Advanced Derivatives
Live · CuratedOptions Trading Mastered
Trade European-style call and put options on BTC and ETH. Hedge your portfolio, express a view on volatility, or build multi-leg strategies with model Greeks and a visual payoff builder. Live on a curated set of contracts, with two-sided quotes provided by Midas's own market maker; more underlyings may be added over time.
BTC · ETH
Underlyings
European
Style
Cash Settled
Settlement
Live (platform MM)
Liquidity
Pro-Grade Tools
Everything You Need for Options
A comprehensive suite of tools designed for options traders of all levels, from basic calls and puts to multi-leg strategies.
European Options
Cash-settled European-style options that can only be exercised at expiry, providing predictable risk profiles and simplified settlement.
Advanced Greeks
Delta, Gamma, Vega and Theta computed from the pricing model for every strike and expiry, refreshed as the underlying moves, so you can size risk before you trade and watch it change after.
IV Surface (In Development)
An interactive implied-volatility surface across strikes and expiries is in development. Today every contract publishes its own implied volatility in the chain, so you can still read the term structure strike by strike.
Options Chain
The full call and put chain for every listed contract: strikes, expiries, model mark prices, implied volatility and Greeks, refreshed continuously, plus live bids and asks on the contracts Midas's market maker is quoting. Traded volume and open interest reflect actual trading on the chain.
Dedicated Options Wallet
Options collateral sits in its own USDT wallet, funded by instant transfer, so options risk never touches your spot balance. Margin is held per position today; risk-based portfolio margin that nets hedged legs is on the roadmap.
Strategy Builder
Build and analyze multi-leg strategies like straddles, strangles, spreads, and iron condors with visual payoff diagrams.
Options Fundamentals
Understanding Greeks
The Greeks measure how an option's price changes in response to various factors. Mastering them is key to effective options trading.
Delta
Measures how much an option's price changes for a $1 move in the underlying. Ranges from 0 to 1 for calls and -1 to 0 for puts.
Gamma
Measures the rate of change in Delta for a $1 move in the underlying. Higher Gamma means Delta changes faster, common in at-the-money options.
Theta
Measures the daily time decay of an option's value. All else equal, options lose value as expiry approaches, with decay accelerating near expiry.
Vega
Measures sensitivity to implied volatility changes. A 1% increase in IV raises the option price by the Vega amount. Highest for at-the-money options.
Rho
Measures sensitivity to interest rate changes. Generally a smaller factor in crypto options, but relevant for longer-dated contracts.
Getting Started
How Options Work
Options give you the right, but not the obligation, to buy or sell an asset at a predetermined price on a specific date.
Choose Your Underlying
Select BTC or ETH as the underlying asset; more underlyings may be added over time. Review current market conditions, implied volatility and recent price action to inform your strategy.
Select Expiry & Strike Price
Choose from weekly or monthly expirations. Pick a strike price based on your directional bias and risk/reward preference.
Buy Calls or Puts
Buy call options if you are bullish on the underlying, or buy put options if you are bearish. You can also sell options to collect premium.
Settle at Expiry or Trade Before
European options settle automatically in cash at expiry. You can also close your position early by trading out of it on the open market.
Start Trading Options
Trade the full chain with model-based Greeks, a multi-leg strategy builder and a dedicated options wallet. Options are live on a curated set of BTC and ETH contracts, with liquidity provided by Midas's own market maker.