Best Crypto Options Trading Platforms
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Crypto options are contracts that offer investors the right but not the obligation to purchase or sell the underlying asset. The extra level of flexibility allows traders to speculate on price movements, hedge existing positions, and earn extra income. There are now several reputable platforms with varying features, fees, and user-friendliness to trade crypto options.
This also makes it difficult to choose the right provider. The team at HedgewithCrypto has curated a list of our top crypto options platforms to help you make a final decision, with a checklist of what to look out for when selecting a crypto options trading platform.
Best Options Trading Platforms For Crypto
- Bybit (best for stablecoin option trading)
- Binance (best for low options trading fees)
- Crypto.com (best for USDC holders)
- Huobi (best for American-style crypto options)
- OKX (best for option trading features)
- StormGain (best options platform for beginners)
- Deribit (best for professional options traders)
- Delta Exchange (best for altcoin options)
- Quedex (best for Bitcoin options trading)
Crypto Options Exchanges Compared
| Platform | Cryptocurrencies | Options contracts | Trading fees |
|---|---|---|---|
| ByBit | BTC, ETH, and SOL | European-style USDC-margined | 0.03% |
| Binance | BTC, ETH | American and European-style USDT-margined | 0.02% |
| Crypto.com | BTC | European-style USDC settled | 0.034% |
| Huobi | BTC, ETH, and DOGE | European and American-style USDT-settled | 0.005 USD per contract |
| OKX | BTC, ETH, and SOL | European-style coin-margined | 0.03% plus 0.02% exercise fee |
| StormgGain | BTC, ETH | European-style USDT settled | 10% profit share on winning trades |
| Deribit | BTC, ETH, and SOL | European-style coin-margined | 0.03% |
| Delta Exchange | BTC, ETH, SOL, BNB, XRP, and LINK | European-style USDT settled | 0.03% |
| Quedex | BTC | European-style BTC coin-margined | 0.03% |
Best Crypto Options Trading Platforms Reviewed
1. Bybit - Best Crypto Options Exchange For Stablecoins
Why we picked it
ByBit is our number one choice when it comes to trading crypto options in the market. Launched in 2018, ByBit is a purpose-built crypto derivative exchange dedicated to the trading of futures and options. It has quickly grown in stature to become a premium crypto exchange for margin trading with a great selection of coins.
While the exchange also allows investors to purchase cryptocurrencies through spot markets, options and futures contracts have always been the platform's key focus. Moreover, new traders can apply a ByBit referral code to claim deposit bonuses.
Promotion:Key highlights:
- European-style USDC-margined contracts for BTC, ETH, and SOL
- Portfolio margin maintenance can reduce the margin required for multiple positions
- Free crypto demo trading site allows traders to practice options strategies
- Educational material for learning the basics of options trading
Bybit offers traders the ability to trade European-style options across Bitcoin, Ethereum, and Solana. As contracts are European, positions can only be exercised once a contract expires. All options trading instruments on the platform are stablecoin-margined, meaning that both margin and PnL are settled using stablecoins rather than fiat or other cryptocurrencies. The stablecoin used for Bybit contracts is USDC. Stablecoin-margined contracts mean that traders do not have to worry about the volatility or complex returns calculations that come with using coin-margined options pairs.
Alongside stablecoin quoted contracts, traders can also take advantage of a feature known as portfolio margin. This consolidates the margin requirements for multiple positions which can be helpful in managing risk and greatly reducing a trader’s overall margin deposits to help amplify existing capital.
Bybit options platform screenshot.ByBit's options fees are competitive starting at 0.03%. While not market-leading, the fees are some of the easiest to understand. In addition to trading costs, a delivery fee of 0.015% and a liquidation fee of 0.2% may also apply.
Overall, with its innovative stablecoin-margined contracts and portfolio margin mechanism, Bybit is a strong option for those holding trading funds in stablecoins. It also holds promise for advanced crypto options traders that may be looking for a comprehensive list of options to choose from. On the other hand, for those just getting started, Bybit may feel slightly overwhelming.
Read our full review of ByBit.
