Cryptocurrency trading has evolved far beyond simple spot purchases. Today, sophisticated investors are turning to advanced financial instruments like crypto options to hedge risk, speculate on price movements, and maximize capital efficiency. Whether you're looking to go long, short, or protect an existing portfolio, options provide strategic flexibility in volatile markets.
In this guide, we’ll explore five leading exchanges where you can trade crypto options, compare their key features, fee structures, and unique offerings — helping you make informed decisions in your trading journey.
What Are Crypto Options?
Crypto options are a type of derivative contract that gives traders the right, but not the obligation, to buy or sell a cryptocurrency at a predetermined price (the strike price) before or on a specific expiration date.
There are two primary types:
- Call options: Allow the holder to buy crypto at a set price.
- Put options: Allow the holder to sell crypto at a set price.
When trading Bitcoin or Ethereum options, investors pay a premium upfront for this right. These contracts are often European-style, meaning they can only be exercised at expiration — unlike American-style options, which allow early exercise.
Options can be used for various strategies:
- Hedging against downside risk
- Leveraged speculation in bull or bear markets
- Income generation through premium selling
And just like traditional finance, crypto options are settled either in cash (usually USDT or USD) or in the underlying asset, depending on the exchange.
Now, let’s dive into the top platforms offering crypto options trading today.
Bit.com – High-Performance Derivatives With Unified Margin
Bit.com is a powerful institutional-grade derivatives exchange designed for both retail and professional traders. It stands out with its support for portfolio margining, a feature that significantly improves capital efficiency by allowing users to use their entire portfolio as collateral across multiple product types.
One of its standout features is the Unified Margin (UM) system, which enables seamless trading across spot, margin, futures, and options within a single account. This eliminates the need to transfer funds between isolated accounts — reducing friction and improving liquidity utilization.
All assets in the unified account are pooled and denominated in USDT as margin. Profits and losses from different positions are netted together, lowering the chance of forced liquidation due to isolated position volatility.
👉 Discover how unified margin trading can boost your capital efficiency
The platform also supports block trading via integrations with Paradigm and ACCX, making it attractive for large-volume traders seeking minimal market impact.
Fees on Bit.com:
- Maker fees: Start at 0.0200%
- Taker fees: Start at 0.0300%
- Seven-tier fee structure based on 30-day trading volume
This competitive pricing makes Bit.com a strong contender for active options traders focused on cost control and risk management.
Deribit – The Institutional Favorite for Crypto Options
Based in Amsterdam, Deribit is one of the most established names in crypto derivatives. It dominates the Bitcoin and Ethereum options market, particularly among institutional traders and hedge funds.
Deribit offers European-style options on BTC and ETH — exercisable only at expiry — with cash settlement in USD. The platform also provides a full suite of futures products, including perpetuals and fixed-expiry contracts.
One reason for its popularity is its deep liquidity and transparent pricing model. Deribit uses a standard maker-taker fee structure, incentivizing market makers with lower fees.
Key Fee Details:
- Trading fee: 0.04% of underlying asset value per contract
- Delivery fee: Additional 0.02% charged upon settlement
While these fees may seem modest, frequent traders should account for the delivery cost when calculating net returns.
Deribit’s clean interface, robust API, and advanced analytics tools make it ideal for algorithmic traders and institutions managing complex hedging strategies.
FTX – On-Demand Options With RFQ System
FTX, founded in 2019 by Sam Bankman-Fried and Alameda Research, brought innovation to crypto derivatives with its Request for Quote (RFQ) system.
Instead of relying on pre-listed contracts with fixed strikes and expiries, FTX allows traders to request custom options directly. This means virtually unlimited combinations of strike prices and expiration dates — perfect for tailored hedging or speculative plays.
Like others, FTX offers European-style Bitcoin options, settled in USD at expiry. The platform also supports leveraged tokens, MOVE contracts (betting on volatility), and up to 101x leverage on certain futures.
Trading Fees:
- Maker fees: Range from 0.020% down to 0.000%
- Taker fees: Range from 0.070% to 0.040%
- Six-tier volume-based discount system
Although FTX faced challenges in late 2022, its technological legacy continues to influence other platforms in terms of product design and user experience.
OKX – Full-Suite Trading With Portfolio Margin Flexibility
OKX (formerly OKEx) is a global leader in cryptocurrency trading, offering everything from spot and margin to futures, perpetual swaps, and advanced options trading.
Its Unified Account system — also known as Portfolio Margin — is one of the most flexible in the industry. Traders can manage spot, futures, and options positions under a single risk-adjusted margin framework.
OKX offers three distinct modes to suit different trader profiles:
- Simple Mode: Ideal for beginners and spot/options buyers who want straightforward access.
- Single-Currency Margin Mode: Offers choice between cross or isolated margin per currency.
- Multi-Currency & Portfolio Margin Mode: Maximizes capital efficiency by pooling all assets as collateral.
This tiered approach ensures both novice and professional traders get the right tools without unnecessary complexity.
👉 See how portfolio margining can streamline your multi-product trading strategy
Fee Structure:
- Market makers: 0.1% fee
- Market takers: 0.15% fee
While slightly higher than some competitors, OKX compensates with excellent liquidity, strong security practices, and a user-friendly interface.
Binance – Global Liquidity Leader With Integrated Options
As the world’s largest crypto exchange by volume, Binance brings unmatched liquidity to its derivatives markets. Through Binance Futures, users can trade European-style Bitcoin options with up to 125x leverage.
All contracts are priced and settled in USDT, simplifying accounting for traders using stablecoins. Binance uses a two-part fee model:
- Transaction fee: 0.03% of underlying asset value (based on index price)
- Exercise fee: 0.015% of exercise price
Importantly:
- Exercise fee cannot exceed 10% of the transaction fee
- If exercised profitably, the fee is capped at 10% of the profit earned
This cap protects traders from disproportionate costs during high-volatility events.
Binance’s massive user base ensures tight spreads and rapid execution — crucial factors for options traders managing time-sensitive strategies.
Frequently Asked Questions (FAQ)
Q: What are the benefits of trading crypto options over spot trading?
A: Options offer leverage, hedging capabilities, and defined risk (for buyers). You can profit from price moves without owning the asset outright.
Q: Are crypto options settled in cryptocurrency or cash?
A: Most major exchanges settle options in cash — typically USD or USDT — rather than delivering the actual coin.
Q: Can I trade Ethereum options on these platforms?
A: Yes — Deribit, OKX, and Bit.com support Ethereum (ETH) options alongside Bitcoin.
Q: What is portfolio margin and why does it matter?
A: Portfolio margin combines all your positions and collateral into one risk-calculated account, increasing capital efficiency and reducing liquidation risk.
Q: Do I need experience to trade crypto options?
A: While beginners can start with simple calls and puts, understanding volatility, Greeks (like delta and gamma), and expiration dynamics is recommended for consistent success.
👉 Learn advanced options strategies with real-time market data
Final Thoughts
As institutional interest grows, crypto options are becoming essential tools for serious traders. Platforms like Bit.com, Deribit, FTX (legacy influence), OKX, and Binance offer varying degrees of sophistication — from custom RFQ systems to unified margin accounts.
Your choice depends on your trading style:
- Prefer deep liquidity? Go with Binance or Deribit.
- Need capital efficiency? Choose OKX or Bit.com.
- Want custom contracts? FTX’s RFQ model was groundbreaking.
Regardless of your path, integrating options into your strategy can enhance returns and reduce risk — especially in unpredictable crypto markets.
By focusing on platforms with strong security, transparent fees, and advanced risk management tools, you position yourself for long-term success in the evolving digital asset landscape.