Strike Options are a CFTC-regulated crypto derivatives product in the Crypto.com App. It presents traders with a straightforward 'Yes' or 'No' decision when they predict whether an asset (e.g., BTC or ETH) will exceed a certain price at a specific time.

If you believe the asset will exceed a set price at contract expiration, you can select ‘Yes’ to buy a contract. Otherwise, you can choose ‘No’ to sell a contract instead. Strike Options are straightforward to trade because you either earn a predetermined profit if your prediction is correct, or lose only your initial investment and trading fees if it isn’t.

This clarity in outcomes allows you to know your potential gains and losses upfront, offering a controlled yet dynamic trading experience.

To learn more about Strike Options, check out our University article.

Yes, akin to UpDown Options, Strike Options are offered by Crypto.com | Derivatives North America (CDNA) and is subject to US regulatory oversight by the Commodity Futures Trading Commission (CFTC).

Visit the official Crypto.com website for Strike Options contract specifications.

Strike Options are currently available for the following cryptocurrencies: BTC, ETH, LTC, BCH, DOGE, AVAX, LINK, DOT, SHIB and XLM.

Crypto.com | Derivatives North America opens Crypto Strike Options trading at 23:00 EST every Friday, with the last contract for that same period expiring at 16:00 EST the subsequent Friday. Scheduled maintenance takes place from 16:15 to 23:00 EST every Friday. During this period, Strike Options are not available for trading.

For all the latest updates, holiday schedules, and contract availability, please see the Holiday and Hours page and the Notices page in the Crypto.com | Derivatives North America website.

Strike Options are available for the following Forex pairs: AUD/USD, EUR/USD, GBP/USD, USD/JPY

Crypto.com | Derivatives North America opens Forex Strike Options trading at 18:00 EST every Sunday, with the last contract for that same period expiring at 16:00 EST the subsequent Friday. Forex markets are closed for trading between 17:00 to 18:00 EST Monday - Thursday. Forex markets are also closed on Good Friday, Christmas Day, and New Year's Day (or when the holiday is observed). Modified and/or shortened trading hours are also in place during US holidays.

For all the latest updates, holiday schedules, and contract availability, please see the Holiday and Hours page and the Notices page in the Crypto.com | Derivatives North America website.

To trade Strike Options, you will need to set up an account with Crypto.com | Derivatives North America:

Strike Options is a fully collateralized trading product. You need to have sufficient funds in your USD Fiat Wallet to trade Strike Options. The calculation for your available balance may include unsettled funds (i.e., via Instant Deposit). Visit our Help Center for more information on USD deposits with Wire Transfer and ACH Direct Deposit and how you may use Instant Deposit for trading Derivatives.

For Strike Options trading, taking a ‘long’ or ‘short’ position refers to your prediction about the asset’s price movement.

Remember, there are only ever two possible outcomes for Strike Options at expiry: you either make a predefined profit or lose the amount you paid to open the trade.

A position limit defines the maximum aggregate position you can hold for Strike Options per underlying cryptocurrency. The position limit for Crypto Strike Options is 25,000. This means you can have a maximum of 25,000 open positions for BTC and 25,000 for ETH at the same time. The open position count includes both long and short positions across all available contracts for the underlying market.

For example:

The position limit for FX Strike Options is 2,500.

The orders you submit to trade Strike Options are Market Orders (‘MO’) with protection on an Immediate-or-Cancel (‘IOC’) basis.

An MO with protection is a request submitted to buy or sell a set number of Strike Options contracts at the displayed market price when the order is submitted. In the event that the displayed market price is no longer available when Crypto.com | Derivatives North America receives the order, the MO with protection order will be acceptable to fill within the set slippage tolerance (see next question).

An IOC order demands immediate execution or cancellation. It can be filled in whole or in part, with any remaining quantity automatically canceled. This is also known as a ‘partial fill’.

Slippage Tolerance allows your trade to be completed even if the coin's price moves from the time you place the order to the time it is executed. It is a predetermined number of points, expressed as a dollar value, away from the displayed market price that will be acceptable to fill the MO with protection.

