Updated Rules checked 2026-10-21
Crypto options are contracts that trade a right. The buyer pays a premium up front and gets the right to buy or sell an underlying asset such as BTC or ETH at an agreed price (the strike price) on the expiry date. The seller collects that premium, and if the buyer ends up in profit at expiry, the seller pays the difference. A buyer can lose at most the premium plus fees. A seller can lose several times the premium received, has to post margin, and may be liquidated.
On 2026-10-21 I checked each of the 13 exchanges this site covers. Only four currently offer crypto options with contracts that show up in their official APIs: Binance, OKX, Bybit and Gate. KuCoin shut down its options service on 2026-01-15. What Bitget launched is US stock options, not crypto options. I found no crypto options product on the official websites of the other exchanges.
All four charge options fees as “underlying index price × fee rate”, capped at a percentage of the premium. Regular users pay rates between 0.02% and 0.03%, and the cap is 7% of the premium (OKX, Bybit), 10% (Binance) or 12.5% (Gate). Below, I work through a buyer’s and a seller’s profit and loss using live quotes.
Key points
As of the 2026-10-21 check, the exchanges among the 13 that offer crypto options are Binance, OKX, Bybit and Gate; KuCoin closed its options trading access on 2026-01-15.
All four use fixed expiry dates, with expiry at 08:00 UTC (16:00 Taiwan time). OKX, Bybit and Gate officially state that their options are European-style: in-the-money options are exercised automatically at expiry and cash-settled, with no delivery of the spot asset.
Options fees for regular users: Binance 0.03% (0.024% promotional rate for contracts listed after 2025-08-04), OKX 0.03%, Bybit Maker 0.02% / Taker 0.03%, Gate Maker 0.020% / Taker 0.028%. The per-contract caps are 10%, 7%, 7% and 12.5% of the premium respectively.
Worked example with Binance quotes at 21:57 on 2026-10-21 (Taiwan time): buying a 0.1 BTC call expiring on November 27 with a 90,000 strike costs about 168.51 USDT, and that is the maximum loss. BTC has to rise to about 91,699 USD at expiry (about 9.2% above the index at that moment) just to break even.
At the same time on Bybit, selling a 0.1 BTC put with an 80,000 strike brings in only 205.5 USDT of premium, with initial margin of about 653.59 USDT. If BTC falls to 60,000 USD at expiry, the loss is about 1,797.92 USDT.
The information below was verified against official pages on 2026-10-21 (check date) and is shared for your reference.
What are crypto options? How do calls, puts and premiums work?
An options contract has four elements: direction (call or put), strike price, expiry date and premium. A call is the right to buy at the strike price, and it gains value the more the underlying rises. A put is the right to sell at the strike price, and it gains value the more the underlying falls. Exchanges pack all of this into the contract symbol. Binance’s BTC-261127-90000-C, for example, means BTC, expiring on November 27, 2026, strike price 90,000, call (C).
| Term | Meaning | How exchanges show it |
|---|---|---|
| Call | The right to buy the underlying at the strike price at expiry | Symbol ends in C or Call |
| Put | The right to sell the underlying at the strike price at expiry | Symbol ends in P or Put |
| Strike | The agreed buy or sell price | The number in the middle of the symbol, e.g. 90000 |
| Premium | The price the buyer pays the seller, i.e. the option’s own quote | The price on the order page; Binance, Bybit and Gate quote it in USDT |
| Expiry | The settlement date and time | The date in the symbol; 08:00 UTC at all four |
| In the money / out of the money | Whether the option has exercise value at expiry; a call is in the money when the underlying is above the strike | Out-of-the-money options expire worthless |
| European-style, cash-settled | Exercised only at expiry; the difference between the settlement price and the strike is paid in USDT or coin, with no delivery of the spot asset | OKX, Bybit and Gate officially state European-style |
Sources: OKX options introduction (updated 2026-08-05), Introduction to Bybit Options (updated 2026-04-13), Gate options product introduction, Binance Options public API, checked 2026-10-21.
The premium is determined by the underlying price, the strike price, the time left to expiry and volatility, which is also how Binance’s options FAQ puts it. Buying an option requires no separate margin: the premium you pay is your entire cost. Options carry built-in leverage, though. Selling an option requires margin, and if the margin runs short, the position is liquidated.