2. Binance - Best Options Platform For Low Fees
Why we picked it
Binance is second on our list as it provides a well-rounded and low-cost platform for those looking to trade Bitcoin and Ethereum options as an alternative to futures trading. Intuitively, the options trading platform will be familiar and potentially more advantageous to existing Binance users, however, the crypto exchange is also still very applicable to those who may have more experience outside of the Binance ecosystem and institutional investors.
Promotion:Binance is a leading cryptocurrency exchange and takes the second spot on this list. Although initially focusing on purchases, the exchange has expanded beyond spot markets. In 2020, the crypto exchange introduced the Binance Options trading platform which can now be accessed from both the website and mobile app.
Key highlights:
- American and European-style USDT-margined contracts offered for BTC and ETH
- American-style options are limited to contracts that expire within the same day
- No margin requirements. Only options premium to be paid
- Some of the lowest transaction fees in the market
- Live data on open interest rates for derivatives trading pairs
The benefit of being one of the world’s largest cryptocurrency exchanges is that Binance works closely with leading market makers to offer a wide range of options for crypto contracts. Unlike some of its competitor platforms, traders on Binance can access both American and European-style contracts for both Bitcoin (BTC) and Ethereum (ETH).
Binance options trading platform screenshot.This means users have the choice to exercise their options trades before or on the date of expiry. With that being said, the flexibility of American-style contracts is limited to options that expire on the same day which may be a disadvantage for some. Moreover, Binance's broad list of partners also means it can offer some of the lowest options fees in the market. Fees start at 0.02% and an additional 0.015% is applied if an option is exercised which is very competitive in the market.
Like Bybit, Binance leverages stablecoin-margined options. However, instead of USDC, Binance has opted to use USDT, also known as Tether. All collateral requirements and positions are settled using USDT, which means traders do not need to worry about the value of collateral changing.
3. Crypto.com - Best Option Trading Platform For USDC
Why we picked it
Crypto.com Exchange is a subsidiary that sits within the larger Crypto.com ecosystem. Through the Exchange platform, traders can access a vast range of derivative products including one of Crypto.com’s latest features, Crypto.com Warrants. Crypto.com Warrants were introduced in 2022 and provide traders the opportunity to buy crypto options contracts.
Promotion:Key highlights:
- Product is called ‘warrants’ but has the same dynamics as options contracts
- European-style USDC settled options for BTC
- Options trading fees start from 0.034% but can be reduced by holding the native CRO token
For branding purposes, Crypto.com has decided to call their options contracts, ‘warrants’. However, the mechanisms behind the product are the same as normal crypto options contracts. Each warrant gives the buyer the right to buy or sell an underlying asset at a predefined price on a predefined expiry date.
As a relatively new player in the options space, only BTC warrant contracts are currently available and the trading volume is low at the time of writing. With 4 call and 4 put instruments, this places Crypto.com on the lower side of contract flexibility. However, while this limits trading strategy, it does make the Crypto.com warrant user interface easier to navigate.
Importantly, Crypto.com does not offer leverage on any of its warrant contracts - another reason why the options trading platform may be more suitable to beginners in the space. Those looking for leverage will need to look to competitors. All warrants on Crypto.com are opened and settled using the USDC stablecoin. Like Bybit and Huobi, the use of stablecoin settlements means that traders can easily monitor the risk of open positions. It also removes the volatility of using digital coins, such as BTC or ETH.
Fortunately, warrant trading fees are straightforward to understand and well documented in the Crypto.com Exchange support documents. Options trading fees start from 0.034%, which is just above the market average, and are capped at 20% of the warrant’s premium. Warrant trading fees can also be reduced by staking the native CRO token or by trading a higher 30-day volume.
Although one of the youngest crypto options trading platforms, Crypto.com’s warrants carry the backing of one of the world’s largest crypto exchanges. For those looking to trade BTC with USDC stablecoin reserves, Crypto.com warrants may be a great place to start. More sophisticated options traders will find better choices elsewhere.
Read our full Crypto.com review.
