Why Deribit?
Deribit handles over 90% of global crypto options volume. It offers BTC and ETH options with weekly, monthly, and quarterly expiries — giving you the flexibility to run short-term income strategies or longer-dated positions.
All contracts are margined and settled in crypto (BTC or ETH), not USD. This is important: your premium and collateral are denominated in the underlying asset.
Contract specifications
Each BTC options contract represents 1 BTC. Each ETH contract represents 1 ETH. Premiums are quoted in BTC/ETH respectively, though the platform shows USD equivalents.
Expiries occur at 08:00 UTC on the expiry date. Settlement is based on the Deribit BTC Index — a composite of major exchange prices — not the last traded price.
Reading the option chain
The option chain shows all available strikes for a given expiry. Each row shows the bid, ask, last price, implied volatility (IV), delta, and open interest for both calls and puts.
For covered calls, focus on the call side. Look for strikes 3–8% out-of-the-money with 21–45 days to expiry — this is the sweet spot for premium income vs. assignment risk.