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 are pursuing more complex strategies in their hunt for profits.
Crypto options trading in 2024 offers a diverse range of platforms that cater to different needs. From the high liquidity of Deribit to the user-friendly interface of Bybit, each platform offers unique features and benefits.
In this article, we’ll be showcasing the 10 best crypto options trading platforms as of 2024. We considered several key aspects of crypto options trading, including liquidity, fees, ease of use, supported cryptocurrencies, and more.
Quick overview of the best crypto options trading platforms in 2024:
| Platform | Supported assets for crypto options | Options fees | Supported countries |
| Binance | BTC, ETH, BNB, XRP | 0.1% (maker/taker for futures) | Global (excluding US and certain other countries) |
| CoinCall | BTC, ETH, SOL, DOGE, various 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, MATIC, SOL, XRP | 0.03% (maker/taker, capped at 12.5% of option’s value) | Global (excluding US and certain other countries) |
| Derive | BTC, ETH (decentralized, USDC as collateral) | 0.03% * notional volume (maker), $0.5 + 0.04% * notional volume (taker) | Global (excluding US and certain other countries) |
| Bybit | BTC, ETH, SOL (settled in USDC) | 0.03% (maker/taker) | Global (excluding US and certain other countries) |
| OKX | BTC, ETH | 0.02% (maker), 0.03% (taker) | Global (excluding US and certain other countries) |
| Delta Exchange | BTC, ETH, MOVE options (BTC, ETH volatility) | 0.02% (maker), 0.05% (taker) | Global (excluding US and certain other countries) |
| CME | BTC, ETH | Varies by type of customer and options product | US |
| Crypto.com | BTC, ETH, LTC, BCH, DOGE, AVAX, LINK, DOT | 0.075% (maker/taker) | US |
| Huobi Options | BTC, ETH | 0.02% (maker), 0.05% (taker) | Global (excluding US and certain other countries) |
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 with a cryptocurrency as their underlying asset. The vast majority of crypto options trading is done on options, with the underlying asset being 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.
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 on a specified date. Crypto options trading is still a relatively niche part of the cryptocurrency trading sector, but a growing number of platforms are adopting it. You can use our options profit calculator to see how much you can expect to earn from trading options.
Depending on the style of an 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 to 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 10 best crypto options trading platforms available in the market right now.
1. Binance: The world’s biggest cryptocurrency exchange
Binance has been the largest cryptocurrency exchange for some time now, and there’s a reason for that. Binance’s trading fees are typically around 0.1% for both maker and taker orders. It’s a fairly cost-effective choice for traders, though some platforms on our list have lower fees. Binance currently supports options for BTC, ETH, BNB and XRP.
The platform boasts high liquidity markets, which is great for all kinds of trading, options trading included. Also, Binance allows you to leverage your positions up to 20x for futures trading.
Operating 24/7, Binance guarantees that you can access options markets at any time, a significant advantage in the highly volatile cryptocurrency environment.
Binance’s options are European-style, meaning they can only be executed on the expiration date, which adds another layer of predictability to your trading strategies. With its advanced features and competitive fees, Binance is a top choice you can’t really go wrong with.
2. CoinCall: A streamlined crypto options and futures platform
CoinCall’s focus is on a user-friendly interface and advanced trading features. When you choose CoinCall, you gain access to an all-encompassing platform that offers options trading for BTC, ETH, SOL, DOGE, as well as many other altcoins. They call themselves the “Largest Altcoin Options Exchange”.
On CoinCall, you can leverage advanced charting tools and real-time market data to enhance your trading experience and decision-making capabilities. The platform also includes educational resources and tools designed to help you understand options trading strategies, market trends, and risk management.
Where CoinCall differentiates itself from other competitors in the space is 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.
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.
With competitive fee structures, CoinCall appeals to cost-conscious traders seeking to maximize their profitability in the crypto options market. By combining advanced trading tools with accessible educational materials, CoinCall positions itself as a go-to platform for traders looking to navigate the complexities of crypto options trading in 2024.
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 85% on any given day when it comes to open interest in Bitcoin options, according to The Block’s data dashboard.
As the largest Bitcoin derivatives exchange, Deribit primarily focuses on options trading for BTC and ETH, although you can also trade MATIC, SOL, and XRP. Fees are starting at 0.03% for both maker and taker orders, capped at no more than 12.5% of the option’s value.
To trade options on Deribit, the minimum order sizes are set at 0.1 BTC for BTC options and 1 ETH for ETH options.
The platform’s focus on derivatives and extensive trading capabilities makes it an excellent choice for crypto options trading in 2024.
4. Derive (formerly Lyra Finance): Decentralized crypto options trading platform
Although cryptocurrency options trading is primarily the domain of centralized exchanges, we’re now also seeing decentralized protocols that allow users to trade options on-chain without having to give up custody of their crypto.
One of the best examples of DeFi protocols that offer options trading is Derive, which has already demonstrated the ability to handle billions of dollars worth of options trading volume. It combines advanced liquidity provision and risk management techniques to create and trade options on various cryptocurrencies.
On Derive, you can trade European-style options on BTC and ETH, with collateral accepted in the form of USDC or the contract’s base asset (for example, ETH or wBTC). This setup allows for efficient liquidity provision.
Derive utilizes a unique pricing model that combines liquidity pools and automated market makers to determine the pricing of options. This approach guarantees efficiency and accessibility for traders, who can execute complex strategies with capped margin requirements.
