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Options are live on Kraken Pro

Set defined-risk trades, hedge your holdings, or trade implied volatility — straight from your existing Kraken Pro account.

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What are Options on Kraken Pro?

Trade with a defined max loss

An option is a contract. Pay a premium for the right — not the obligation — to buy or sell BTC or ETH at a set price by a set date. Your max loss is the premium paid. Calls give bullish exposure; puts give bearish exposure or downside protection.

Trade movement, not just direction

Spot and Futures only let you trade direction. Options open up more ways to profit: profit from big moves in either direction with a straddle, capture rising implied volatility before a catalyst, or earn from time decay in calm markets.

Set up in seconds

Your existing Kraken Pro account is the starting point — same login, no new app. Futures traders can use their existing wallet immediately. If not, unlocking derivatives takes just a few seconds.

How it works

Kraken Pro Options tab showing the RFQ builder

Open the RFQ builder on the Options tab.

Selecting asset, side, and instrument in the RFQ builder

Pick BTC or ETH, side ‘Buy’ or ‘Sell,’ instrument ‘Call’ or ‘Put.’

Choosing a strike price and expiry date for an options contract

Pick a strike and expiry.

Pending RFQ request awaiting quotes on Kraken Pro

Submit the request — quotes come back within seconds.

Reviewing and accepting a quote to complete an options trade

Accept the best quote — the trade is booked instantly.

Five ways to trade with Options

Options unlock trades that aren’t possible with Spot or Futures alone. Here are the five core use cases — each with a worked example.

Hedge what you already hold (put options)

You hold BTC but worry it might dip near-term. A put option works like insurance: pick a strike below the current price, pay a premium. If BTC falls below that strike at expiry, the put pays the difference. If not, you only lose the premium.

Adopt a directional view with limited downside (call options)

Bullish on BTC? A call gives the same upside as buying spot but with capped downside — your max loss is the premium. If BTC is above the strike at expiry, the call pays the difference.

Profit from movement, not direction (a straddle)

Expecting volatility but unsure of direction? Buy a call and a put at the same strike. One pays out regardless of which way the market moves, as long as the move covers both premiums. Build it as a single RFQ, with both legs priced and executed together.

Get paid for nothing happening (a short straddle)

Sell a call and a put at the same strike. If the market stays flat at expiry, both options expire and you keep the collected premium. Note: selling options carries uncapped downside if the market moves hard against you.

Trade volatility itself (an IV play)

Options have a lever Futures and Spot don’t: implied volatility (IV) — the market’s expectation of how much BTC or ETH will move by expiry. IV rises into major events, then collapses after. Buy options into rising IV and close before the catalyst to profit from pricing alone.

Unlock options

Built to make your wallet go further

Three structural mechanics make Kraken Options more capital-efficient than at most venues.

Portfolio margin is on by default

Portfolio margin is automatic from day one — no opt-in required. Offsetting positions, like a long call against a short futures, require less margin than each in isolation. Hedged setups use less collateral.

30+ currencies count as collateral

You don’t have to post USD. Over 30 assets are eligible as collateral, each at a small discount to account for volatility. The BTC, ETH, or USDC you already hold can back your options trades immediately.

You don’t pay the premium upfront

On most venues, buying an option immediately removes the full premium in cash. On Kraken Pro, positions are margined like futures — losses come out of collateral as the market moves. Capital stays accessible for other trades.

One wallet across Futures and Options

Cross-margin across the lot. No transfers, no separate accounts, no terminal-switching.

How settlement works

Kraken Options are European-style and cash-settled. Settlement happens at expiry only — no early exercise decision. To take profit early, close the position by selling it.

Settlement price is based on BTCOPTRR (BTC) and ETHOPTRR (ETH) — 30-minute averages before 08:00 UTC on expiry day. Taker fees apply at settlement and are capped at 12.5% of the option’s mark price.

Unlock options

FAQs

How do I enable Options on Kraken Pro?

Your existing Kraken Pro account already covers it. Open the Options tab and follow the unlock prompt — it takes minutes.

What is RFQ trading?

RFQ stands for Request for Quote. You submit a request for the trade you want to place, quotes come back within seconds, and you accept the best one. Phase 1 of Kraken Options is RFQ-only; a central limit order book is on the build list.

What’s the difference between a call and a put?

A call gives you the right to buy at a set price (bullish exposure). A put gives you the right to sell at a set price (bearish exposure or downside protection). Both have a premium and an expiry date.

Are Kraken Options cash-settled or do I receive BTC?

Cash-settled. A BTC option pays the USD equivalent at expiry — no physical delivery, no asset to receive.

When do Kraken Options expire?

Expiry is set per contract. At expiry, settlement happens automatically against the BTCOPTRR (for BTC) or ETHOPTRR (for ETH) reference price, taken as a 30-minute average closing at 08:00 UTC on expiry day.

Do I pay the premium upfront?

No. On Kraken Pro, your option position is margined like a futures position. Any losses come out of your collateral as the market moves; you don’t pay the full premium upfront.

What is portfolio margin and is it on by default?

Portfolio margin reduces the margin required for offsetting positions — instead of charging margin on each trade separately, Kraken charges it on the net risk. On Kraken Pro, portfolio margin is on by default for every Options user, with no opt-in required.

What is implied volatility (IV)?

IV is the market’s pricing of how much BTC or ETH is expected to move between now and the option’s expiry. Higher IV means more expensive options. IV typically climbs into known catalysts (like a Fed announcement) and crashes once the event resolves.

Which currencies can I use as collateral?

Over 30 currencies are eligible. Each is valued at a small discount (a haircut) to account for volatility. The BTC, ETH, or USDC you already hold likely qualifies.

How are fees calculated?

Taker fees are charged at settlement, not at trade entry. They’re capped at 12.5% of the option’s mark price per contract — so a deep out-of-the-money position can’t get hit with outsized fees relative to its value.

What assets and expiries are available?

Phase 1 of Kraken Options launched with BTC and ETH only, on web and mobile. Daily expiries and broader asset coverage are on the itinerary.

Which countries are eligible?

Eligibility varies by region. Geographic restrictions apply. Confirm availability during the enablement process. In the UK, Options are available to clients formally classified as professional or eligible counterparty only.

Payward Digital Solutions Ltd. is licensed to conduct digital asset business by the Bermuda Monetary Authority. Trading futures, derivatives and other instruments using leverage involves an element of risk and may not be suitable for everyone. Read Kraken Derivatives’ risk disclosure to learn more.

In the UK, access to crypto asset derivatives services are restricted to persons meeting the criteria for categorisation as a professional client. These services are provided by Payward Digital Solutions Limited, which is licensed by the Bermuda Monetary Authority (RN: 202403268) to conduct digital assets business in and from Bermuda. These services are not regulated or covered by investor protection measures in the UK. Access to these services is arranged by Crypto Facilities Limited, which is regulated and authorised by the Financial Conduct Authority (FRN: 757895) to make arrangements with a view to transactions in investments. For more information click here. Communications regarding crypto asset derivatives services are directed at persons having professional experience in matters relating to investments, high net worth companies, or any other person to whom it may be lawfully directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (together, “relevant persons”). Only relevant persons may rely or act upon such communications and engage in investment activity.