4. Huobi - Best For American-style Options
Why we picked it
Due to the size of the Huobi exchange, options traders should find all they need via the platform. Huobi options contracts have extremely deep liquidity and can be managed easily thanks to the use of stablecoin settlements. With the backing of a global cryptocurrency exchange, Huobi’s options platform could be a great choice for existing Huobi users or those looking for the utmost contract flexibility.
Promotion:Founded in 2013, Huobi is one of the largest cryptocurrency exchanges in the world. With early success in Asia, Huobi now provides an entire digital ecosystem to a global audience. Nestled within Huobi’s derivatives platforms lies Huobi’s options contracts, which were launched in 2020.
Key highlights:
- European and American-style USDT-settled options for BTC, ETH, and DOGE
- Full flexibility on the Huobi website to choose specific strike prices and expiration dates
- Fixed contract fees start from 0.005 USDT per contract
- Deep liquidity across all options markets
Huobi has tried to position itself as a crypto options platform that would be suitable for those looking to execute a wide range of trading strategies. To achieve this, Huobi offers both European and American-style crypto options contracts for BTC, ETH, and DOGE.
To enhance trading flexibility even further, American-style options can be purchased using a fully customizable strike price and expiration date on Huobi’s website. Therefore, those that are happy to use American-style options are not limited to a list of set strike prices and expiration dates.
While all options contracts are available on both Huobi’s mobile and web applications, Huobi has tried to cater flexibility to different users. To simplify the experience for mobile users, only at-the-money American-style contracts can be purchased through the mobile app. This removes the complexity of choosing a strike price and expiration date for those on the go, but may be inconvenient for those looking for full flexibility across both of Huobi’s trading applications.
In addition to contract flexibility, all Huobi options contracts are settled and quoted using USDT. Like ByBit, this could make the platform particularly enticing to those holding trading capital within stablecoins. USDT settlement makes switching option positions straightforward and allows traders to monitor the risk of open positions extremely easily.
Although the purchase of crypto options is efficient, traders can only be a buyer of options contracts on Huobi as Huobi issues all contracts. Traders wishing to generate passive income through the sale of options contracts will need to look at alternative platforms. Furthermore, the transaction fee structure for Huobi options is unclear. While there is some information on fixed contract fees starting from 0.005 USDT, clarity on the options trading fees is lacking in comparison to other platforms.
5. OKX - Top Crypto Options Platform For Accessibility
Why we picked it
Trading options through OKX comes with the backing of one of the world’s largest crypto exchanges. The options platform is well designed and has grown beyond singular Bitcoin options so that now options traders can also implement strategies on Ethereum and Solana. While options liquidity may not be the highest amongst competitors, it remains a crypto options platform worthy of this shortlist
Promotion:OKX, previously known as OKEx, is a cryptocurrency exchange that has been around since 2016. In 2019, the exchange decided to expand its crypto derivatives products to include options, which resulted in it becoming the first to offer spot, futures, perpetual swaps, and options trading all on the same platform.
Key highlights:
- European-style coin-margined options for BTC, ETH, and SOL
- All margin and settlement requirements completed in the corresponding digital asset
- Option trading fees start from 0.03% with an additional 0.02% exercise fee
- Smart margin calculation to help amplify trader's capital
OKX offers options for Bitcoin, Ethereum, and Solana, and, therefore, can compete with the wider range also offered by other crypto options exchanges. Contract expiration dates are also reasonable, ranging from daily to bi-quarterly.
OKX implements European-style contracts that can only be exercised on the date of expiry. Like Deribit, all contracts are coin-margined, however, unlike Deribit, all settlements are completed using the corresponding underlying asset. For example, if trading the underlying index of SOL/USD, the contract will be margined and settled in SOL. While this means collateral must be coin specific, this rule may help to avoid collateral confusion when placing multiple options trades across multiple different cryptocurrencies.
OKX options platform screenshot.Finally, all option fees for crypto options trades work on a maker/taker-style system that allows traders to access cheaper fees based on trading volume and the number of native OKB tokens held in an account. Taker fees start from 0.03% and an additional 0.02% exercise fee applies to exercised contracts.