Their option fee structure is 0.03% * notional volume for makers and $0.5 + 0.04% * notional volume for takers.
Apart from options trading, Derive can also be used to trade perpetual contracts, and there are plans to add support for spot markets as well. Trades are settled to Derive Protocol, which is deployed on the Derive Chain, an optimistic rollup that benefits from the security of the Ethereum network.
From the trader’s perspective, the biggest advantage of this setup is that you don’t pay any gas fees when trading on Derive. You only need to pay a gas fee when depositing funds or withdrawing funds from it. Also, using an optimistic rollup gives Derive a significant performance boost and therefore a smoother user experience.
With an unusual mix of features, Derive could serve as a pioneer. As a growing number of users becomes comfortable with trading on-chain, we could very well see the market for decentralized derivatives protocols grow significantly
5. 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.
You can utilize leverage of up to 100x, which is definitely on the higher side.
Bybit’s fee structure is competitive within the crypto options market. Maker and taker fees start at 0.03% of the underlying asset value, but they can be lowered all the way down to 0.01%, depending on your Bybit account level. The minimum order size is set at 0.01 BTC or 0.01 ETH, making it accessible for various trading strategies.
Bybit’s platform design aims to accommodate a broad range of traders. It includes advanced futures trading tools and offers a demo trading platform for those looking to test their strategies without risking their own funds.
The combination of competitive trading fees, high leverage options, and a user-friendly interface positions Bybit a solid choice, especially if you already have a high level account on the platform.
6. OKX: One of the most popular destinations for crypto options traders
OKX boasts a 4.5 rating for user experience. Currently, OKX offers options trading on Bitcoin and Ethereum.
When it comes to fees, competitive maker fees start at 0.02% and taker fees at 0.03%. The minimum order size for options trading is set at 0.01 BTC.
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.
The platform’s focus on user experience and competitive fee structure makes it an attractive choice for crypto options trading.
7. 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.
Delta Exchange offers competitive maker fees starting at 0.02% and taker fees at 0.05%. The platform also offers leverage options that allow you to amplify your positions and potential returns on your investments.
You can engage in both American and European style options trading, which offers flexibility in your trading strategies and execution.
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.
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.
8. CME: A regulated exchange in the United States
The CME (Chicago Mercantile Exchange) is a premier and reputable platform for trading cryptocurrency options, particularly for those interested in Bitcoin and Ethereum.
CME is a regulated exchange in the United States, which is not something that many exchanges can say.
Essentially, CME’s Bitcoin options are based on the underlying Bitcoin futures contracts, which let you hedge your positions or speculate on price movements with the flexibility of options. The exchange offers a transparent pricing model with competitive fees, which attracts institutional investors and advanced traders who seek reliable trading environments.
CME’s options contracts have a standardized size of 5 BTC, and they settle in cash rather than physical delivery, simplifying the trading process for participants. This setup guarantees that you can manage your crypto exposure efficiently.
The platform operates with tight regulatory oversight, so it’s a secure and trusted environment for trading cryptocurrency options.
Trading crypto options on CME means you’re dealing with Bitcoin options that are closely tied to the futures market, giving you more precise control over your investments.
9. 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, with a sleek mobile app supporting a wide range of cryptocurrencies and trading features.
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 trading in BTC, ETH, LTC, BCH, DOGE, AVAX, LINK, and DOT.
You’ll find very competitive trading fees starting as low as 0.075% for both maker and taker orders.
Strong security measures are in place, including two-factor authentication and cold storage for the majority of user funds, ensuring the safety of your digital assets.
The user-friendly interface is designed for on-the-go trading, so it’s convenient for you to manage your investments from mobile devices.
With low fees and diverse trading options, Crypto.com is a versatile and modern platform.
10. Huobi Options: Reputable exchange offering a derivatives platform
Huobi Options is a platform for cryptocurrency derivatives, and it offers users the ability to trade options on BTC and ETH. Fees start at 0.02% for maker and 0.05% for taker orders.
Huobi Options provides diverse trading possibilities with call and put options, which is great for adapting to various market conditions and preferences. The platform has a user-friendly interface that facilitates efficient navigation and execution of trades.
Advanced features such as leverage options of up to 100x are also available. To mitigate risks, Huobi Options offers educational resources to help you navigate the complexities of options trading.
The platform’s reputation, infrastructure and regulatory compliance provide a secure and reliable trading environment. Huobi Options caters to a wide range of investors by offering a variety of options trading products, and is one of the few exchanges that include both European option spreads and American standalone options.
Frequently asked questions
Can you trade options for crypto?
Yes, crypto options trading allows traders to buy or sell options contracts based on cryptocurrencies like Bitcoin and Ethereum. These contracts give traders the right, but not the obligation, to execute the trade at a specific price before or on a set expiration date.
Is crypto options trading profitable?
Crypto options trading can be profitable for experienced traders who understand market trends and manage risks effectively. However, it carries significant risks due to the volatility of cryptocurrencies.
Which crypto exchange is best for options trading?
If we had to pick one, we’d likely go with Deribit, simply due to its very high liquidity and extensive range of options for Bitcoin and Ethereum. Other popular options include Binance, CoinCall, and Bybit, which also offer competitive features for various types of traders.
Can you trade options on Binance?
Yes, Binance offers crypto options trading for Bitcoin, Ethereum, BNB and XRP. It provides European-style options with competitive fees and a user-friendly platform for traders.
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.
