Deribit vs OKX vs Bybit options
Deribit, OKX and Bybit list the same kind of options on BTC and ETH: European, settled in cash at expiry. What differs is the currency premiums are quoted in, the fees, which expiries are listed and how deep each book is. The table below compares them live.
Last reviewed:
Today, venue by venue
| Venue | Asset | Options tracked | Expiries | ATM IV 7d? | ATM bid-ask spread |
|---|---|---|---|---|---|
| Bybit | BTC | 572 | 10 | 31.9% | 0.4% |
| Bybit | ETH | 444 | 10 | 40.7% | 0.4% |
| Deribit | BTC | 698 | 10 | 32.1% | 4.7% |
| Deribit | ETH | 550 | 10 | 40.9% | 3.6% |
| OKX | BTC | 538 | 10 | 31.7% | 2.4% |
| OKX | ETH | 504 | 10 | 40.5% | 1.8% |
The spread is the at-the-money call's and put's ask minus bid, as a share of their mid, on the first expiry at least a week out: what crossing the book costs, in percent.
What's the same
On all three, an option that expires in the money pays the difference between the settlement price and the strike, in the option's own settlement currency; nothing is physically delivered. The option fee follows the same rule: 0.03% of the underlying per contract, capped at a share of the option's price.
What differs
- Premium currency: on Deribit and OKX, BTC and ETH options are quoted and settled in the coin itself; Bybit's are quoted in US dollars and settled in stablecoins. BOSS converts all of them to dollars so they can be compared.
- Fee cap: 12.5% of the option's price on Deribit, 7% on OKX and Bybit, which matters most for cheap, far out-of-the-money options.
- Delivery fee for options expiring in the money: 0.015% capped at 12.5% on Deribit (none on daily expiries) and Bybit; 0.02% capped at 7% on OKX (none outside Friday expiries).
- Listed expiries and liquidity: each venue lists its own set of dailies, weeklies, monthlies and quarterlies, and spreads differ by venue and strike. The table and the expiry calendar show today's.
Choosing a venue
For a given structure, the cheapest venue changes from day to day and from strike to strike. Every strategy page has a Compare venues table with the same contracts on all three, after each venue's own fee. Check also that the venue is available where you live: BOSS doesn't place orders, and nothing here is a recommendation.