Trading options in the cryptocurrency market offers unique opportunities for risk management, hedging, and strategic speculation. OKX Options provides a robust, flexible platform for both beginner and advanced traders to access BTC and ETH options with clear contract specifications, multiple trading interfaces, and institutional-grade tools. This guide walks you through everything you need to know to start trading options confidently on OKX—covering contract details, account modes, fees, and advanced features tailored for professionals.
Understanding OKX Options Contract Specifications
OKX Options are financial derivatives based on Bitcoin (BTC) and Ethereum (ETH), designed to give traders exposure to price movements without directly holding spot assets. These contracts are settled in BTC or ETH, not stablecoins, which enhances capital efficiency for crypto-native traders.
👉 Discover how BTC and ETH options can boost your trading strategy today.
Settlement Currency and Margin Flexibility
While settlement occurs in BTC or ETH, traders can use stablecoins like USDT or USDC as margin under Portfolio Margin or Multi-Currency Cross modes. This hybrid approach allows stablecoin holders to participate in options trading without converting their holdings, reducing exposure to volatility during entry.
Underlying Index and Pricing
The underlying index for OKX Options is either BTC-USD or ETH-USD, ensuring alignment with global market pricing. The index methodology uses real-time spot prices from major exchanges to prevent manipulation and ensure fair valuation.
- Learn more about index pricing methodology
- Explore historical index data: BTC-USD Index History
- Review past option exercises: Option Exercise History
Contract Multiplier Explained
Each options contract represents a fraction of the underlying asset:
- BTC Options: 0.01 BTC per contract
- ETH Options: 0.1 ETH per contract
This means one BTC option contract controls 1% of a full BTC. It’s important to note that perpetual swaps and futures have a contract multiplier of 1, but their value is adjusted by contract size—unlike options, where the multiplier directly defines exposure.
Three Ways to Trade Options on OKX
OKX supports diverse trading styles through three distinct channels:
1. Simple Options – Ideal for Beginners
Designed for newcomers, Simple Options allow users to buy call or put options only, with no complex strategies or margin requirements. This mode eliminates the risk of liquidation, making it perfect for those testing the waters.
👉 Start with simple options and trade with confidence—zero liquidation risk.
2. Options Chain – For Advanced Traders
The Options Chain interface provides full access to all strike prices, expiries, Greeks (delta, gamma, vega), and implied volatility surfaces. Professionals can place limit/market orders, execute spreads, and manage multi-leg strategies directly from an intuitive grid layout.
3. RFQ (Request for Quote) – Institutional-Grade Liquidity
Also known as the Liquid Marketplace, RFQ enables traders to request custom quotes for large single-leg or multi-leg options strategies. Minimum trade size is $1,000. Note: This feature is currently unavailable on mobile apps.
Minimum Capital Requirements
OKX enforces certain eligibility criteria depending on account type and region:
- Switch to Multi-Currency or Portfolio Margin Account: $10,000 minimum equity
- Simple Options: No minimum capital
- Standard Options (Overseas KYC): No minimum
- Standard Options (China Mainland KYC): $10,000 minimum
- RFQ Access: No minimum capital, but $1,000 per quote
These thresholds help ensure responsible trading while maintaining platform stability.
Fee Structure and Cost Efficiency
Trading fees on OKX Options are transparent and competitive. Both transaction fees and exercise fees apply and are detailed in the OKX Trading Fees schedule. Fee tiers depend on your 30-day trading volume and OKB holdings.
You can view your personalized fee rate under "My Trading Fees" in your master account dashboard.
Account Modes: Choosing Between Isolated and Cross Margin
OKX offers flexibility in how you manage collateral across positions.
Portfolio Margin (PM) – For Sophisticated Traders
Portfolio Margin supports major cryptocurrencies as margin assets and calculates risk at the portfolio level. It’s ideal for market makers and active traders who want margin offset benefits across correlated instruments.
Note: BTC-USDT perpetuals and BTC-USD options are treated as separate underlyings. Hedging between them won’t reduce margin requirements due to differing risk units.
PM uses delta hedging during liquidation, meaning the system first hedges directional risk using perpetuals/futures instead of immediately closing options—reducing slippage and preserving value.
Isolated vs Cross Margin
In any account mode (single-currency, multi-currency, or PM), you can choose:
- Isolated Margin: Position is self-contained; long options are always isolated by default (no liquidation risk).
- Cross Margin: Uses entire account equity for margin; enables offsetting between positions.
For pure buyers, isolated mode removes margin concerns. For sellers or complex strategies using stablecoins as collateral, cross mode improves capital efficiency.
Autoborrow: Seamlessly Use Stablecoins as Collateral
Enable Autoborrow in trade settings to automatically borrow BTC or ETH when needed—especially useful when using USDT/USDC as primary margin.
There are two types of borrowing:
- Actual Borrowing (Liabilities): Negative equity; incurs interest.
- Potential Borrowing: Occurs when your margin is in stablecoins but your position requires BTC/ETH. No interest is charged unless actual debt occurs.
Interest rates for BTC and ETH borrowing are published here and remain relatively stable.
FAQ: Frequently Asked Questions
Q: Can I trade options without switching to Portfolio Margin?
A: Yes. If you're only buying options or using them as part of a small hedging strategy, standard account modes are sufficient.
Q: Are options settled in USD or crypto?
A: All OKX Options are settled in BTC or ETH—not stablecoins or fiat.
Q: What happens if my short option position gets liquidated?
A: In Portfolio Margin, the system first attempts delta hedging via perpetuals/futures before direct liquidation to minimize losses.
Q: Can I use USDT to trade BTC options?
A: Yes, if you enable cross margin and autoborrow. Your USDT acts as collateral while the system handles BTC borrowing behind the scenes.
Q: Is RFQ available on mobile?
A: No. The RFQ (Liquid Marketplace) feature is currently only accessible via desktop.
Q: Do I need API access to be a market maker?
A: While not mandatory, API access unlocks critical tools like MMP, self-trade prevention, and higher rate limits—essential for serious market makers.
Tools for Institutional Traders
OKX provides advanced infrastructure for institutions and high-frequency traders:
- API Best Practices Guide: Optimize order routing and instrument configuration.
- Market Maker Protection (MMP): Prevents excessive executions within milliseconds.
- Position & Rate Limits: Default limits apply; contact your account manager to increase them.
- Self-Trade Prevention: Available via API to avoid self-matching.
- Rate Limits: 60 requests/2 seconds (single), 300/2 seconds (batch). Colocation users get 4x boost.
- Trade History Access: Public data via WebSocket; private history under Assets > Order Center.
👉 Unlock institutional-grade tools and elevate your trading performance now.
Final Thoughts
OKX Options combine accessibility with depth—catering to beginners via Simple Options and empowering professionals with Portfolio Margin, RFQ liquidity, and API-driven automation. Whether you're hedging spot positions, speculating on volatility, or providing market liquidity, OKX delivers a secure, efficient environment backed by transparent mechanics and strong risk controls.
By understanding contract specs, margin models, and available trading interfaces, you can design strategies that align with your risk profile and capital goals—positioning yourself for success in the evolving world of crypto derivatives.
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