Which exchanges offer options? 13 exchanges compared
Not every exchange offers options. On 2026-10-21 I read the options contract lists in each exchange’s public API and cross-checked them against official announcements. Only four had contracts available to trade.
| Exchange | Crypto options | Tradable underlyings (2026-10-21 API) | Settlement / margin currency | Official source |
|---|---|---|---|---|
| Binance | Yes, 1,648 contracts | BTC, ETH, BNB, SOL, XRP, DOGE, plus gold XAU and silver XAG | USDT | Binance Options API |
| OKX | Yes, 1,446 coin-margined and 1,388 USD-margined | Coin-margined: BTC, ETH; USD-margined: BTC, ETH, SOL, XAU, HYPE | Coin-margined settle in BTC or ETH; USD-margined settle in USD, USDC or USDG depending on region | OKX options API |
| Bybit | Yes, 3,232 contracts | BTC, ETH, SOL, XRP, DOGE, MNT, HYPE, XAUT | USDT | Bybit options API |
| Gate | Yes, 2,934 contracts | BTC, ETH, LTC, SOL, DOGE, ADA, XRP, BNB, HYPE, SUI, XAUT, crude oil CL | Priced in USDT (API underlyings such as BTC_USDT) | Gate options API |
| KuCoin | Discontinued | Launched BTC and ETH options in the app in 2024-10; closed all options trading access on 2026-01-15 | Previously USDT | KuCoin options service notice |
| Bitget | Not found | What launched on 2026-07-02 is US stock options, not crypto options | — | Bitget US stock options announcement |
| HTX | Not stated officially whether it is currently offered | A 2021-05-14 explainer describes buy-only American-style options; the 2026 official operations reports do not mention options | — | HTX options introduction |
| MEXC, BingX, XT, WEEX, Pionex, Ourbit | Not found | No crypto options found in official products or announcements | — | Each official website, checked 2026-10-21 |
Sources: each exchange’s official API and announcements in the table, read on 2026-10-21 between 20:00 and 22:00 (Taiwan time). Contract counts change daily as new expiry dates are listed.
KuCoin shows that an exchange can shut down an entire options product. KuCoin first stopped listing contracts expiring after January 2026 on 2025-12-24, then asked users to move assets out of their options accounts by 2026-01-14 23:59 (UTC). On 2026-01-15 it returned the remaining funds to users’ funding accounts and permanently closed the web and app entry points.
How to read options contract specs: expiry, settlement price and minimum order size
| Item | Binance | OKX | Bybit | Gate |
|---|---|---|---|---|
| Option style | The official FAQ does not state European-style; the API lists fixed expiry times only | European-style; in-the-money options are exercised automatically at expiry and cash-settled | European-style, cash-settled, exercised automatically at expiry | European-style; in-the-money options are exercised automatically |
| BTC expiry dates available (2026-10-21) | 10, the furthest 2027-09-24 | 13 coin-margined, the furthest 2027-09-24 | 11, the furthest 2027-09-24 | 11, the furthest 2027-09-24 |
| Expiry time | 08:00 UTC | 08:00 UTC | 08:00 UTC | Weekly, monthly and quarterly options: Friday 16:00 (UTC+8) |
| Settlement price | Not stated officially | Time-weighted average of the index price over the 30 minutes before expiry (sampled every 200 milliseconds) | Average index price over the 30 minutes before expiry | Derived by adjusting the mark price up or down by a set percentage |
| BTC minimum order size | 0.01 BTC | 1 contract = 0.01 BTC | 0.01 BTC | 1 contract = 0.01 BTC |
| Order types | Limit orders only (including BBO) | Simple options, option chain, RFQ (block trades of at least 10,000 USD each) | Pro options can buy and sell; simple options are buy-only | Options trading page |
Sources: Binance Options API, Binance: how to trade options (updated 2026-01-02), OKX options introduction, Get started with OKX options (updated 2026-08-05), Introduction to Bybit Options, Gate options expiry rules (2025-07-29), checked 2026-10-21.
All four share the same expiry rhythm: weekly options expire every Friday, monthly options on the last Friday of the month, and quarterly options on the last Friday of March, June, September and December. There are also daily options that expire the next day. The closer the expiry, the cheaper the premium usually is, but the less time the underlying has to move.
