Deribit, OKX and Bybit all list European-style, cash-settled crypto options, offer portfolio margin, run block RFQ facilities and support API trading for institutional desks. Deribit, now part of Coinbase, is the dominant venue for crypto options and the reference book for BTC and ETH volatility. OKX pairs inverse and linear options with a broad derivatives book in one unified account, and Bybit runs linear, stablecoin-settled options inside its Unified Trading Account, so the choice usually comes down to settlement currency, margin offsets against the rest of your book, and which entity you are eligible to onboard with.

The comparison below is based on each venue’s published documentation as of November 2026. Contract specifications and eligibility rules change, so check the venue’s current pages before you rely on any detail.

Product: underlyings, settlement and expiries

Deribit

Deribit lists inverse BTC and ETH options that are quoted, margined and settled in the underlying coin, plus linear options priced and settled in USDC on BTC, ETH, SOL, XRP, AVAX, TRX and HYPE. All are European-style and settle at 08:00 UTC. The BTC and ETH chains run from dailies through weeklies and monthlies out to quarterlies.

OKX

OKX runs two option families side by side. Coin-margined options on BTC and ETH have an inverse payoff and settle in the coin. USD-margined options on BTC, ETH, SOL and gold (XAU) have a linear payoff and settle in USD, USDC or USDG depending on the user’s region. BTC and ETH carry dailies, weeklies, monthlies and quarterlies, while SOL and XAU list dailies and a weekly. All are European-style.

Bybit

Bybit’s options are linear and stablecoin-settled, with BTC, ETH, SOL, XRP, DOGE, MNT, HYPE and tokenised gold (XAUT) among the underlyings. They are European-style and cash settled. Bybit originally settled options in USDC and has since moved settlement to USDT, so confirm the current settlement asset in the contract specifications before mapping it to your treasury.

The inverse versus linear choice matters more than it first appears. Inverse options leave P&L and margin in BTC or ETH, which suits a desk whose capital is held in coin. Linear options keep everything in dollar terms, which is simpler for funds reporting in USD and for hedging with stablecoin-margined perpetuals.

Margin models

Deribit offers four modes from two choices: segregated or cross collateral, and standard or portfolio margin. Portfolio margin stress-tests the whole portfolio across price and volatility scenarios rather than summing per-position requirements, and cross portfolio margin extends this across collateral currencies, grouping risk by base currency.

OKX offers a portfolio margin account mode for options traders, with a minimum account equity to switch. Its calculation is grouped by risk unit, and OKX notes that BTC-USDT and BTC-USD are separate underlyings, so hedging coin-margined options with a USDT perpetual earns no margin offset. Desks should plan their hedge instruments with that in mind.

Bybit provides isolated, cross and portfolio margin inside its Unified Trading Account. Portfolio margin groups positions by underlying, so BTC options net against USDT, USDC and inverse BTC perpetuals, futures and spot BTC in a single risk unit, and the account accepts a wide list of collateral assets, each with its own collateral value ratio.

None of the three will net margin against positions held at another venue. Portfolio margin is always calculated venue by venue, which is one reason multi-venue desks need their own cross-venue risk view.

Block trading and RFQ

Deribit launched its Block RFQ interface in March 2025. A taker can request quotes on structures of up to 20 legs across options, futures and spot, and makers can respond with all-or-none quotes or join a multi-maker quote that aggregates smaller sizes into one fill. Third-party block platforms can connect into the same system, and in November 2026 Deribit added optional delayed publication for very large Block RFQ trades executed in tranches.

OKX runs block trading and RFQ through its Liquid Marketplace. Takers send requests to market makers they select and trade against two-way quotes, across spot, perpetuals, expiry futures, options and custom multi-leg strategies, with published minimum sizes and a minimum account balance.

Bybit RFQ is a block trading tool for single and multi-leg strategies across spot, futures and options, with up to 25 legs per request, selectable liquidity providers and an optional delta-hedge leg. It is available on the website and through Bybit’s v5 API. For a broader view of how desks run these workflows, including Paradigm, see our guide to crypto options RFQ and block trading.

