Deribit

Deribit is a crypto-derivatives exchange where options are central rather than an add-on to spot trading. Its order-book options, futures and perpetuals share one custodial account, making it especially relevant to traders managing an options position alongside a wider crypto-derivatives book.

Daily to quarterly options quoted by price or volatility

Deribit lists BTC and ETH options in inverse and USDC-linear forms, plus USDC-linear options for AVAX, HYPE, SOL, XRP and TRX. Expiries run from short-dated daily listings to weekly, monthly and quarterly contracts; BTC and ETH have up to four listed daily expiries.

Options trade by limit order, not market order. In inverse markets, an order can be entered in the base currency, a USD value or implied volatility, with USD- and volatility-priced instructions converted into the coin-denominated order-book price. Combination trading and block trades extend the market to multi-leg and larger negotiated positions.

European exercise and cash or futures-linked settlement

These are European-style options: in-the-money contracts exercise automatically at expiry, while an earlier exit requires closing or offsetting the position. Inverse BTC and ETH options cash settle in BTC or ETH using the delivery price; they do not deliver the underlying token at the strike.

USDC-linear options are priced and settled in USDC. An in-the-money contract settles into the matching linear future at its strike, then that future cash settles. The delivery price is a 30-minute time-weighted average of the relevant Deribit Index before the 08:00 UTC expiry, not the last option premium.

Portfolio margin for linked futures and options books

Buyers pay premium from the account balance, while writers carry margin for the obligation sold. Standard margin assesses positions separately; portfolio margin tests futures and options together through price and volatility scenarios, so genuine offsets can reduce requirements when the portfolio holds up under those scenarios.

CME Group is the closest futures-market alternative. CME options normally exercise into a CME futures position through a broker and clearing member, whereas Deribit combines coin-settled inverse contracts and USDC-linear contracts in a direct exchange account. Deribit suits crypto or USDC collateral and frequent crypto-native expiry cycles; CME fits a CME-cleared futures book.