> For the complete documentation index, see [llms.txt](https://docs.clickoptions.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.clickoptions.ai/trade/instruments-and-specs.md).

# Instruments and specs

#### Options Contract Specification

| **Contract Type**     | Call and Put Options (**Buy only**)                                                                                                                                                                                              |
| --------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Underlying Index**  | Proprietary index price, aggregated from major exchanges for the underlying asset                                                                                                                                                |
| **Underlying Assets** | BTC, ETH                                                                                                                                                                                                                         |
| **Exercise Style**    | European, cash-settled                                                                                                                                                                                                           |
| **Trading Hours**     | 24/7                                                                                                                                                                                                                             |
| **Mark price**        | <p>Real-time estimate of an option contract value calculated using ClickOptions proprietary and  innovative flow-implied pricing engine.<br></p>                                                                                 |
| **Strike Prices**     | <p>Listed at ITM, ATM, and OTM levels. New strikes added if market trades outside available range. <br><a href="/pages/h81ntOJEbcH3TjHKCQwQ">See Options Listing Policy →</a></p>                                                |
| **Expiration Dates**  | <p>Daily, weekly, monthly, and quarterly expirations.<br>Expiration time: 08:00 UTC<br><a href="/pages/h81ntOJEbcH3TjHKCQwQ">See Options Listing Policy →</a></p>                                                                |
| **Settlement Price**  | <p>Arithmetic mean of the underlying Spot Index during the 30 minutes before expiry<br><a href="https://app.gitbook.com/o/LuGl9Oq3alJ0odWXii80/s/w3yP0kfoMRIj1rYHOfSZ/expiry-and-settlement">See Expiry and Settlement →</a></p> |
| **Fees**              | <p>Base fees: Trading <strong>0.025%</strong>, Exercise <strong>0.25%</strong><br><a href="https://app.gitbook.com/o/LuGl9Oq3alJ0odWXii80/s/w3yP0kfoMRIj1rYHOfSZ/fees-and-commissions">Detailed fee schedule →</a></p>           |

#### Trading Specs by Asset

| **Asset**   | **Type**      | **Settlement/Quote  Asset** | **Contract Size** | **Min Trade Amount/Step size** | **Tick Size** |
| ----------- | ------------- | --------------------------- | ----------------- | ------------------------------ | ------------- |
| **BTCUSDT** | Linear Option | USDT                        | 0.01 BTC          | 0.1                            | 1             |
| **ETHUSDT** | Linear Option | USDT                        | 1 ETH             | 0.01                           | 1             |


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