API and connectivity

Deribit exposes a JSON-RPC API over WebSocket and HTTP, plus FIX, with market maker protection for quoting firms. Since Coinbase integrated Deribit on October 1, 2026, existing Deribit accounts keep native credentials while new users onboard through Coinbase and authenticate against Coinbase-hosted Deribit endpoints. Teams building fresh integrations should account for both paths.

OKX provides REST and WebSocket APIs with market maker protection for options, self-trade prevention, and raised rate limits and colocation for qualifying firms. Bybit’s v5 REST and WebSocket APIs cover the Unified Trading Account, including dedicated RFQ endpoints.

Liquidity character

Deribit, which Coinbase describes as the largest crypto options exchange in the world, is where the BTC and ETH volatility surface is set; screen depth across strikes and tenors is its distinguishing feature, and large trades frequently print as blocks. OKX and Bybit options books are active and useful, particularly where a desk already holds perpetuals or futures on the same venue and wants options to margin against them. All three see a meaningful share of size arranged off-screen through RFQ. Rather than relying on any published ranking, compare screen depth and block fills on the strikes and tenors you actually trade.

Jurisdiction and access

Coinbase completed its acquisition of Deribit on August 14, 2025, and on October 1, 2026 consolidated Coinbase International Exchange into Deribit. Deribit FZE is licensed by Dubai’s Virtual Assets Regulatory Authority, and its restricted jurisdictions include the United States, Canada and Japan, with limits for UK retail clients. Deribit’s own platform remains closed to US persons, but since November 2026 eligible US institutions can trade Deribit’s options through Coinbase Prime, with Coinbase Financial Markets, a CFTC-registered futures commission merchant, as their broker.

OKX’s offshore derivatives are not available in the United States, where OKX US offers spot services, and OKX restricts derivatives in several other markets including the UK. Bybit excludes US persons, and its MiCA-authorised EU entity covers crypto-asset services such as spot rather than options.

Access ultimately depends on your entity type, location and investor classification. Desks should confirm eligibility for each venue with counsel. This article is not legal advice.

Trading more than one venue through Kemet

Many desks end up on more than one of these venues: Deribit for depth, a second venue for a specific underlying or settlement currency, and an RFQ network for size. Kemet connects Deribit and OKX alongside Coinbase, Binance, Bullish, Hyperliquid and Derive, plus Paradigm RFQ, on one platform. Kemet connects to Bybit options alongside Deribit and OKX.

• Desks connect their own venue accounts and API keys, and Kemet rejects any key that carries withdrawal rights. Kemet never holds client assets and is not an exchange, broker or counterparty.
• A unified portfolio and risk view aggregates Greeks and P&L across venues, so the inverse book on Deribit and the linear book on OKX read as one position.
• The multi-leg package builder sends RFQs to Deribit, Paradigm and Derive, and makers can quote inbound requests from the same workspace.
• Auto-hedging with thresholds, Vega and Gamma targeting, and execution algorithms work across connected venues.
• New listings sync the same day they go live, and a REST and WebSocket API plus an MCP server support systematic workflows.

Related reading: multi-venue crypto options execution, cross-venue portfolio risk for digital asset derivatives, and how Kemet partners with Coinbase.

FAQ

Which venue is best for institutional BTC and ETH options?

For screen liquidity across strikes and tenors, Deribit is the reference venue. OKX or Bybit can be the better fit when a desk already runs perpetuals or futures there and wants options to share margin, or when it prefers their settlement currencies.

What is the difference between inverse and linear crypto options?

Inverse options are quoted, margined and settled in the underlying coin, so P&L lands in BTC or ETH. Linear options use a stablecoin or USD for all three, which keeps P&L in dollar terms. Deribit and OKX offer both; Bybit’s options are linear.

Can I portfolio margin positions across Deribit, OKX and Bybit?

No. Each venue calculates margin only on positions held with it. A platform like Kemet can show your combined risk across venues, but collateral and margin stay with each exchange.

Can US institutions trade options on these venues?

OKX, Bybit and Deribit’s own platform do not onboard US persons directly. Eligible US institutions can now reach Deribit’s options book through Coinbase Prime via Coinbase Financial Markets. Eligibility depends on your circumstances, so confirm it with counsel.

Does Kemet support Bybit?

Not today. Kemet connects Deribit, OKX and Bybit among its live venues.

Trading options on more than one venue? Book a demo.