Options Contract Specifications

European-style USD-settled options

This platform provides European-style USD-settled options. European-style options can only be exercised at expiration, not before. The options are priced in USD using exchange rates based on a mix of trusted price sources.

Non-deliverable BTC Options

Underlying Asset/Ticker	BTC index
Symbol	The symbol of an options contract consists of the underlying asset, expiration date, strike price, and option type (C - call / P - put). Example: BTC-30MAR2019-10000-C This is a call option (C) with a strike price of 10,000 USD, expiring on March 30, 2019. Note: API traders may see contracts displayed in this format, but the symbol rarely appears in the app.
Trading Hours	24/7
Tick Size	0.01 USD
Strike Prices	Strike prices are added and removed at the platform’s discretion. Generally, the aim is to maintain in-the-money, at-the-money, and out-of-the-money strike prices, with new series being introduced when the underlying asset price changes significantly or when demand for specific strikes is high.
Premium Quotation	Premiums are quoted in USD to two decimal places.
Expiration	0800 UTC on the expiration date.
Exercise Style	European-style with USD settlement. In-the-money European-style options are automatically exercised at expiration, requiring no action from the trader.
Payoff Value	The exercise of an options contract results in a USD payout once a final settlement price is determined shortly after the expiration time. The final settlement price is calculated using an EMA-based smoothing over the last 300 seconds of pricing ticks for the index. If the option is "in-the-money," the payout value in USD equals the difference between the final settlement price and the option's strike price, multiplied by the contract size and the quantity of options held.
Contract Size	The contract size for BTC options is 1 BTC, meaning each contract represents 1 BTC as the underlying asset.
Initial Margin	The initial margin is calculated as the amount of BTC reserved when opening a position. Long call/put: Quantity * Limit
Maintenance Margin	The maintenance margin is calculated as the amount of BTC reserved to keep a position open. Long call/put: None
Mark Price	The mark price of an options contract is its current value, as determined by the risk management system. Typically, this is calculated as the average of the best bid and ask prices. However, to manage risk, a price bandwidth is enforced. The risk management system sets strict limits for the minimum and maximum implied volatility (IV) allowed at any time. Example: If the limits are set at 60% minimum IV and 90% maximum IV, then an option with a mid-price IV above 90% will be marked at 90% IV. An option with a mid-price IV below 60% will be marked at 60% IV. Note that 60% and 90% are just examples; actual rates vary.
Allowed Trading Bandwidth	Max Price (Buy order) = Mark Price + 0.04 BTC

Underlying Asset/Ticker

BTC index

Symbol

The symbol of an options contract consists of the underlying asset, expiration date, strike price, and option type (C - call / P - put).

Example: BTC-30MAR2019-10000-C This is a call option (C) with a strike price of 10,000 USD, expiring on March 30, 2019.

Note: API traders may see contracts displayed in this format, but the symbol rarely appears in the app.

Trading Hours

24/7

Tick Size

0.01 USD

Strike Prices

Strike prices are added and removed at the platform’s discretion. Generally, the aim is to maintain in-the-money, at-the-money, and out-of-the-money strike prices, with new series being introduced when the underlying asset price changes significantly or when demand for specific strikes is high.

Premium Quotation

Premiums are quoted in USD to two decimal places.

Expiration

0800 UTC on the expiration date.

Exercise Style

European-style with USD settlement. In-the-money European-style options are automatically exercised at expiration, requiring no action from the trader.

Payoff Value

The exercise of an options contract results in a USD payout once a final settlement price is determined shortly after the expiration time. The final settlement price is calculated using an EMA-based smoothing over the last 300 seconds of pricing ticks for the index.

If the option is "in-the-money," the payout value in USD equals the difference between the final settlement price and the option's strike price, multiplied by the contract size and the quantity of options held.

Contract Size

The contract size for BTC options is 1 BTC, meaning each contract represents 1 BTC as the underlying asset.

Initial Margin

The initial margin is calculated as the amount of BTC reserved when opening a position.

Long call/put: Quantity * Limit

Maintenance Margin

The maintenance margin is calculated as the amount of BTC reserved to keep a position open.

Long call/put: None

Mark Price

The mark price of an options contract is its current value, as determined by the risk management system. Typically, this is calculated as the average of the best bid and ask prices. However, to manage risk, a price bandwidth is enforced. The risk management system sets strict limits for the minimum and maximum implied volatility (IV) allowed at any time.

Example: If the limits are set at 60% minimum IV and 90% maximum IV, then an option with a mid-price IV above 90% will be marked at 90% IV. An option with a mid-price IV below 60% will be marked at 60% IV. Note that 60% and 90% are just examples; actual rates vary.

Allowed Trading Bandwidth

Max Price (Buy order) = Mark Price + 0.04 BTC

Non-deliverable ETH Options

Underlying Asset/Ticker	ETH index
Symbol	The symbol of an options contract consists of the underlying asset, expiration date, strike price, and option type (C - call / P - put). Example: ETH-31AUG2021-10000-C This is a call option (C) with a strike price of 10,000 USD, expiring on August 31, 2021. Note: API traders may see contracts displayed in this format, but the symbol rarely appears in the app.
Trading Hours	24/7
Tick Size	0.01 USD
Strike Prices	Strike prices are added and removed at the platform’s discretion. Generally, the aim is to maintain in-the-money, at-the-money, and out-of-the-money strike prices, with new series being introduced when the underlying asset price changes significantly or when demand for specific strikes is high.
Premium Quotation	Premiums are quoted in USD to two decimal places.
Expiration	0800 UTC on the expiration date.
Exercise Style	European-style with USD settlement. In-the-money European-style options are automatically exercised at expiration, requiring no action from the trader.
Payoff Value	The exercise of an options contract results in a USD payout once a final settlement price is determined shortly after the expiration time. The final settlement price is calculated using an EMA-based smoothing over the last 300 seconds of pricing ticks for the index. If the option is "in-the-money," the payout value in USD equals the difference between the final settlement price and the option's strike price, multiplied by the contract size and the quantity of options held.
Contract Size	The contract size for ETH options is 1 ETH, meaning each contract represents 1 ETH as the underlying asset.
Initial Margin	The initial margin is calculated as the amount of ETH reserved when opening a position. Long call/put: Quantity * Limit
Maintenance Margin	The maintenance margin is calculated as the amount of ETH reserved to keep a position open. Long call/put: None
Mark Price	The mark price of an options contract is its current value, as determined by the risk management system. Typically, this is calculated as the average of the best bid and ask prices. However, to manage risk, a price bandwidth is enforced. The risk management system sets strict limits for the minimum and maximum implied volatility (IV) allowed at any time. Example: If the limits are set at 60% minimum IV and 90% maximum IV, then an option with a mid-price IV above 90% will be marked at 90% IV. An option with a mid-price IV below 60% will be marked at 60% IV. Note that 60% and 90% are just examples; actual rates vary.
Allowed Trading Bandwidth	Max Price (Buy order) = Mark Price + 0.04 ETH