6. StormGain - Suited For Beginners To Trade Options
Why we picked it
StormGain has implemented novel functionality to stand out from the crowd. Beginners may find StormGain particularly attractive. With 0% trading fees, excellent charting software, and a $50,000 demo account, the platform may be one to consider for those starting their options trading journey.
Promotion:StormGain is one of the youngest cryptocurrency platforms on our list. Despite only launching in 2019, it has amassed over 120,000 active users and caters to those looking to purchase and those looking to trade. Targeted at both beginner and experienced traders, cryptocurrency options contracts were added in 2021 as part of StormGain’s comprehensive offering.
Key highlights:
- European-style USDT settled options for BTC and ETH
- No fees for losing trades. 10% profit share is paid on winning trades
- $50,000 demo account is available for traders to test strategies
- Unlimited number of technical analysis crypto indicators can be added to the platform’s charting software
StormGain currently offers options contracts for two digital currencies - BTC and ETH. While the ability to trade both BTC and ETH is an advantage, it is important to note that all options contracts are limited to daily expiries. With only daily expiries available, StormGain is only suitable for short-term options traders that are looking to take advantage of intraday price moves. Long-term options traders may find the platform too restrictive.
In spite of tight option flexibility, StormGain’s user interface is particularly strong and would be easy to graph for beginners. Options instruments are easy to navigate and strike prices and expiry dates are easy to read. Options charts are also visually appealing and multiple technical analysis indicators are built into the charting software.
To help amplify trading capital for short-term traders, StormGain offers access to 5x leverage on all options contracts. This can be adjusted or removed for those wishing to use less.
In addition to leverage, one of StormGain's key advantages lies in its fee structure. Uniquely, all options trades can be executed with zero fees. Unlike other crypto options trading platforms, traders only need to pay for the trades that win. If a trade loses no fees need to be paid. For those trades that do win a 10% profit share is required.
To allow users to become familiar with the platform, StormGain offers a free $50,000 demo account. The demo account provides full functionality across StormGain’s platform and, therefore, provides the perfect testing ground to try new strategies.
Read our full StormGain review.
7. Deribit - Best For Professional Crypto Options Traders
Why we picked it
Deribit continues to dominate the professional options market thanks to its market-leading experience. It is a go-to platform for professional crypto options traders thanks to its low fees and range of options contracts. If trading with high volumes of BTC or ETH, it is a platform worth considering.
Promotion:Deribit is a purpose-built crypto derivatives exchange that was first launched in 2015. As one of the first-ever crypto derivatives exchanges, the platform primarily targets professional options traders and institutional investors, although has also expanded into the retail sector more recently.
Key highlights:
- European-style coin-margined contracts for BTC, ETH, and SOL
- Portfolio margin maintenance can reduce the margin required for multiple positions
- 10x leverage available on all options contracts
- Option fees start from 0.03%
With institutional and large-volume crypto traders in mind, Deribit developed an efficient and comprehensive platform that now offers traders access to the Bitcoin, Ethereum, and Solana options market with professional-grade speed and security. Deribit has become one of the best ways to short crypto.
Options contracts on Deribit are European-style and, therefore, can only be exercised on the date of expiry. However, thanks to Deribit’s professional market position, contracts offer good liquidity and a high level of flexibility. Those looking to trade either Bitcoin or Ethereum can access daily, weekly, monthly, and yearly options contracts, which allows for a range of trading strategies to be implemented.
Deribit options trading platform screenshot.Unlike some competitors, contracts on Deribit are coin-margined meaning traders must deposit BTC or ETH to open positions. All PnL is calculated and distributed using BTC, which may make calculating margin requirements and returns confusing for new crypto options traders. On the other hand, coin-margined Deribit contracts are superior for those looking to leverage existing BTC and ETH holdings.
Traders can then leverage Deribit’s portfolio margining feature that consolidates the margin requirements needed for multiple positions. For those looking to amplify BTC or ETH capital even further, Deribit also offers access to up to 10x leverage on all options contracts.
Finally, as the platform targets high-volume, professional traders, Deribit can keep the transaction fee to a minimum. Although not the lowest, options trading fees are competitive starting from 0.03%. An additional delivery fee of 0.015% must be paid if an option is exercised.
