Best crypto options trading platforms: Top picks for every trader

As crypto trading has grown, so has the number of ways you can join in. Traders have started looking for smarter tools to lock in profits and hedge against sudden price drops in a more mature crypto market. Crypto options – contracts that give you the right (option) to buy or sell cryptocurrency within a set time frame – are an up-and-coming way to reserve deals in advance.

Interest in options contracts has grown fast. Binance, for example, hit $2.55 trillion in futures trading volume in July 2025. The best crypto options trading platforms are showing just how active the derivatives market has become as Bitcoin (BTC) volatility picks up.

In this guide, we’ll explore several centralized and decentralized options trading platforms, highlight what makes them stand out, and share practical steps so you can trade with confidence.

Centralized vs. decentralized options trading

Both centralized exchanges (CEXs) and decentralized exchanges (DEXs) let you trade crypto options, but their contrasting mechanics mean trading happens in very different ways.

CEXs act as intermediaries. They employ crypto experts to hold your funds in a custodial wallet, provide liquidity, and handle settlements. In return, you get a beginner-friendly experience with smoother performance and support tools like margin management and APIs. When CEXs offer futures and options, they’re also known as crypto derivatives exchanges. These derivatives exchanges handle most of the world’s options volume and are often available in multiple regions, meaning a bigger network of traders and higher liquidity. 

DEXs, on the other hand, mostly run on smart contracts. Trades are transparent, and pricing is determined by automated market makers (AMMs) instead of centralized order books. This approach offers more anonymity and security than CEXs and allows users to retain custody of their assets rather than using custodial wallets from a CEX. Generally, DEXs have smaller user bases, lower liquidity, and higher learning curves.

Here’s a chart highlighting the differences between the two types of options trading platforms.

What are the best CEXs for crypto options?

Here are a few leading CEXs for crypto options trading and what each one offers.

Deribit

Deribit is one of the world’s largest crypto options exchanges, handling the majority of active (open interest) global BTC and Ethereum (ETH) option contracts.

Deribit stands out for its unmatched liquidity from its large, active user base. In May 2025, Deribit recorded a record $42.5 billion in BTC options open interest and processed $743 billion in total options volume in 2024, nearly doubling year over year. It also offers other advanced features, like portfolio margining and block trading, that make it the preferred platform for institutional traders.

Pros

• High liquidity
• Reliable infrastructure
• Professional-level tools

Cons

• Not available in the United States
• Steep learning curve

Binance

While Deribit has the most crypto options, Binance has the highest volume traded on any platform at the time of writing. The CEX expanded its reach into crypto options in 2020, starting with Bitcoin options trading on its mobile app. These were short-term, cash-settled contracts designed for quick trades. Later that same year, Binance expanded options access to ETH and its own Binance Coin (BNB) options, and they introduced a more advanced “Classic” interface alongside the original “Easy” trading mode.

Pros

• Strong global presence
• High liquidity
• Beginner-friendly modes

Cons

• Features are simpler than on specialized derivatives exchanges
• Access varies by region

OKX

OKX is a diverse derivatives ecosystem, covering options, crypto futures, and perpetual swaps. It regularly ranks in the top three for global derivatives volume, with a market share near 21% in early 2025. Its unified accounts and portfolio margin systems help traders manage multiple positions efficiently. For users who are interested in more hands-on trading, OKX offers advanced risk management tools and a database of historical market data.

Pros

• Wide range of derivatives
• Powerful margin system
• Strong risk controls

Cons

• Complex for beginners
• Different international regulations mean access varies by country

Bybit

Bybit gained traction for being powerful and approachable at the same time. Its USDC-settled European-style options simplify trading for new users while still supporting advanced order types and flexible expiries. Bybit’s monthly BTC options volume averages around $11.3 billion, reflecting strong participation from retail traders seeking alternatives to futures contracts.

Pros

• Simple interface
• Flexible expiries
• Clear margin system

Cons

• Limited access in the U.S.
• Smaller institutional tools than competitors

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What are the best DEX options trading platforms?

Here are a few of the leading decentralized protocols and the pros and cons of each.

Lyra Finance

Built on Optimism (a Layer 2 blockchain on Ethereum), Lyra Finance started with an AMM model for crypto options. Instead of matching buyers and sellers directly, it uses liquidity pools to price and settle options, making on-chain trading more efficient. 

Lyra supports assets like BTC and ETH, offering European-style options (which only sell on the expiration date) and portfolio hedging features. While its core is built on smart contracts, Lyra uses an off-chain order matching engine called Lyra Matcher to process trades quickly and cost-effectively.

