5 Best Crypto Options Trading Platforms in 2025

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Last updated: 

May 28, 2025

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Crypto options trading provides an alternative way to trade crypto with leverage. You pay a small ‘premium’ to purchase contracts, predicting whether the price of a coin will go up or down. Since the premium is the most you can lose on an unsuccessful position, options are more risk-averse than futures while still offering high upside potential.

We tested over 30 crypto options trading platforms to help you find the best one, basing our research on key factors like strike prices, expiry dates, supported cryptocurrencies, commissions, and ease of use. In the end, only five providers made the cut, with Bybit taking the top spot thanks to its deep liquidity, community trust, and flexible trading rules.

In addition, this guide explores how crypto options trading works and what risks to consider before you start. Read on to embark on an options journey with best practices and risk management in place.

The 5 Best Crypto Options Trading Platforms Reviewed

We’ll now review the top places to trade crypto options in 2025. We focus on supported options markets, trading fees, available strike prices, analysis tools, and more. Read on to choose the best crypto options trading platform for you.

1. Bybit – The Overall Best Platform for Trading Crypto Options

We rate Bybit as the overall best crypto options provider. It offers options markets on three cryptocurrencies: Bitcoin, Ethereum, and Solana. Each market comes with fully-fledged options chains, with more than a dozen strike prices available. What’s more, it supports a wide selection of options expiry dates, ranging from daily and weekly to multiple months.

Bybit also provides in-depth order books, allowing you to evaluate key market trends. All options markets are settled in USDC, and fees are competitive. For example, the entry-level commission when trading options is 0.02% per slide. Commissions are reduced when trading volumes increase, although market makers get the best rates.

Another standout feature is Bybit’s no KYC policy. You can trade anonymously without providing any personal documents, but you get daily withdrawal limits of 20,000 USDT and monthly limits of 100,000 USDT, which will suffice for most traders. Bybit also supports other derivative products, including perpetual and delivery futures. The maximum leverage available is 200x.

Visit Bybit

2. Binance – Best Crypto Options Trading Platform for Coin Support

Binance is another top contender for the best crypto exchanges for options trading. It supports six cryptocurrencies: Bitcoin, Ethereum, Solana, Dogecoin, Ripple, and Binance Coin. Options chains are extensive, with a huge selection of strike prices for each market. For example, Bitcoin options range from $30,000 to $140,000.

Binance is a good solution for short and long-term traders alike. It offers options markets with daily expiries, going up to almost 12 months. And, as the world’s largest exchange with over 270 million traders and one of the crypto exchanges with the most coins, Binance is an excellent choice for high liquidity. Tight spreads are available around the clock, ensuring options traders can enter and exit the market with ease.

Binance offers competitive options trading fees, with traders paying 0.03% per slide. However, there are no discounts for higher trading volumes or market makers. That aside, the exchange offers comprehensive research tools, including options data for interest, volume, implied volatility, and exercise history.

Visit Binance

3. OKX – Best Platform for First-Time Options Traders

OKX is one of the best choices for first-time options traders. It supports ‘simple options,’ meaning beginners can avoid complicated option chains. First, you choose which cryptocurrencies you want exposure to – OKX supports Bitcoin and Ethereum. You then select the target price and whether you believe the chosen crypto will rise or fall. Finally, you pick the preferred expiry date, and you’re done.

OKX also provides handy stats for each parameter. This includes the estimated profit and loss, win (low, medium, high), and the required break-even price. These metrics ensure that even newbies can trade crypto options online.

That said, OKX is also suitable for experienced options traders. It offers in-depth options chains with advanced filters, including the delta, gamma, and vega. In terms of pricing, entry-level commissions are 0.02% for market makers and 0.03% for takers. Only makers get commission discounts when trading higher amounts or holding OKB tokens.

Visit OKX

4. Deribit – Best Options Platform for Advanced Traders

Based on our research, Deribit is a great choice for advanced traders. It specializes exclusively in crypto contract trading, covering options and delivery futures. Six options markets are available: Bitcoin, Ethereum, BNB, Solana, XRP, and PAXG. Each market offers extensive data points and filters, ensuring you find the ideal contracts.

