Advanced Derivatives
ProOptions Trading Mastered
Trade European-style call and put options on BTC and ETH. Hedge your portfolio, speculate on volatility, or generate yield with advanced options strategies and portfolio margin.
BTC & ETH
Underlyings
European
Style
Cash Settled
Settlement
Daily/Weekly/Monthly
Expiries
Pro-Grade Tools
Everything You Need for Options
A comprehensive suite of tools designed for options traders of all levels, from basic calls and puts to multi-leg strategies.
European Options
Cash-settled European-style options that can only be exercised at expiry, providing predictable risk profiles and simplified settlement.
Advanced Greeks
Real-time Delta, Gamma, Vega, and Theta calculations for every strike and expiry, helping you understand and manage your risk exposure.
IV Surface
Interactive implied volatility surface visualization across strikes and expirations, revealing market sentiment and pricing opportunities.
Options Chain
A comprehensive options chain with real-time bid/ask, volume, open interest, and Greeks for every available contract.
Portfolio Margin
Risk-based margining that accounts for hedged positions, freeing up capital and allowing more efficient use of collateral.
Strategy Builder
Build and analyze multi-leg strategies like straddles, strangles, spreads, and iron condors with visual payoff diagrams.
Options Fundamentals
Understanding Greeks
The Greeks measure how an option's price changes in response to various factors. Mastering them is key to effective options trading.
Delta
Measures how much an option's price changes for a $1 move in the underlying. Ranges from 0 to 1 for calls and -1 to 0 for puts.
Gamma
Measures the rate of change in Delta for a $1 move in the underlying. Higher Gamma means Delta changes faster, common in at-the-money options.
Theta
Measures the daily time decay of an option's value. All else equal, options lose value as expiry approaches, with decay accelerating near expiry.
Vega
Measures sensitivity to implied volatility changes. A 1% increase in IV raises the option price by the Vega amount. Highest for at-the-money options.
Rho
Measures sensitivity to interest rate changes. Generally a smaller factor in crypto options, but relevant for longer-dated contracts.
Getting Started
How Options Work
Options give you the right, but not the obligation, to buy or sell an asset at a predetermined price on a specific date.
Choose Your Underlying
Select BTC or ETH as the underlying asset. Review current market conditions, implied volatility, and recent price action to inform your strategy.
Select Expiry & Strike Price
Choose from daily, weekly, or monthly expirations. Pick a strike price based on your directional bias and risk/reward preference.
Buy Calls or Puts
Buy call options if you are bullish on the underlying, or buy put options if you are bearish. You can also sell options to collect premium.
Settle at Expiry or Trade Before
European options settle automatically in cash at expiry. You can also close your position early by trading out of it on the open market.
Start Trading Options
Access professional options trading with advanced Greeks, portfolio margin, and strategy building tools on XEX.