8. Delta Exchange - Best Options Platform For Altcoins
Why we picked it
Deribit continues to dominate the professional options market thanks to its market-leading experience. It is a go-to platform for professional crypto options traders thanks to its low fees and range of options contracts. If trading with high volumes of BTC or ETH, it is a platform worth considering.
Promotion:Delta Exchange, also known as Delta X, is marketed as the ‘home of crypto options.’ While initially launching with futures and perpetual contracts, Delta X now offers a well-respected derivatives platform for those looking to take advantage of trading crypto options.
Key highlights:
- European-style options for a wide range of altcoins including BTC, ETH, SOL, BNB, XRP, and LINK
- Demo account can be created to test option strategies
- Options trading fees start from 0.03%
- Collateral and margin requirements must be met using BTC
Delta X makes the process of trading cryptocurrency options as accessible as possible for a variety of users looking to trade crypto options. To that end, Delta X’s advanced interface is clean and traders can begin using the platform with little to no KYC verification, which is great for those wishing to get started anonymously (and quickly).
Related: Which crypto exchange has no KYC?
One of Delta X’s key advantages, when compared to competitors, is the number of cryptocurrencies supported by its options platform. Users can trade crypto options contracts across BTC, ETH, SOL, BNB, XRP, and LINK, which makes Delta X ideal for those looking to implement strategies across a wider altcoin portfolio. While broader than most, it is important to remember that liquidity may be shallow, which may be a problem for those wishing to trade larger volumes.
Delta options interface screenshot.All options contracts on the platform are European-style. Moreover, the platform offers crypto options traders access to a range of different expiries, which should provide enough flexibility for most starting out on the platform. While the margin for options contracts on Delta X can be provided in either BTC or USDT, all PnL is settled using USDT, which, again, helps to make options trading more accessible. For those just getting started, Delta X also allows users to create a demo account where options trading strategies can be practiced.
Delta X’s options trading fees work on a maker/taker model and start from 0.03%. While the fees on Delta X are competitive, the additional delivery fee of 0.03% and liquidation factor of 0.2% are slightly higher fees than the average.
In addition, for those looking to expand beyond regular options contracts, Delta X also offers innovative MOVE contracts. MOVE options allow traders to bet on the size of Bitcoin or Ethereum price movements rather than the direction of price movement.
Delta X is an efficient options platform that tries to improve the ease with which crypto options can be traded. With convenient collateral and margin trading requirements, the vast range of options markets available could mean it is ideal for those looking to apply options strategies to a broader altcoin portfolio.
Read more in our Delta X review.
9. Quedex - Best For Bitcoin Options Contracts
Why we picked it
Quedex is far less cluttered than its competitors, which could be ideal for those less familiar with options trading that are happy to stick with Bitcoin. Then again, Quedex's consistent market also makes the platform suitable for professional or institutional-level traders that are looking to leverage more complex hedging and arbitrage Bitcoin strategies.
Promotion:Quedex is a crypto options platform established in 2016 that is operated by Bitso. For traders new to Quedex, the platform focuses entirely on Bitcoin cryptocurrency derivatives and tries to distinguish itself from market competitors through its consistent market between futures and options (completely different financial instruments).
Key highlights:
- European-style coin-margined options trades for BTC
- All BTC funds are stored offline in multi-signature cold storage wallets
- Options trading fees start from 0.03%
- Offers a ‘consistent market’ between Bitcoin futures and options to allow for advanced hedging and arbitrage opportunities
Quedex is a suitable choice for those looking to trade Bitcoin options only. While the platform is currently in Beta, it will suit those looking to trade a larger range of altcoins who may need to look elsewhere, Quedex’s specialization means the platform is far more efficient for Bitcoin traders. For those unsure, Quedex even offers a testnet to allow traders to get a feel for what a Bitcoin-first platform is like which is similar to ByBit.
