TL;DR
- Kraken launches Cash-settled European-style options on BTC And ETH for eligible professional and institutional clients on KrakenPro.
- The contracts are linear And Settlement in USDwith weekly, monthly, quarterly and semi-annual expirations available at launch via request for quote (RFQ) access.
- Portfolio margin is enabled by default for all eligible clients, with spot, futures and options trading unified in a single wallet and collateral accepted in more than 30 currencies.
- European access is planned for the second half of 2026, with future phases expected to add a public order book and broader asset coverage.
We are excited to announce a new suite of options contracts on Bitcoin (BTC) and Ether (ETH), giving a broader base of professional and institutional clients access to a part of the digital asset derivatives market that we expect will evolve significantly over the coming years.
Crypto options represent only a small portion of crypto derivatives activity today, unlike traditional markets, where options play a much larger role. We believe this gap will close and are launching an options offering designed for a broader trader base.
Contract details and access
Eligible clients can now trade cash-settled European-style options in XBT/USD and ETH/USD on Kraken Pro, with weekly, monthly, quarterly and semi-annual expirations available at launch. Access initially opens via a Request for Quote (RFQ), with European customers following later in 2026, subject to regulatory confirmation.
Meeting the demand for a familiar dollar-settled structure
Crypto options have, for much of the last decade, been the preserve of a handful of sites running contract structures designed primarily for native crypto traders. The launch of regulated options on Bitcoin ETFs in late 2024 showed the scale of latent professional demand for options exposure in a familiar, dollar-settled format. Kraken’s offering is designed to meet this demand with direct exposure to BTC and ETH within a structure already recognized by professional investors.
USD-settled linear contracts with default portfolio margin
All Kraken options contracts are linear and settled in US dollars, with premiums, profits and losses and settlement denominated in USD. Portfolio margin is enabled by default for each eligible client rather than as an opt-in tier, and offsetting positions reduce overall margin requirements. Spot, futures and options contracts are consolidated into a single unified portfolio, and clients can post collateral in over 30 different currencies, drawing on the same multi-collateral pool that supports Kraken’s existing derivatives offering.
“Crypto options activity is still only a fraction of what it is in traditional markets, but the gap is narrowing as professional and institutional capital continues to shift toward digital assets,” said Alexia Theodorou, director of derivatives at Kraken. “The existing crypto options market was designed for a narrow slice of the trader base. Our offering expands access through a simple, dollar-settled contract design that directly tracks the underlying asset, in the same account customers already use for spot and futures.”
What lies ahead for Kraken’s options offering
The first phase is the start of a longer construction. Although the initial offering is RFQ only, future phases are expected to include a public order book to deepen price discovery as the business scales, as well as broader geographic access and broader asset coverage. European access is planned for the second half of 2026.
Theodorou continued: “Options are at the heart of how sophisticated investors take positions on price, volatility and time. Bringing this capability to Kraken Pro continues building a comprehensive derivatives platform alongside spot and futures, providing clients with a single place to express their directional views and manage risk.”
Options are now available on Kraken Pro, joining spot and futures in a single wallet with portfolio margin. Eligible customers can access the new contracts today via RFQ, with European availability and further platform expansion planned for later in 2026.
