Contract Specification for Calls and Puts

Learn more about key features of options contracts to help you trade more effectively.

Underlier	Underlying digital asset
Expiration date	Date that the option expires
Option type	Call / Put
Strike price	The strike is the reference value for the option profit & loss, denominated in base currency for settlement. For example, in USDC-settled options with a BTC underlier (BTC/USDC trading pair), the strike is the BTC/USDC reference value for the option profit & loss. Note that in physically-settled options, the strike is instead the price at which the buyer has the right to buy (for a call) or sell (for a put) the underlying crypto. There is no physical settlement on DeVol.
Option price (a.k.a premium)	The price that a buyer pays to purchase the option.
Minimal order size	For BTC: 0.01 (underlier is 1 BTC) For ETH: 0.1 (underlier is 1 ETH) For SOL: 1 (underlier is 1 SOL)
Settlement	Options are crypto-settled, meaning there is no delivery of the underlying crypto. All options are settled in cryptocurrency ("base currency"). We support multiple base currencies (stablecoins) for settlement. DeVol is powered by the DeVol Protocol to provide maximum liquidity and low fees, which relies on a new financial primitive (the Standard Risk Block system) for settlement. As such, settlement works a little differently than with traditional options, and may differ slightly from the legacy option being replicated.