If the coin’s price movement is within the tolerance you set and either the full or partial order quantity can be filled, your order will be executed on an Immediate-or-Cancel (‘IOC’) basis. If the coin’s price movement exceeds the tolerance you set, your order will not be executed because no order quantity can be filled in this case.

Slippage tolerance can be adjusted by tapping on the Settings button at the bottom of the Derivs page.

The default tolerance per Crypto Strike Options contract is US$0.50. It can be adjusted between US$0.10 to 2.50.

The default tolerance per FX Strike Options contract is US$5. It can be adjusted between US$1 to 25.

The higher your Slippage Tolerance, the more likely your order will be executed. Orders exceeding your set tolerance will not be filled.

When the market has insufficient liquidity, it means there is no party offering to match the other side of your order. You will either see that there are no price quotes available to place your trade or that your trade will not be executed.

Simply put, if you want to buy a contract, there must be another party selling it to match your purchase order, and vice versa.

When you have an open position and there are no price quotes available for you to close your position, a Liquidity Alert will be shown on the Position Details screen. If there are less than 30 seconds to contract expiry, you will see the Low Liquidity Zone alert.

When there is no Price to Close, your Unrealized PnL cannot be calculated. The Likely Payout will be shown to provide an indication of your probable payout (excluding fees) instead. This is based on where the indicative Token Market Price is relative to the Strike Price.

For example, if the Token Market Price is below the Strike Price for a long position, your contract is likely out-of-the-money. There is a high probability your payout will be $0.

However, if the Token Market Price is above the Strike Price for a long crypto Strike Options position, your contract is likely in-the-money. There is a probability your payout will be $10 (excluding fees).

Before placing your trade, you will review the Indicative Amount (also known as the ‘You Pay’ amount on the Order Input screen) you need to pay.

This indicative amount is the Contract Price plus fees, and your set Slippage Tolerance, taking into account the Tick Size and Tick Value of the contract. This amount will be held in your USD Fiat Wallet until your order is filled or rejected.

When your order is filled, the actual amount you pay will be reflected in your Order History page. This will be the Actual Contract Price, taking into account the Tick Size and Tick Value of the contract, plus fees. Your maximum loss is the cost you put into the trade, including fees.

The current market price of BTC is US$25,500. You think BTC’s price will rise and consider a contract with a Buy Price of US$4.20 and Strike Price of US$26,000 expiring in 20 minutes. You do not change your Slippage Tolerance, which remains as the default of US$0.50 per contract. You decide to buy 10 Strike Options contracts.

The Indicative Amount you need to pay before confirming your order will be:

(Contract Buy Price + Slippage Tolerance + Exchange Fee + Technology Fee) * No. of Contracts Traded

= (4.20 + 0.50 + 0.15 + 0.14) * 10

= US$49.90

A hold is put on your USD Fiat Wallet for this amount. Your order is filled at US$4.30 per contract.

The Actual Amount you pay to open a long position on BTC with 10 contracts is:

(Actual Contract Buy Price + Exchange Fee + Technology Fee) * No. of Contracts Traded

= (4.3 + 0.15 + 0.14) * 10

= US$45.90

Your USD Fiat Wallet is debited this amount.

The current market price of BTC is US$25,500. You’re considering a contract with a Sell Price of US$3.60 and a Strike Price of US$26,500 expiring in two hours. You don’t think BTC’s price will exceed the strike price at expiry and decide to open a short position of 20 Strike Options contracts. You adjust your slippage tolerance to US$0.20 per contract for this trade.

The Indicative Amount you need to pay before confirming your order is:

((Contract Payout - Contract Sell Price) + Slippage Tolerance + Exchange Fee + Technology Fee) * No. of Contracts Traded

= ((10 - 3.60) + 0.20 + 0.15 + 0.14) * 20

= US$137.80

A hold is put on your USD Fiat Wallet for this amount. Your order is filled at US$3.5.