All contracts executed via Quedex are European-style meaning the opportunity to exercise is only applicable on the date of expiry. While European-style options are used by the majority of other platforms, Quedex offers a smaller range of contract expiration dates which means the platform is not as flexible as competing options crypto exchanges. However, this may be seen positively by those who value simplicity over variety.
Quedex trading platform (in Beta).As Bitcoin is the key focus of Quedex, all contracts are coin-margined, with margins and settlements completed using BTC. To ensure true security, Quedex stores all BTC offline in multi-signature cold storage wallets, which may be appealing to traders that are looking for a security-conscious options platform.
Alongside strong security measures, Quedex offers what is known as a ‘consistent market’; a market where both the futures and options contracts utilize the same underlying asset - BTC/USD. According to Quedex, this means that options can be used alongside futures to create hedging and arbitrage opportunities that are not possible with other platforms.
To stay competitive, Quedex options trading fees start at 0.03% which is the average among competitors such as Bybit and Delta X. However, the options transaction fee can be reduced even further through Quedex’s maker/taker fee model.
What To Look For When Choosing A Crypto Options Platform
Exercising cryptocurrency options on the underlying asset is becoming an extremely popular trading instrument. However, many traders turn away from crypto options platforms due to the immense choice available. To help make the decision easier, here is a list of things to look out for when choosing a crypto options trading platform.
- Cryptocurrencies. The majority of options platforms start by offering BTC contracts. However, several have now expanded their reach to include several altcoins, such as ETH and SOL. It is important to check which cryptos are supported.
- Contract type. There are two key types of options trading contracts: (1) European and (2) American. While American contracts can be exercised on any date leading up to the expiry, European contracts on the underlying asset can only be exercised on the date of expiry. It is, therefore, important to check which type of options contract is offered by a platform as it may affect what options strategies can be implemented.
- Expiration date. Every options contract has an expiration. The expiration date can fall on a daily, weekly, monthly, or yearly basis. However, not all platforms offer the same range of expirations. Remember to check what expirations are offered before committing.
- Fees. High fees will eat into a strong options strategy. Unlike spot fees, options fees are usually composed of at least 2 components: (1) a transaction fee and (2) an exercise/settlement fee. While the trading fee is applied when an option is purchased, an exercise fee is only required if the option is exercised. Both fees vary from platform to platform.
- Margin requirements. Although the purchase of the underlying asset through an options contract only requires a premium to be paid, selling options requires a margin. Traders need to be comfortable with the type of collateral that is required for opening options positions. Collateral in the form of digital assets, such as BTC or ETH, may be more volatile than collateral in the form of fiat or stablecoins.
- KYC requirements. KYC is implemented for the safety of both traders and platforms, but certain traders may want to avoid the provision of extra information. Remember to check the level of information required to both open an account and withdraw funds.
- Customer support. Excellent customer support is crucial for every crypto platform - particularly crypto options. There are several things that can go wrong when trading crypto options so it is nice to know there is a reliable customer support team on hand to help. The best crypto options platform in the market will offer 24-hour customer support via a combination of email, live web chat, or phone.
Frequently Asked Questions
Yes, as a result of rising popularity, options are now a trading instrument offered by a wide range of crypto platforms. There are some platforms dedicated to options markets such as Deribit, and other popular exchanges such as Binance and ByBit that offer crypto options to their existing customers. Another exchange is Crypto.com which offers options through its DeFi trading platform.
The most popular cryptocurrencies that are traded with options are BTC and ETH using stablecoin-settled contracts. To a lesser extent, other coins that are offered on options trading platforms include BNB, XRP, and LINK.
Conclusion
Crypto options offer traders a way to speculate on price movements, hedge an existing portfolio, and earn extra income. It can also be a good tool for traders that are unsure of when to trade crypto but have a strong conviction on the future direction. As a result of their popularity, there are now more crypto options trading platforms than ever before. However, substantial differences exist between different providers.
Although we have provided a list of the top 6, to assess which platform is right for you, remember to check which cryptos are supported, what option expirations are offered, how much it costs to open a position, what is required for margin, what is required for KYC, and what customer support is offered. Keeping these factors in mind should assist traders in their search for the perfect crypto options trading platform.