For example, Ethereum options with a September 2025 expiry cover strike prices of $500 to $8,000. Furthermore, liquidity is substantial, with tight bid and ask prices in most cases. Short-term options are also available, including weekly, quarterly, and monthly settlements.

Deribit also features a highly customizable trading platform with bespoke set-ups for each market. Plus, you gain access to extensive charting tools and technical indicators. Options trading commissions are 0.03% per slide for both market makers and takers. No discounts are available for higher volumes.

5. Delta Exchange – Best Options Platform for Trading on Mobile

Delta Exchange is a popular options and futures trading platform. It’s a great choice for those who prefer trading options on the move. It offers a user-friendly mobile app for iOS and Android with full functionality. This includes deposits, withdrawals, analysis, and order placements.

Options markets cover Bitcoin and Ethereum only, which could be a drawback for some traders. Nevertheless, each market offers everything you need to make informed decisions. This includes in-depth order books, implied volatility, and real-time bid and ask prices. However, Delta Exchange only offers short-term contracts, ranging from one day to a week.

In addition, trading commissions are slightly higher than the industry average. Both market makers and takers pay 0.0375% per slide. No discounts are offered when providing liquidity or meeting 30-day volume targets. Regardless, Delta Exchange is a solid option when using fiat, with bank transfers supported for deposits and withdrawals.

What Are Crypto Options?

Crypto options are derivative products, allowing traders to speculate on digital assets without directly taking ownership. They’re a solid alternative to perpetual and delivery futures, considering the risk-reward spectrum available. This is because options only require a small premium upfront, which provides access to significantly more capital.

• For example, suppose you want to trade $10,000 worth of Bitcoin options with a 5% premium.
• This means you only need $500 to enter the position.
• Crucially, that $500 is the most you can lose if the options trade isn’t successful.

Options contracts cover ‘calls’ and ‘puts.’

• Call options are purchased when speculating that prices will increase
• Put options are purchased when speculating that prices will decrease

It’s also possible to sell call and put options, which are advanced strategies utilized by experienced traders. Ultimately, crypto options enable large position sizes with a small amount of capital, with the overall risk being limited to the upfront premium.

How Do Crypto Options Work?

Options are complex financial instruments. Add in the volatile and speculative nature of cryptocurrencies, and it’s clear that they’re best suited for experienced traders.

Therefore, it’s important to at least grasp the basics when learning how to trade crypto options. Read on for a greater understanding of how this market works:

1. Call and Put Options

First, you purchase either call or put options. This informs the platform whether you believe the crypto token will rise or fall in value. For example, you’d purchase call options if you believe Bitcoin’s price will increase. And you’d purchase put options if you believe the opposite.

As mentioned, some traders will sell call or put options, essentially allowing them to become market makers. For example, if you sell a call option, you’d immediately receive the premium from the buyer. However, if the buyer elects to purchase the contracts on expiry (because they land in the money), you’d be responsible for that amount.

As a beginner, it’s best to avoid selling contracts as the risk increases significantly.

2. Paying the Premium

The premium is the upfront capital required to place an options trade. The amount will depend on the strike price and contract length (we cover this shortly). Nevertheless, the premium is often just a small percentage of the trade value.

For example, suppose you’re looking to trade $200,000 worth of Ethereum options at a 2% premium. This trade would require $4,000 upfront. Thereon, only two outcomes are possible:

• Your options prediction is correct, so you generate a profit
• Your options prediction is incorrect, so you lose the $4,000 premium

Put otherwise, the premium is the only amount of money you’re risking. This is why crypto options are attractive to risk-averse traders seeking a high upside.

3. Choosing a Strike Price

Once you’ve assessed whether you’re bullish or bearish, the next step is to choose a suitable strike price. This is the price that determines whether you make money and, if so, what amount. It also determines the risk.

Let’s elaborate with an example:

• Suppose the current Bitcoin price is $60,000
• You’re bullish on Bitcoin, so you’re going to purchase call options
• You believe Bitcoin will surpass $90,000, which is the chosen strike price
• The contracts require a 5% premium, meaning you pay $4,500 upfront (5% of $90,000)

So, let’s say Bitcoin trades at $100,000 when the options expire. You opted for a $90,000 strike price, so you’ve made $10,000 for each call option purchased. You’d also need to subtract the $4,500 premium from your $10,000 profit, so you’re left with net gains of $5,500 per contract.

