Crypto options trade on centralized derivatives exchanges and on onchain protocols. You can buy them (pay premium for leverage or hedges) or sell them (receive premium and post collateral). The useful comparison is by platform type — custody, pricing and settlement — not by brand. Named venues below are examples of each type; listings and access change, so verify current product pages. Not a paid ranking. Primer: Crypto options explained.
How we compare platforms
| Criterion | What to ask |
|---|---|
| Settlement | Is the asset delivered, or only the profit paid out? |
| Collateral | What do sellers have to lock up? |
| Assets | Only the largest coins, or smaller ones, stablecoins and tokenized stocks too? |
| Pricing | Order book, automated market maker (AMM), vault auction, or request for quote (RFQ)? |
| Fees | Trading, exercise, withdrawal, protocol fee |
| Custody | Does an exchange hold your funds, or a smart contract? |
Buyers seeking leverage and sellers seeking income need different things, so they rarely share a best platform.
Platform types at a glance
| Type | How premium is set | Who holds funds | Example venues (illustrative) |
|---|---|---|---|
| Centralized exchange | Public order book | The exchange | e.g. Deribit, OKX, Bybit, Binance |
| Onchain order book | Orders matched offchain, settled onchain | Smart contracts | e.g. Derive, Aevo |
| Options vault | Scheduled auction of pooled deposits | Vault contract | e.g. Thetanuts Finance |
| AMM / pool | Formula on pool liquidity | Pool contract | e.g. Panoptic |
| RFQ | Counterparties quote your exact terms | Escrow onchain | e.g. Rysk, Overcast |
Platform names are examples of each type, not a complete list and not recommendations. Confirm products, fees and eligibility on each venue before you trade.
Centralized exchanges
Fit: busy markets in standard contracts, a familiar trading screen, large trades.
Trade-offs: the exchange holds your funds, its margin and liquidation rules apply, and access depends on where you live.
Typical fit: traders who want to buy options for protection or to bet on a move, and who already trust a major exchange. You can sell options there too, on the exchange's margin terms.
Examples: Deribit, OKX, Bybit, Binance. Deribit was the largest crypto options platform by volume and open interest, with about $60 billion of open interest, when Coinbase completed its acquisition in August 2025. Check each venue’s current docs for listed contracts and regional access.
Onchain protocols
Onchain options usually fall into four patterns:
Onchain order books
Orders are matched offchain and settled onchain, which gives exchange-style quoting without exchange custody. You take smart-contract risk and usually depend on the operator that runs the matching engine.
Examples: Derive, Aevo.
Options vaults
Deposit into a strategy that sells options on a schedule. Simple to use; you accept the vault's choice of strikes, its auction and its smart-contract risk. The 2021–22 vault wave showed how fast deposits can arrive — and leave — when incentives and volatility fade. Ribbon Finance, the largest vault protocol of that wave, held about $268 million in March 2022 and about $51 million a year later.
Example: Thetanuts Finance.
Automated market makers (AMMs)
A pool of funds quotes prices by formula, so a price is always available. Trading against a pool carries different risks from a normal option with one named counterparty.
Example: Panoptic, which builds perpetual options on Uniswap liquidity positions.
RFQ / request-for-quote
You state the amount, strike and expiry. Trading desks quote a premium; you accept one; settlement finalizes onchain.
Overcast sits in this category: you lock collateral, trading desks quote a premium, and the option is created onchain when you accept. The product focuses on covered calls and cash-secured puts on tokenized stocks and crypto, with the premium paid up front.
Examples: Rysk, Overcast.
For developers: the technical flow is in the Overcast docs.
Who each option fits
| You want… | Lean toward… |
|---|---|
| Liquid listed buys and hedges | Deep centralized options books |
| Passive scheduled yield | Audited vaults (read the strategy and auction rules) |
| Your own size and strike, competing quotes, no exchange holding your funds | Onchain RFQ |
| Exchange-style quoting without exchange custody | Onchain order books |
| Continuous onchain quotes | AMM-style option pools |
Is there one best crypto options platform?
No. Pick the one thing you will not compromise on (who holds your funds, the premium you are paid, or how busy the market is), then shortlist.
- Buying options on the largest coins: centralized exchanges still handle most of the volume.
- Writing covered calls / cash-secured puts with competing quotes: RFQ protocols aimed at sellers.
- Mobile app convenience: often centralized apps — at the cost of custody.
Overcast in this landscape
Overcast is built for people who sell options:
- Request quotes; let trading desks compete.
- Collect premium up front.
- Settle onchain.
- Instruments: covered calls and cash-secured puts on tokenized stocks (such as NVDA, TSLA, AAPL and META) and on BTC, ETH and SOL.
- No minimum trade size at present, so a covered call does not need a 100-share block.
It is not trying to be the deepest listed options order book. If that is what you need, use a centralized exchange. If you want competing quotes from trading desks with onchain settlement, RFQ is the category to evaluate — start with the docs or join the waitlist.
FAQ
Centralized exchange or onchain protocol?
Both list crypto options. Examples include Deribit, OKX, Bybit and Binance on the centralized side, and Derive, Rysk and Overcast onchain. Buying means you pay premium. Selling means you receive premium and post collateral. Confirm what each venue lists today.
How should I pick among types?
Use the criteria table. What works for a leveraged buyer differs from what works for an ETH holder writing covered calls. Compare settlement, custody, and how the premium is set (order book, vault or RFQ) — not a fixed brand list.
What are the main onchain patterns?
Four common types: order books, vault protocols, AMM-style markets and RFQ platforms. Examples: Derive and Aevo (order books), Thetanuts Finance (vaults), Panoptic (AMM-style), Rysk and Overcast (RFQ). Assets, chains and activity change quickly. The DefiLlama onchain options dashboard shows current numbers; verify markets and audits before depositing.
Can you trade options on tokenized stocks?
On platforms that support them, yes. Overcast quotes covered calls and cash-secured puts on tokenized stocks with no 100-share minimum. See Tokenized stock options and What are tokenized stocks?.
Sources
- Deribit Joins Coinbase, Coinbase press release, 14 August 2025
- Onchain options dashboard, DefiLlama (community dashboard), viewed 6 October 2026
- Best DeFi Options Protocols in 2026, Derive
- Rysk documentation, Rysk
- Derive Explained, Datawallet, 2026
- The Vaultification of DeFi, The Mothership, 31 March 2022
- Ribbon Finance deep dive, Blockchain at Georgia Tech, 9 March 2023
Next reading
Risk disclosure and disclaimer
The content on this blog is published by Overcast for general information and education only. It does not constitute financial, investment, legal, tax or accounting advice, and it is not an offer, solicitation or recommendation to buy, sell or hold any asset or to use any product or strategy. It does not take into account your objectives, financial situation or needs. Consult a qualified professional before making any investment decision.
Writing options involves substantial risk. A covered call limits your upside and leaves you fully exposed to declines in the underlying asset. A cash-secured put can oblige you to buy an asset at a price above its market value at expiry. Premiums, yields and APRs shown are illustrative or historical, are not guaranteed and do not predict future results. Crypto assets and tokenized securities are highly volatile and may lose some or all of their value. Smart contracts may contain vulnerabilities, and onchain transactions are irreversible.
Products, assets and features mentioned may not be available in your jurisdiction. You are responsible for complying with the laws that apply to you. Information may be incomplete, contain errors or become outdated; Overcast makes no warranty as to its accuracy or completeness.
Overcast is in early access. Features, supported assets and availability described here may change before or after launch.
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