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Options specification

BTC/USDC options contract specification

Parameter
Details
Underlying asset
BTC/USD perpetual
Ticker
BTCUSD_ddmmyy_strike_c or p
Example: BTCUSD_240921_45000_c – call option on bitcoin, with expiration date 09/24/2021, strike 45,000
Trading pair
BTCUSDC
Quantity step
0.0001
Max order / Max position
100 BTC
Expiration
European options, exercised at expiration. The user needs to "settle" his uPnL after the expiration.
Expiration date
Last working Friday of each quarter 03:00 UTC
Expiration price
TWAP from the price of BTCUSD perpetual futures for the period 02:00 – 03:00 UTC of the last trading day
Strike prices
When deploying a new contract, strike prices are determined from the current price of the underlying asset. New strikes are added when the price changes dramatically.
Strike price intervals
Depends on BTC price, may vary
Trading schedule
24/7
Tick size
0.01 USDC
Margin requirement
Determined by the platform depending on volatility and position size
Settlement type
Cash settlement in USDC
Fees
Taker = 0.2%, Maker = 0.1% excluding SPIN staking discounts and trading volumes
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