How are options fees calculated? What is the premium cap?
Options fees work differently from futures fees. They are not charged on trade value but on “underlying index price × fee rate × quantity”, which is then compared with “premium × cap percentage”, and you pay whichever is lower. With BTC’s index price at a little over 80,000 USD, 0.03% comes to about 25 USDT per 1 BTC, whether the option’s premium is 3,000 or 30 USDT. That is why exchanges added the cap: so the fee on a cheap out-of-the-money option does not exceed the premium itself.
| Exchange | Regular-user trading fee | Trading fee cap | Exercise / delivery fee | Liquidation fee |
|---|---|---|---|---|
| Binance | 0.03% for both Maker and Taker; 0.024% promotional rate for crypto options listed after 2025-08-04 | 10% of the option’s trade price | 0.015%, capped at 10% of the option value | Not stated on the official fee page; the API lists a separate liquidationFeeRate of 0.19% for each contract |
| OKX | 0.03% for both Maker and Taker | 7% of the premium | 0.02% or the taker fee rate, whichever is lower, capped at 7% of the settlement value; waived for daily options (not expiring on a Friday) | Taker fee rate, capped at 7% of the mark price |
| Bybit | Maker 0.02%, Taker 0.03% | 7% of the option price | BTC, ETH 0.015%; SOL, MNT, XRP, DOGE 0.02%; capped at 12.5% of the option value; waived for daily options | 0.2%, capped at 7% of the option price |
| Gate | VIP 0: Maker 0.020%, Taker 0.028% | 12.5% of the option price | 0.015% (0% for daily options), capped at 12.5% of the exercise proceeds | 0.03% |
Sources: Binance options fee rates, Binance options trading fees explained (updated 2026-03-06), OKX global fee framework update (effective 2025-11-25), OKX trading fee rules (updated 2026-09-09), Bybit Option Fees Explained (updated 2026-08-19), Gate options trading fees (2025-06-27), checked 2026-10-21. On 2025-05-15 at 07:00 (UTC), OKX cut the caps on its trading, exercise and liquidation fees from 12.5% to 7% (OKX options fee parameter adjustment notice), so older articles online that cite 12.5% are out of date.
Gate’s public API contract fields show 0.03% Maker and Taker for BTC and ETH options, and Maker 0.02% / Taker 0.05% for other coins, which differs from the VIP 0 rates on the help page. What you are actually charged is the rate shown on the order page after you log in. The difference between Maker (posting an order) and Taker (taking an order) works the same way for options as for spot and futures; see maker vs taker fees.
Using Binance’s BTC index of 83,936.24 USD at 21:57 on 2026-10-21, here is the taker fee per 1 BTC (multiply by 0.1 for a 0.1 BTC order). The three premiums correspond to the at-the-money call expiring on November 27, the call with a 90,000 strike, and a hypothetical deep out-of-the-money option with a premium of only 100 USDT:
| Exchange (taker) | Premium 3,495 USDT | Premium 1,665 USDT | Premium 100 USDT |
|---|---|---|---|
| Binance 0.024% (new-contract promotion) | 20.14 (0.58%) | 20.14 (1.21%) | 10.00 (10%, hits the cap) |
| Binance 0.03% (standard rate) | 25.18 (0.72%) | 25.18 (1.51%) | 10.00 (10%, hits the cap) |
| OKX 0.03% | 25.18 (0.72%) | 25.18 (1.51%) | 7.00 (7%, hits the cap) |
| Bybit 0.03% | 25.18 (0.72%) | 25.18 (1.51%) | 7.00 (7%, hits the cap) |
| Gate 0.028% | 23.50 (0.67%) | 23.50 (1.41%) | 12.50 (12.5%, hits the cap) |
Unit: USDT; the figure in parentheses is the fee as a share of the premium. Formula: Min(fee rate × 83,936.24, cap × premium). The 3,495 and 1,665 USDT premiums are the best ask prices for Binance’s BTC-261127-85000-C and BTC-261127-90000-C at 21:57 on 2026-10-21 (Binance Options order book API).
The table shows that the cheaper the premium, the larger the share the fee takes. On an at-the-money option the fee is under 1% of the premium, while a cheap out-of-the-money option costs 7% to 12.5% of the premium every time you buy, and you pay twice if you buy and then sell.