The Actual Amount you pay to open a short position on BTC with 20 contracts is:

((Contract Payout - Actual Contract Sell Price) + Exchange Fee + Technology Fee) * No. of Contracts Traded

= ((10 - 3.5) + 0.15 + 0.14) * 20

= US$135.80

Your USD Fiat Wallet is debited this amount.

There are two scenarios where your existing open position will be closed:

Each contract has a specific expiry date and time. When the contract expires, your position is automatically closed, and the profit or loss is realized.

The contract expiry time can be found in either the ‘Open Positions’ widget under the Derivs tab or the ‘Open Positions’ page.

The current market price of BTC is US$25,500, and there’s a BTC Strike Option contract with a strike price of US$26,000 expiring in 20 minutes that’s available to trade. At first, you believed BTC’s price would rise above the strike price at expiry. Thus, you bought 10 of these contracts at a Buy Price of US$4.20.

The market price of BTC rockets to US$26,100 before the expiration time, and you think it’s too risky to wait until the contract expires because the market price may not stay above the strike price at contract expiration. Therefore, you decide to close your position by selling all 10 BTC contracts at US$6.40. The final amount you will receive is calculated based on the following formula:

(Closing Price - Exchange Fee - Technology Fee) * No. of Contracts Traded

= (6.40 - 0.14 - 0.15) * 10

= US$61.10

In this case, your USD Fiat Wallet will be credited with this amount.

With reference to Example 1 above, if BTC’s market price at contract expiration is US$26,500 — higher than the strike price of the contracts you bought —then the final amount you will receive is calculated based on the following formula:

(Contract Payout - Exchange Fee - Technology Fee) * No. of Contracts Traded

= ($10 - 0.14 - 0.15) * 10

= US$97.10

In this case, your USD Fiat Wallet will be credited with this amount.

With reference to Example 1, if BTC’s market price at contract expiration is US$25,900 — lower than the strike price of the contracts you bought Ø then you will not be credited or debited any amount. Your maximum loss is the initial amount you put into the trade, including fees.

The current market price of ETH is US$1,600, and there’s an ETH Strike Options contract with a strike price of US$1,640 expiring in two hours that’s available to trade. At first, you believed ETH’s price would not exceed the strike price at expiry. Thus, you sold 10 of these ETH contracts at a Sell Price of US$3.60.

However, the market price of ETH soars to US$1,630 before the expiry time, and you think it’s too risky to wait until the contract expires because the market price will likely rise above the strike price at contract expiration. This would cause you to incur a total loss on your initial investment at that time. To prevent this, you decide to close your position by buying the same 10 ETH contracts at US$5.20. The final amount you will receive is calculated based on the following formula:

((Contract Payout - Closing Price) - Exchange Fee - Technology Fee) * No. of Contracts Traded

= ((10 - 5.20) - 0.14 - 0.15) * 10

= US$45.10

In this case, your USD Fiat Wallet will be credited with this amount. Your profit or loss is determined by the difference between the credited amount and your initial investment.

With reference to Example 4, if ETH’s market price at contract expiration is US$1,620 — lower than the strike price of the contracts you sold, which means your prediction is correct — then the final amount you will receive is calculated based on the following formula:

(Contract Payout - Exchange Fee - Technology Fee) * No. of Contracts Traded

= (10 * 0.10 / 0.10 - 0.14 - 0.15) * 10

= US$97.10

In this case, your USD Fiat Wallet will be credited with this amount. Your profit or loss is determined by the difference between the credited amount and your initial investment.

With reference to Example 5, if ETH’s market price at contract expiration is US$1,650 — higher than the strike price of the contracts you sold — then you will NOT be credited or debited any amount. Your maximum loss is the initial amount you put into the trade, including fees.

Here’s how your profit/loss is calculated for each contract instrument:

You will have an unrealized profit/loss if you have an open position. It will be updated as the current Contract Price moves and is calculated by comparing the current Contract Price and the average entry price for your open positions, taking into account the Tick Size and Tick Value of the contract. This calculation excludes fees.