However, suppose you instead went for a $70,000 strike price. Naturally, this is significantly more likely than Bitcoin surpassing $90,000. Therefore, the required premium will be much higher, but you’re taking on less risk. Even so, a successful trade will result in increased profits.

After all, if Bitcoin closed at $100,000, you’d make $30,000 per contract (the difference between $100,000 and the $70,000 strike price), less the premium.

4. Choose the Right Contract Length

Another important aspect when trading crypto options is choosing the right contract length. This determines the likelihood of your prediction landing in the money. In turn, it also influences the risk and premium price.

• For example, suppose Ethereum is currently trading at $2,500.
• Long-term investors might speculate that Ethereum will surpass a strike price of $5,000.
• This options trade would require longer-term contracts, likely at least 6-9 months.
• This is because the Ethereum price would need to increase by 100%.

Conversely, a short-term trader might speculate that Ethereum will surpass $2,700 within the next week. This would demand an increase of just 8%. Therefore, option contracts that expire in the next seven days would be suitable.

Just remember, the longer the contract is, the greater the chance you have of making a profit (and vice versa). This means the premium will cost a lot more as the contract time frame increases.

Can You Trade Crypto Options in the USA?

If you’re looking for the best crypto options trading platform in the USA, you’ll likely be disappointed. This is because options, like other derivative products, are heavily regulated by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

This means that unless platforms have the required regulatory approval, they can’t offer crypto options to USA retail clients. We couldn’t find any retail-friendly US crypto exchanges that meet these criteria. Therefore, the only way to access crypto options trading in the USA is via the CME Group, which comes with high upfront requirements.

The Risks of Trading Crypto Options

In crypto options trading, the risk is predictable and capped. As we’ve established, your potential downside is limited to the premium. So, if you pay a $100 premium to access $5,000 worth of options contracts, you can’t lose more than $100. The contracts will simply expire worthless.

This is unlike other derivative products, such as perpetual futures. These contracts can be liquidated if the trade declines by a certain amount. This means the trader loses their initial margin. And, depending on the contract terms, losses can exceed the margin, meaning a negative balance.

How to Trade Crypto Options: Step-by-Step

The step-by-step guide below explains how to place your first crypto options trade:

Step 1: Decide Where to Trade Crypto Options

First, research the best options platform for your requirements. Consider the methodology we discussed earlier, including available markets, commissions, strike prices, and liquidity. Our overall top pick is Bybit, which we’ll use for the remainder of this walkthrough.

Step 2: Open an Account and Deposit Funds

Register an account with Bybit – the platform only requires an email address or phone number. Then deposit funds in fiat or crypto.

Step 3: Choose Which Crypto Options to Trade

Hover the mouse over ‘Trade’ -> ‘Options’, and choose a coin from Bitcoin, Ethereum, or Solana.

Step 4: Research Expiry Dates and Strike Prices

Click on an expiry date to reveal the list of strike prices. Each will display key factors, such as the premium, volume, and bid/ask values. These metrics will determine your option strategy.

Step 5: Purchase Call or Put Options

The final step is to purchase call or put options based on your chosen contract length and strike price. Calls are needed if you believe the options will surpass the strike price. Puts are needed if you believe the opposite.

Step 6: Close Your Position or Wait Until Expiry

Bybit options are flexible, meaning you can close the trade before the contracts expire. Alternatively, you can hold onto them until the expiry date.

If your prediction was correct, your profit is the difference between the final and strike price, the number of contracts, and the premium paid. If you predicted incorrectly, you lose the premium only.

Conclusion: What is the Best Crypto Options Trading Platform in 2025?

Crypto options trading provides several advantages for traders, including a favorable risk-reward spectrum. Risk is capped and predictable, while gains are potentially unlimited. However, choosing the right options platform is crucial, especially regarding safety, fees, and liquidity.

Our top pick is Bybit, a tier-one exchange with over 60 million registered users. It supports deep options chains for Bitcoin, Ethereum, and Solana, and commissions are competitive at just 0.02%. Registration requires no KYC procedures, so it takes minutes to get started.

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