How does buying a call work? The maximum loss is the premium
What follows is a calculation example, not trading advice. At 21:57 on 2026-10-21 (Taiwan time), Binance’s BTC index was 83,936.24 USD and the best ask for BTC-261127-90000-C was 1,665 USDT. Buying 0.1 BTC: premium 166.5 USDT, fee Min(0.024% × 83,936.24, 10% × 1,665) × 0.1 = 2.01 USDT, total cost 168.51 USDT. The outcomes at expiry are below (exercise fee 0.015%, capped at 10% of the option value):
| Settlement price at expiry (USD) | Exercise value | Exercise fee | Net P&L (USDT) |
|---|---|---|---|
| 80,000 | 0 (out of the money, expires worthless) | 0 | −168.51 |
| 90,000 | 0 | 0 | −168.51 |
| 91,000 | 100 | 1.37 | −69.88 |
| About 91,699 | About 169.9 | 1.38 | About 0 (breakeven) |
| 95,000 | 500 | 1.43 | +330.06 |
| 100,000 | 1,000 | 1.50 | +829.99 |
Formula: net P&L = (settlement price − 90,000) × 0.1 − 166.5 − 2.01 − exercise fee; exercise fee = Min(0.015% × settlement price, 10% × (settlement price − 90,000)) × 0.1. Quote sources: Binance Options mark price API, Binance Options index API, read at 21:57 on 2026-10-21.
In this example, as long as BTC is not above 90,000 at expiry, the full 168.51 USDT goes to zero. That is the buyer’s maximum loss, and it cannot grow beyond that. BTC has to climb from 83,936 to about 91,699, a rise of about 9.2%, just to break even. Guessing the direction right is not enough: if the rise falls short, you still lose. Time also works against the buyer. At that same moment, Binance’s API showed a Theta of −43.89 for this call. By the definition of Theta, with all else unchanged, the theoretical value per 1 BTC drops by about 43.89 USDT each day, roughly 2.6% of the premium.
Buying a put (a bearish position) works the other way around: it only has value if the settlement price is below the strike, and the maximum loss is again the premium plus fees. You can also sell the option back to the market before expiry instead of waiting. If you sell early, what you get back depends on the quote at that time and may be less than what you paid.
How risky is selling options? How do margin and liquidation work?
An option seller collects the premium and takes on the buyer’s gains. The income is capped (it is the premium), but the loss has no fixed limit: when you sell a call, you can lose as much as the underlying rises; when you sell a put, the worst case is the underlying falling close to 0. That is why exchanges require sellers to post margin. If the margin drops below the maintenance margin, the position is liquidated.
Here is a worked example on Bybit (a calculation example, not trading advice). At 21:57 on 2026-10-21, Bybit’s BTC index was 83,927.00 USD, and BTC-27NOV26-80000-P-USDT had a best bid of 2,055 USDT and a mark price of 2,070.19 USDT. Selling 0.1 BTC brings in 205.5 USDT of premium, with a fee of 2.52 USDT. Using Bybit’s published BTC parameters (maximum initial margin factor 10%, minimum 5%, maintenance margin factor 3%):
- Out-of-the-money amount = 83,927.00 − 80,000 = 3,927.00
- Initial margin = [Max(10% × 83,927.00 − 3,927.00, 5% × 83,927.00) + Max(2,055, 2,070.19)] × 0.1 = 653.59 USDT
- Maintenance margin = [Max(3% × 83,927.00, 3% × 2,070.19) + 2,070.19 + 0.2% × 83,927.00] × 0.1 = 475.58 USDT
In other words, to collect 205.5 USDT you first have to put up about 653.59 USDT of margin. When BTC falls, the mark price rises and so does the margin requirement. If your account equity is not enough, you get liquidated, and Bybit charges an additional 0.2% liquidation fee on options (capped at 7% of the option price). If you hold all the way to expiry:
| Settlement price at expiry (USD) | Paid to the buyer | Delivery fee | Seller’s net P&L (USDT) | Multiple of the premium received |
|---|---|---|---|---|
| 85,000 | 0 | 0 | +202.98 | — |
| 80,000 | 0 | 0 | +202.98 | — |
| 78,000 | 200 | 1.17 | +1.81 | — |
| 75,000 | 500 | 1.13 | −298.14 | About 1.5x |
| 70,000 | 1,000 | 1.05 | −798.07 | About 3.9x |
| 60,000 | 2,000 | 0.90 | −1,797.92 | About 8.7x |
| 0 (theoretical worst case) | 8,000 | 0 | −7,797.02 | About 37.9x |
Formula: net P&L = 205.5 − 2.52 − Max(0, 80,000 − settlement price) × 0.1 − delivery fee; delivery fee = Min(0.015% × settlement price, 12.5% × (80,000 − settlement price)) × 0.1. Sources: Bybit options initial and maintenance margin calculations (updated 2026-05-22), Bybit Option Fees Explained, Bybit options ticker API, read at 21:57 on 2026-10-21. The actual margin is whatever your Bybit account page shows, and you can be liquidated for insufficient margin before expiry.