The current market price of ETH is US$1,810. You open a long position by buying 10 contracts at US$3.60 and 10 contracts at US$5.40 with the same strike price of US$1,800, expiring in 15 minutes. The average entry price of the 20 contracts is US$4.50.

If, before the contract expires, ETH’s market price rises to US$1,830, the ETH Contract Sell Price will correspondingly increase, rising to US$6.80, for example. The calculation for your unrealized profit/loss is:

(Contract Sell Price - Average Entry Price) * Number of Contracts in the Open Position

= (6.80 - 4.50) * 20

= US$46

You would have an unrealized profit in this case. This amount will be realized when you close your position.

If, before the contract expires, ETH’s market price falls to US$1,790, the ETH Contract Sell Price will correspondingly decrease, dropping to US$3.60, for example. The calculation for your unrealized profit/loss is:

(Contract Sell Price - Average Entry Price) * Number of Contracts in the Open Position

= (3.60 - 4.50) * 20

= - US$18

You would have an unrealized loss in this case. This amount will be realized when you close your position.

Please be reminded that in order to close your long position, you will need to sell the contract(s) you have bought.

The current market price of BTC is US$32,500. You open a short position by selling 10 contracts at US$3.60 and 10 contracts at US$4.80 with the same strike price of US$32,700, expiring in one hour. The average entry price of the 20 contracts is US$4.20.

If, before the contract expires, BTC’s market price rises to US$32,700, the BTC Contract Buy Price will correspondingly increase, rising to US$5.40, for example. The calculation for your unrealized profit/loss is:

(Average Entry Price - Contract Buy Price) * Number of Contracts in the Open Position

= (4.20 - 5.40) * 20

= - US$24

You would have an unrealized loss in this case. This amount will be realized when you close your position.

If, before the contract expires, BTC’s market price falls to US$32,200, the ETH Contract Buy Price will correspondingly decrease, dropping to US$1.20, for example. The calculation for your unrealized profit/loss is:

(Average Entry Price - Contract Buy Price) * Number of Contracts in the Open Position

= (4.20 - 1.20) * 20

= US$60

You would have an unrealized profit in this case. This amount will be realized when you close your position.

Please be reminded that in order to close your short position, you will need to buy the contract(s) you have sold.

When you close a position, you'll incur a realized profit/loss. It's determined by comparing the Contract Price of the underlying asset at the time of closing to the average entry price of the closed positions, factoring in the contract's Tick Size and Tick Value. All calculations include fees. Please note that The total Realized Profit and Loss (P&L) for your entire position including fees can be viewed on the Order History screen, while the realized P&L for a specific trade (including fees for closing a trade only) is displayed in the Close Position pop-up.

The current market price of BTC is US$32,500. You open a long position by buying 25 contracts at US$5.40 and 25 contracts at US$6.80 with the same strike price of US$32,400, expiring in 10 minutes. The average entry price of the 50 contracts is US$6.10.

You believed the bull trend would remain and chose to wait until the contract’s expiry time. The market price of BTC at expiry is US$32,650, and your prediction is correct. This means you’ll reap a US$10 payout per contract you bought in your open position. The calculation for your realized profit/loss is:

((Contract Payout - Average Entry Price) - Exchange Fee - Technology Fee) * Number of Contracts Closed

= ((10 - 6.10) - 0.15 - 0.14) * 50

= US$180.50

You would have a realized profit in this case.

With reference to Example 1, suppose BTC’s market price drops to US$32,300 before expiry, lower than when you purchased the contracts. With the Contract Price now at US$3.60 (a decrease in price corresponding to the drop in the underlying asset’s price), you decide to close your BTC long position early to mitigate your losses. The calculation for your realized profit/loss is:

((Contract Price - Average Entry Price) - Exchange Fee - Technology Fee) * Number of Contracts Closed

= ((3.60 - 6.10) - 0.15 - 0.14) * 50

= - US$139.50

You would have a realized loss in this case.

