On the eve of the outbreak of the chain
The option is becoming a new anchor in the encrypted currency market。
Original title: Crypto Options Are Waking Up
Source: Delphi Digital
Original: AididiaoJP, Foresight News
THE MARKET FOR ENCRYPTED CURRENCY OPTIONS IS MUCH LARGER THAN MOST PEOPLE KNOW. THE NUMBER OF ENCRYPTED CURRENCY DERIVATIVES TRADED ON THE CHICAGO COMMODITY EXCHANGE PLATFORM (CME) IS 46 PER CENT HIGHER THAN LAST YEAR'S HISTORICAL RECORD. INSTITUTIONAL INVESTORS NEED CLEAR RISK MANAGEMENT TOOLS TO KEEP UP WITH HIGH LEVELS OF PRESSUREThe option is the only encrypted currency tool that provides this function。
Reshaping
In mid-2025, Bitcoin ' s outstanding option contracts totalled $65 billion for the first time exceeding futures. Futures are leverage instruments, while options allow the Fund to set a loss cap on its hold of $500 million bitcoin through the payment of rights。This turning point shows that tools with a risk definition function are gradually replacing pure leverage instruments。
This increase is concentrated on two platforms. Deribit has been the mainstream platform for encrypted currency options transactions for many years and was endorsed at the institutional level by Coinbase in 2025 with $2.9 billion. The IBIT option, on the other hand, introduced traditional financial capital into this area since the end of 2024. The options market is expanding rapidly, but the vast majority of transactions still need to be done through intermediaries。
The chain is still in its infancy
The market share of the central chemical derivatives rose from 2% to more than 10% in two years。Hyperliquid has proven that decentralised trading platforms (DEXs) are comparable in speed and transparency to centralized trading platforms BeautifulI don't know. However, a similar level of representation has not yet emerged in the chain of options。
@DéliveXYZ is still the leading chain-up option agreement, with nominal options trading in the last 30 days exceeding $700 million. The agreement was introduced in August 2021 as an automatic option for the market (AMM) in the name of Lyra and was fully reconstituted in 2023 after the bear market and is now based on its own OP Stack Layer 2 set up a central limit order book free of fuel charges。
The remodelling completely changed the pricing mechanism. Market vendors offer direct quotations in orderbooks to narrow the gap, set more precise prices and support larger-scale transactions。Dealers are entitled to zero fuel charges and subsecond implementation speed。
Its portfolio guarantee system has also received institutional attention. The system assesses the overall hold risk through scenario analysis. For example, if a trader holds both an increase in the range of options and a drop in the balance of options for the same subject matter, the system will not charge a separate bond for each leg。
A simple addition to the collateral required for post-surge holding is the common logic of the traditional financial derivatives trading counter。Derive also provides a permanent contract and loan service on the same Layer 2 and supports cross-product bonds。
@KyanExchange is moving in the same direction in different ways. The platform supports the completion of multilegged operations in single-atom transactions by combining the order book with the chain portfolio bond. Traders need only a few clicks to deploy an iron vulture strategy。
The liquidation mechanism used by Kyan is also different from most DeFi agreements。When the bond threshold is breached, the platform does not liquidate the account as a whole, but does so in part by levelling off the minimum position sufficient to restore the deposit requirement。Kyan is currently in the Arbitrum testing phase and the main line is on the way。
Who needs options
THE CONSTRUCTION OF A STRUCTURED PRODUCT ASSET MANAGEMENT COMPANY URGENTLY REQUIRES A CLEARLY DEFINED RISK-BENEFIT STRUCTURE PROVIDED BY OPTIONS. IN THE CASE OF MORGAN CHASE, FOR EXAMPLE, THE ETF, WHICH IS BUILT ON THE RESERVE STRATEGY, IS ONE OF THE LARGEST ACTIVE MANAGEMENT FUNDS IN THE WORLD. THE OVERALL MANAGEMENT OF DERIVATIVE-BASED INCOME-GROUP PRODUCTS HAS ALREADY REACHED OVER $100 BILLION。As more institutional funds enter the chain, the corresponding hedge demand will also migrate。
Currently, an increasing number of institutional investors have held or plan to deploy digital assets in the short term。IBIT OPTIONS FOR UNSETTLED CONTRACTS HAVE GONE BEYOND GOLD ETF GLD. IN 2025, CME PROCESSED A NOMINAL AMOUNT OF $3 TRILLION WORTH OF ENCRYPTED CURRENCY DERIVATIVES。
The time is ripe
The failure of most of the earlier chain-up options agreements was largely due to regulatory uncertainty. For example, Opyn has been punished by CFTC for operating a derivative trading platform without a license。When the team developed the product, it was not possible to predict whether the product would be considered illegal in the next quarter。
The situation is now improving。IN SEPTEMBER 2025, THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC) AND THE COMMODITY FUTURES TRADING COMMISSION (CFTC) ISSUED A JOINT STATEMENT ALLOWING SPOT-ENCRYPTED ASSET TRANSACTIONS ON REGULATED TRADING PLATFORMS. THE CLARITY BILL HAS BEEN PASSED IN THE HOUSE OF REPRESENTATIVES TO SUBSUME THE DIGITAL COMMODITY SPOT MARKET TO THE CFTC. THE SENATE VERSION IS STILL UNDER NEGOTIATION AND IS CURRENTLY ON HOLD. THE CME GROUP WILL LAUNCH A 24/7 ENCRYPTED CURRENCY OPTION ON MAY 29. WHILE THIS DOES NOT GUARANTEE THAT THE CHAIN AGREEMENTS WILL PREVAIL, THE OVERALL ENVIRONMENT HAS CHANGED SUBSTANTIALLY。
