Exchange Analysis
Comparison of the crypto options venues integrated with the Option Screener, scored strictly through an arbitrage-execution lens: what options are actually listed, how the contracts settle, and the smallest ticket you can leg in with. Assets shown are listed options markets — not spot listings. These are internal research grades — not investment advice.
Live arb universe: cross-venue arbitrage currently runs on BTC and ETH options — all six venues quote both. The Options Listed column shows how many underlyings each venue offers options on overall (ClickOptions: 12). Venues are ordered by overall grade, ClickOptions first.
- Liquidity
- Order-book depth & open interest across strikes/tenors.
- Fees
- All-in cost: maker/taker plus settlement/exercise fees.
- Coverage
- BTC/ETH chain breadth (expiries × strikes) and contract-style availability for the arb legs.
- Reliability
- Uptime, API quality, rate limits and settlement integrity.
- Arb Fit
- Suitability as a leg in the OptionsLab cross-venue arb workflow.
Premiums, margin and settlement in stablecoin. P&L is exactly the dollar gap you locked — no residual coin exposure, one collateral currency across both legs. All ClickOptions, Binance, Bybit and Coincall books are linear. This is the operationally simple case.
Premiums quoted, margined and settled in BTC/ETH. The sell leg needs coin collateral, and the locked “dollar” gap actually pays out in coin — its USD value moves with the market until you convert. That adds a hedging/conversion layer on top of the arb itself. Deribit's main books and all OKX options are inverse; OKX additionally trades in 1 BTC contract units (~$63K minimum ticket), which prices most retail arbs out entirely.
| Exchange | Options Listed | 7d Spread % | ATM Top-of-Book | Liquidity | Fees | Coverage | Reliability | Arb Fit | Overall |
|---|---|---|---|---|---|---|---|---|---|
ClickOptions Arb option assets BTC, ETH Contract style Linear (USDT-settled) Min trade BTC: 0.01 BTC/contract (~$630) · ETH: 1 ETH (~$1.8K) | 12 BTC, ETH, SOL, XRP, AVAX, TRX, DOGE, XAUT, ANTH, OPENAI, SPCX, BNB | BTC 1.09% ETH 0.74% | BTC $220k ETH $128k | A-The buy-side leg of every arb: lowest fees, USDT-linear, smallest BTC ticket (0.01 BTC/contract) and dense short-dated expiries on BTC & ETH. Book is thinner than the majors. Additional option assets listed on the venue (SOL...SPCX) are excluded here - this analysis covers only the arbitrageable BTC/ETH set. NB: BTC premiums quoted per 0.01 BTC - normalized x100 vs other venues. | |||||
Bybit Arb option assets BTC, ETH Contract style Linear (USDT-settled) Min trade 0.01 BTC (~$630) / 0.1 ETH (~$180) | 5 | BTC 2.18% ETH 1.36% | BTC $156k ETH $52k | AThe most productive sell venue in our live arb flow: 44% of the last 30 days' signals (310 of 711 contracts) executed against Bybit. USDT-linear with the smallest ETH ticket (0.1 ETH) and small BTC tickets (0.01 BTC). ETH option quotes are intermittent in our polling - verify depth before relying on the ETH leg. | |||||
Deribit Arb option assets BTC, ETH Contract style Inverse (coin-settled) main books + Linear (USDC) since Aug 2025 Min trade Inverse: 0.1 BTC (~$6.3K) / 1 ETH (~$1.8K) · Linear: 0.01 BTC / 0.1 ETH | 7 | BTC 9.24% ETH 13.06% | BTC $507k ETH $120k | ADeepest books and the price-discovery benchmark; 0.03% maker/taker. Main liquidity sits in INVERSE contracts: premiums and settlement in coin, so the sell leg needs coin collateral and its P&L carries coin exposure. Linear USDC books are newer/thinner, and since Apr 2026 linear ITM options settle via a futures leg (two-step). | |||||
Binance Arb option assets BTC, ETH Contract style Linear (USDT-settled, European) Min trade 0.01 contracts all assets (BTC ~$630) | 6 | BTC 6.78% ETH 2.40% | BTC $312k ETH $144k | B+Widest linear options menu and small min tickets (0.01 across all assets) - operationally easy sell leg. Higher all-in options cost and stricter API rate limits than Deribit. | |||||
OKX Arb option assets BTC, ETH Contract style Inverse ONLY - no linear; premiums & settlement in BTC/ETH Min trade 1 contract = 1 BTC (~$63K) / 1 ETH (~$1.8K) | 2 | — | — | B+Solid depth and API, but the hardest venue to leg into: options are inverse ONLY - there is no linear book, so premiums, margin and settlement are all in BTC/ETH - AND the contract unit is 1 BTC (~$63K minimum ticket). Fine for size, unusable for small arbs; ETH (1 ETH unit) is far more accessible. | |||||
Coincall Arb option assets BTC, ETH Contract style Linear (USDT-settled, European) Min trade 1-coin multiplier, fractional qty (BTC from 0.01 ~$630) | 17 | — | — | BUSDT-linear, cash-settled European options (settlement = 30-min average index before 08:00 UTC expiry). Books are thinner and quotes gappier than the majors; frequent source of underpriced-tail signals in our scans. |
Scores reflect public liquidity/open-interest data, fee schedules, asset coverage, and our own integration experience (API behaviour, fill quality, settlement) as of 2026. Markets change — we review grades periodically.