Contract Specification for Calls and Puts

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


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)


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.

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