The current market price of ETH is US$1,650. You open a short position by selling 20 contracts at US$5.40 with the same strike price of US$1,640 expiring in 20 minutes. The average entry price of the 20 contracts is US$5.40.

You believed the bear trend would remain and waited until the contract’s expiry time. The market price of ETH at expiry is US$1,630, and your prediction is correct. This means you’ll reap a US$10 payout per contract you bought in your open position. The calculation for your realized profit/loss is:

(Average Entry Price - Exchange Fee - Technology Fee) * Number of Contracts Closed

= (5.40 - 0.14 - 0.15) * 20

= US$102.20

You would have a realized profit in this case.

With reference to Example 3, suppose ETH’s market price rises to US$1,660 before expiry, higher than when you purchased the contracts. With the Contract Price now at US$6.20 (a surge in price corresponding to the increase in the underlying asset’s price), you decide to close your ETH short position early to mitigate your losses. The calculation for your realized P&L is:

((Average Entry Price - Contract Price) - Exchange Fee - Technology Fee) * Number of Contracts Closed

= ((5.40 - 6.20) - 0.15 - 0.14) * 20

= - US$21.80

You would have a realized loss in this case.

The following fees are charged for each contract of a Crypto Strike Options trade:

The following fees are charged for each contract of a FX Strike Options trade:

When you open a Crypto Strike Options position, the fees are added to your trade amount and debited from your USD Fiat Wallet (see ‘How do I calculate the amount I pay to enter a trade?’). If you open a long position by buying 10 contracts, you pay:

(Exchange Fee + Technology Fee) * Number of Contracts Traded

= ($0.15 + $0.14) * 10

= US$2.90

This also applies if you open a short position by selling 10 crypto contracts. You will pay US$2.90 as well.

When a Crypto Strike Positions position is closed, the same fees are deducted before crediting your USD Fiat Wallet (see ‘How do I calculate the amount I receive when I close a position?’).

Your maximum loss is limited to the initial amount you paid when opening a position. If, at the contract's expiration, the underlying asset's price deviates from the strike price in a direction that is not profitable for you, you won't receive any credit. However, you also won't incur additional debits for fees.

If you proactively close a long position by selling 10 crypto contracts, you will incur fees of (0.15 + 0.14) * 10 = US$2.90. This also applies if you close a short position by buying 10 crypto contracts. You will incur $2.90 in fees as well. However, you won’t lose more than the initial amount you paid.

When you open a long Crypto Strike Options position, fees are added to the filled contract price before the total amount is debited from your USD Fiat Wallet. The formula for this debited amount is:

Filled Contract Price + Exchange Fee of US$0.15 + Technology Fee of US$0.14

Conversely, when you proactively close a position, fees are deducted before crediting the balance to your USD Fiat Wallet. If you close your Crypto Strike Options position, the credited amount equals:

Contract Closing Price - Exchange Fee of US$0.15 - Technology Fee of US$0.14

In the event of a loss with a Crypto Strike Options long position,

The Strike Options feature is currently available in the United States only.

Strike Options is regulated by the Commodity Futures Trading Commission (CFTC), and it is legal to trade Strike Options on a CFTC-regulated exchange like Crypto.com | Derivatives North America.

Crypto Strike Options are priced between US$0 and US$10. As the underlying asset's market price ascends, the Strike Options contract price also rises, reflecting the higher probability of it being above the predetermined strike price at expiry. Conversely, the Strike Options contract price decreases when the underlying asset's value drops. You need to find a strike price where you believe the outcome is possible and at a level of risk you are comfortable with.

FX Strike Options are priced between US$0 and US$100.

As a contract nears its expiration, there may be insufficient liquidity in the market, resulting in unavailable price quotes to complete a trade.

FX Strike Options can be traded on either the Crypto.com App or Nadex’s trading platform. When you have an open position for a contract on Nadex’s trading platform, that position can only be managed there. You will not see that open position on the App, nor be able to trade the same contract on the App, and vice versa.

For detailed information about Rolling Strike Options, please visit this page.