit user and want to trade crypto options, the exchange’s options platform is worth considering. In addition, Bybit is one of the few places where you can trade options on Solana, which makes it an interesting proposition for SOL investors.
5. OKX – One of the most popular destinations for crypto options traders
OKX is one of the biggest exchanges in the crypto and blockchain industry, and is also among the main destinations for those interested in cryptocurrency options trading. Currently, OKX offers options trading on Bitcoin and Ethereum.
The options listed on OKX are European-style options, which is in line with what you’ll find on most other crypto exchanges. OKX currently only offers crypto-margined futures. The fees for options trading on OKX start at 0.020% for maker orders and 0.030% for taker orders, but can be lowered significantly if the user has a high account level.
Notably, OKX offers a feature called “Simple Options”, which is designed to introduce options to traders who don’t have a lot of experience with this kind of trading instrument.
More advanced traders will likely opt for the “Pro” trading mode, which experienced options traders will be able to get accustomed to very easily.
6. Delta Exchange – Crypto derivatives platform best known for its options
Delta Exchange is a cryptocurrency derivatives trading platform that’s best known for its options offering. On Delta Exchange, users can trade European-style options on Bitcoin and Ethereum.
The options on Delta Exchange are settled in the USDT stablecoin. The exchange’s suite of options trading products also includes MOVE options, which allow users to speculate on the volatility of either Bitcoin or Ethereum.
Trade Crypto Options on Delta Exchange
A great feature of Delta Exchange is the Easy Options mode for less experienced traders, which suggests trading ideas to users based on their view of the market.
If you’re not experienced with trading cryptocurrency options, Delta Exchange also offers a “Mock Trading” mode where you can play around with options trading while not putting any of your funds at risk.
7. CME – A regulated exchange in the United States
CME is a regulated exchange in the United States. It offers options on Bitcoin and Ether futures, which provide a unique way for sophisticated traders to access the cryptocurrency markets.
Essentially, buyers of Bitcoin or Ether options on CME receive the right to purchase or sell the corresponding futures contract at the strike price. The options on crypto futures offered by CME are European-style options.
To give traders more flexibility, CME offers weekly options on Ether futures, as well as weekly options on micro Ether futures. The same is true for the options based on Bitcoin futures contracts.
If you’re looking for crypto options trading in the USA market, CME is definitely an option worth considering. However, you should keep in mind that crypto options trading on CME is aimed towards more sophisticated traders.
8. Crypto.com – Popular crypto exchange with CFTC-regulated crypto options for US traders
Crypto.com is a popular cryptocurrency exchange that offers practically all of the functionality one would expect from a modern crypto trading platform. While options trading is hardly a focal point of Crypto.com’s offering, the exchange does offer CFTC-regulated crypto options for traders in the United States.
Eligible users of the Crypto.com App can access Strike Options and UpDown Options trading products. Crypto.com’s options products support BTC, ETH, LTC, BCH, DOGE, AVAX, LINK and DOT trading.
Trade Crypto Options on Crypto.com
With Strike Options, users can speculate on whether a cryptocurrency will exceed a certain price target at a specified time. Users are presented with the trade’s potential profit and loss upfront, allowing them to have more control over the risk they’re taking on.
Meanwhile, UpDown Options is an options product where the trade is automatically closed if the cryptocurrency’s price hits a specified price.
The bottom line
Cryptocurrency options are still a relatively niche product, and are much less popular among traders than futures contracts. Most crypto options trading platforms only offer options on Bitcoin and Ethereum, while you can trade a much broader range of cryptocurrencies through futures.
Still, there’s a solid selection of reputable crypto options trading platforms available, which is helpful for traders who are looking to implement more advanced strategies enabled by options.
If you’re looking for more high-quality platforms for trading cryptocurrency, make sure to check out our selection of the best crypto exchanges available on the market today.