Options Listing Policy

Listing Cycle

  • Daily Options

    • Added every day at 08:00 UTC.

    • Expire 08:00 UTC on their maturity date.

    • Default listing horizon: T+3 (always three daily expiries live).

  • Weekly Options

    • Expire at 08:00 UTC every Friday.

    • New weekly listed at 08:00 UTC on Thursday before expiry.

    • Default listing horizon: 3 weekly expiries live.

  • Monthly Options

    • Expire at 08:00 UTC on the last Friday of each month.

    • New monthly listed one week before expiry.

    • Default listing horizon: 3 monthlies live.

  • Quarterly Options

    • Expire at 08:00 UTC on the last Friday of March, June, September, December.

    • Default listing horizon: 4 quarterlies live.

Overlap Rule

  • If a Daily, Weekly, or Monthly expiry overlaps with an existing higher timeframe expiry (e.g., a Quarterly), no duplicate expiry is created.

Strike Interval Policy

Our strike policy ensures sufficient ITM, ATM, and OTM coverage while adapting to volatility.

  • Initial Listing

    • Always list:

      • 1 ATM strike

      • 3 strikes above and 3 below ATM

  • Delta Range

    • Call strikes listed from ~0.05 to 0.95 delta

    • Put strikes listed from ~–0.05 to –0.95 delta

  • Dynamic Expansion

    • New strikes are added if the underlying price moves outside the existing strike range.

    • Strike step size scales with volatility:

      • Low volatility: smaller step size

      • High volatility: larger step size

  • Indicative Intervals (Phase 1)

    • BTC

      • ≤ 2 days: 250 USDT steps

      • ≤ 2 weeks: 500 USDT steps

      • ≤ 2 months: 1,000 USDT steps

      • 2 months: 2,000–5,000 USDT steps

    • ETH

      • ≤ 2 days: 10 USDT steps

      • ≤ 2 weeks: 25 USDT steps

      • ≤ 2 months: 50 USDT steps

      • 2 months: 100–200 USDT steps

(Intervals may be adjusted dynamically based on realized and implied volatility.)

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