Pros

• Efficient AMM design
• On-chain transparency
• Layer 2 Integration with Ethereum

Cons

• Limited asset selection
• Lower liquidity than CEXs

Kyan (Premia)

Kyan, formerly known as Premia, is a decentralized options marketplace deployed on Arbitrum (ARB) and Ethereum, known for its flexible architecture and community-driven liquidity. It supports options trading for a wide range of tokens, with permissionless pool creation as long as certain criteria are met, and allows users to buy and sell options directly through smart contracts. 

The platform’s V3 release improved capital efficiency and added new risk management tools, and the upcoming V4 release plans to make Kyan even more user-centric. V4 will add more robust features like the Portfolio Marking system and a range of new crypto trading services beyond options.

Pros

• Broad token support
• Flexible smart contracts
• Community participation in liquidity provision

Cons

• Currently only supports derivatives exchanges
• Higher gas fees on the Ethereum mainnet than other DEXs

Dopex

Dopex is a structured product protocol, or a decentralized finance (DeFi) tool that packages investment strategies into smart contracts. Dopex focuses on maximizing returns for liquidity providers with simplified options on the Arbitrum network. Its Single Staking Option Vaults (SSOVs) let traders earn yields by selling covered options, while buyers get easy access to prepackaged options strategies.

Pros

• Innovative yield structure
• Passive income trading strategies

Cons

• Reliant on Arbitrum network activity
• Requires significant background knowledge

Opyn

Opyn was founded in 2019 as one of the first Ethereum options platforms. It introduced and primarily runs on the concept of oTokens, a type of ERC-20 token users can freely trade or hold that represent options positions. Opyn remains a model for non-custodial wallet transparency and smart contract security on DeFi.

Pros

• Simple interface
• Transparent smart contracts
• Pioneering tokenized options model

Cons

• Limited trading volume
• Fewer assets compared to newer DeFi options protocols

How to start trading crypto options: 5 steps

The process of trading crypto options is similar to trading spots but requires a little more market knowledge to successfully speculate and gain.

Here are five steps to follow for smooth crypto options trading.

Open an account or connect a wallet

On a CEX (like Binance or OKX), sign up and complete the registration process. Most CEXs require KYC verification before you can start derivative trading, so you’ll need to provide a picture of your government-issued ID (and, in some cases, a selfie with the document) to prove your identity.

On a DEX (like Lyra or Dopex), simply connect a self-custodial wallet, such as MetaMask or Rabby.

Deposit collateral

Fund your account or wallet with cryptocurrencies such as BTC, ETH, or stablecoins like Tether (USDT) or USDC. These will be used to buy or secure your options contracts positions. Some CEXs allow funding directly from your bank account, while others require crypto purchases in-app.

Choose option type, expiration, and strike price

There are two types of options to choose from: call options and put options. Call options bet the asset’s price will rise, and put options bet the price will fall. 

Once you’ve decided what style option to invest in, choose when you’d like the option to expire. Most options are set in month-long blocks, with six months being standard. For American-style options trading, you can also add the strike price or point at which you’d like the option to be exercised.

Execute and monitor

Place your order and track price movements. Some investors use AI crypto trading bots to automate market tracking and identify potential entry or exit points more efficiently.

Manage risk

Only try new trading strategies with funds you can afford to lose. Use stop orders or hedge through spreads if available.

Track your crypto portfolio with CoinTracker

Tracking all your crypto movements, from spot trading to options, doesn’t have to be complicated. With CoinTracker, you can automatically sync your exchanges and wallets to monitor profits, losses, and tax obligations in real time.Sign up for free and join over three million users who trust CoinTracker to simplify their crypto portfolio management.

Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

FAQ

What are crypto options?

Crypto options are financial contracts that give you the right – but not the obligation – to buy or sell a cryptocurrency like BTC or ETH at a specific price before a set expiration date. 

Can you trade options on crypto?

Yes. Not every crypto platform offers options trading, but more CEXs and DEXs are broadening their services into options as crypto trading matures.

Is crypto options trading safe?

Crypto options trading is generally as safe as spot trading crypto. However, that doesn’t mean it’s riskless. Financially, options trading can lead to losses if the market moves against your position or if contracts expire worthless. 

Safety also depends on where you trade. CEXs handle custody but introduce counterparty risk, while DEXs remove intermediaries but rely on smart-contract code and private wallet keys that can be vulnerable to bugs, exploits, and human forgetfulness.

Where’s the best place to trade crypto options?

For liquidity and ease of use, Derbit and Binance are leading choices. If you prefer decentralized platforms, Lyra and Dopex are strong DeFi alternatives.

Is crypto options trading profitable?

It can be, but like other types of crypto trading, gains are never guaranteed. Skilled traders can make a profit from price moves or volatility, while others may lose their premium if the market doesn’t move their way. The key is understanding how options work and managing risk carefully.