Best Crypto Options Trading Platforms

Best Crypto Options Exchanges

Crypto options are powerful derivatives that give traders the right, but not the obligation, to buy (call) or sell (put) cryptocurrencies at a set price before a specific expiry date. Calls let traders profit from rising prices, while puts allow gains from declining markets without owning the underlying.

To help investors evaluate the best platform to trade crypto options, we analysed key factors like regulatory compliance, liquidity, fees and supported assets. We also evaluated collateral options like USDC, USDT, and BTC, along with advanced features like futures and API access.

Here are our top picks for traders ranging from high-frequency professionals to beginners looking for an edge.

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1. Bybit

Bybit is the go-to platform for both retail and institutional investors, offering low fees (starting at 0.02%) and a Unified Trading Account (UTA) that merges options, futures, perpetuals, and spot markets for better capital efficiency. With more than 70 assets as collateral, including USDC, USDT, BTC, and ETH, Bybit’s cross-margin system sharpens risk management across trades.

For advanced traders, Bybit offers European-style, cash-settled options on BTC, ETH, and SOL, with sub-10ms execution and minimal slippage. It supports complex strategies through dynamic delta hedging and flexible margin modes. For beginners, pre-built contracts simplify entry. Whether you prioritize speed, flexibility, or sophisticated risk management, Bybit covers all bases.

• Supported Assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL)
• Options Collateral: USD Coin (USDC)
• Fees: Maker/taker fees starting at 0.02%

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2. Deribit

Deribit holds a 90% market share in BTC and ETH options trading and is the go-to platform for institutional traders and high-net worth professionals only. With deep liquidity and tight spreads, it’s built for precision and speed. Maker fees start at 0.02%, with taker fees at 0.03%, ensuring cost-effective trading on BTC, ETH, SOL, BNB and XRP options.

Deribit’s advanced tools like the Option Wizard and Position Builder help optimize complex strategies. The platform also supports portfolio margining, enabling traders to leverage collateral more efficiently across positions. Combine this with ultra-low latency execution, and Deribit ensures lightning-fast trades in volatile markets, perfect for traders who need high-speed execution and flexibility.

• Supported Assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL)
• Options Collateral: BTC, ETH, USD Coin (USDC)
• Fees: Maker fees from 0.02%, taker fees from 0.03%

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3. Binance

Binance brings a well-rounded options trading platform to the table, offering access to over 700 contracts across popular assets like BTC, ETH, BNB, and XRP. As the largest crypto exchange globally, Binance backs its offerings with deep liquidity and fees that start at just 0.03% for makers and 0.04% for takers, making it a good choice for retail and institutional traders.

With USDT-settled options, managing your positions during market swings is straightforward. The platform also delivers real-time market data and insights, giving traders the tools they need to fine-tune strategies and stay ahead of the game.

• Supported Assets: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE)
• Options Collateral: Tether (USDT)
• Fees: Maker fees from 0.03%, taker fees from 0.04%

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4. OKX

OKX is a great all-around choice for beginners seeking a feature-rich platform that offers more than just crypto options trading. With over 350 assets, OKX supports options trading alongside staking, futures, and other crypto services. It’s an ideal platform for those looking to explore dabble in options while still having access to traditional digital asset services.

OKX’s simple options feature is perfect for beginners, while more advanced traders can benefit from tools like portfolio margining and cross-margin options. The platform also supports stablecoins as margin, offering versatility in managing your capital. With fees starting at 0.02% for makers and 0.03% for takers, OKX balances affordability and usability.

• Supported Assets: Bitcoin (BTC), Ethereum (ETH)
• Options Collateral: BTC, ETH, USD Coin (USDC)
• Fees: Maker fees from 0.02%, taker fees from 0.03%

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5. Delta Exchange

Delta Exchange is the top platform for altcoin options trading, making it a perfect choice for traders who love the long-tail. With over 50 altcoins supported, alongside majors likeBTC, SOL and ETH, it stands out for those wanting to explore beyond the mainstream. Delta also offers daily and weekly expiries, allowing traders to capitalize on short-term opportunities.

With the lowest fees in the market and flexible margining options like isolated, portfolio, and cross-margin modes, it’s designed for capital efficiency. Tight spreads, high liquidity, and fast withdrawals make Delta ideal for traders seeking speed and flexibility in altcoin options.

• Supported Assets: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and 50+ altcoins
• Options Collateral: USDT, BTC, ETH
• Fees: 0.0375% of options premium or 12.5%, whichever is lower

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What are Crypto Options?

Crypto options are derivative contracts that give you the right, but not the obligation, to buy or sell a cryptocurrency, like Bitcoin or Ethereum, at a predetermined price on a future date. 

Traders can profit from price movements, hedge their positions, or use leverage without owning the asset directly. Each option has a "premium" price, which is typically a fraction of the underlying crypto's value, making it a cost-effective way to gain market exposure.

Options come in two types: calls and puts. A call option allows you to buy an asset at a set price if the market price exceeds the strike price on expiration. A put option works in reverse, enabling you to sell an asset at a higher price if the market value drops. 

Most traders don’t exercise the option, instead, they sell the contract itself for profit based on the price movement, making options a flexible tool for various strategies.

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Crypto Options Trading Fees

Understanding the fees in crypto options trading is key to keeping costs low and profits high. Each platform has its own structure, and fees typically apply to trades, exercising options, and managing collateral. Let’s break down the main types of fees you’ll come across.

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Trading Fees

These are charged when you buy or sell an option. They’re usually a small percentage of the option premium or the underlying asset value. Maker fees apply when you add liquidity, while taker fees hit when you remove liquidity. High-volume traders often get fee discounts.

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Exercise Fees

When you exercise an option to buy or sell the asset at the strike price, this fee kicks in. Not every trader exercises, but if you do, expect a charge when you settle the option.

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Settlement Fees

If your option expires and gets automatically settled, you’ll pay a settlement fee. This covers the finalization of the trade and varies depending on contract size and settlement type—crypto or stablecoin.

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Liquidation Fees

If your margin drops too low, the platform might liquidate your position, and liquidation fees are higher than regular trading fees. This covers the platform’s risk in closing out your trades.

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Crypto Options Trading Risks

Trading crypto options comes with big potential but even bigger risks. The biggest is market volatility as crypto prices can swing wildly, and if the market turns against you, those swings can quickly wipe out profits or even lead to losses.

Leverage, while offering the chance for amplified returns, can just as easily lead to large, fast losses. Liquidity risk can make it tough to exit trades at good prices in less active markets. 

Counterparty risk also exists, especially on off-shore platforms with lax KYC requirements. And if you’re trading on margin, a drop in your position's value can trigger margin calls and liquidation, often with extra fees attached.

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Bottom Line

Signing up to the right platform to trade crypto options and derivatives is the #1 decision a trader has to make before getting started. Whether you’re drawn to Bybit’s best-in-class unified trading account or Delta Exchange’s altcoin offerings, your choice should fit your strategy, budget, and risk tolerance. 

Make sure to weigh up liquidity, fees, and platform security to avoid pitfalls like market volatility or sudden liquidations. With the right platform, you can take full advantage of options trading while staying on top of the risks involved.