The bar for sellers is also higher. On Binance, you have to pass a quiz on the options page and upgrade your account before you can sell; selling is not available in some regions, and only some underlyings support it. The 2026-10-21 API showed naked selling (nakedSell) available for BTC and ETH only. On Bybit, only Pro options allow selling, while simple options are buy-only; OKX’s simple options are also buy-only. Gate’s official documentation does not state who can sell.
Where to trade options: Binance, OKX, Bybit and Gate entry points
- Binance: on both the website and the app, go to “Derivatives” → “Options”. The first time you tap “Buy”, you are walked through opening an options account. Funds have to be transferred from your spot wallet to your options wallet (web: wallet icon → “Options” → “Transfer”; app: “Assets” → “Futures” → “Options” → “Transfer”). Only limit orders are supported. (Binance: how to trade options, updated 2026-01-02)
- OKX: simple options (web and app, buy-only), option chain (web), and RFQ / liquidity marketplace (web only, not in the app). Accounts with overseas identity verification have no minimum balance to trade options; switching to a multi-currency or portfolio margin account requires 10,000 USD. In single-currency and multi-currency accounts, purchased options can only use isolated margin. (Get started with OKX options, updated 2026-08-05)
- Bybit: options are margined and settled in USDT. You need to complete identity verification at any level to trade options; unverified accounts cannot trade derivatives or options (Bybit benefits of different KYC levels, updated 2026-10-06, checked 2026-10-21).
- Gate: on the website, “Options” sits in the derivatives group of the “Trade” menu at the top, and it opens the BTC_USDT options page by default. The seller’s initial margin formula is [Max(margin rate₁ × underlying price, margin rate₂ × underlying price − out-of-the-money amount) + option price] × contract multiplier (Gate options product introduction).
Identity verification and regional restrictions for options accounts follow each exchange’s own rules. Whether Taiwan users can open an account or sell options is shown by the system on the activation page. For the verification process, see Binance identity verification, OKX identity verification, Bybit identity verification and Gate identity verification.
What are the risks of trading options?
Options are high-risk derivatives with no principal protection. Each of the points below can cost you everything you put in, and sellers can lose even more:
- Buyers can lose everything: an out-of-the-money option is worth 0 at expiry, and the premium and fees you paid are lost in full. In the example above, BTC has to rise about 9.2% just to break even, so getting the direction right does not mean you will make money.
- Time value drains every day: with all else unchanged, an option’s theoretical value falls as expiry approaches. The call in the example loses about 2.6% of its premium per day.
- Sellers can lose several times the premium: in the example, the seller collects 205.5 USDT of premium and loses about 1,797.92 USDT if BTC falls to 60,000. The loss on a sold call has no theoretical limit.
- Liquidation: a seller whose margin falls below the maintenance margin is liquidated and also pays a liquidation fee. In sharp market moves you may be liquidated before expiry, and you will not get the money back even if the price later recovers.
- Liquidity and spreads: options on less popular strikes or coins have few orders and wide bid-ask spreads, so closing early may only be possible at a very poor price. Binance Options only accepts limit orders.
- The settlement price differs from the price you see: settlement uses an average index price over a period before expiry, not the last trade you see on the candlestick chart.
- Platform and product risk: exchanges can delist their options products, as KuCoin did when it closed its options service on 2026-01-15, and regional rules can change. Keeping funds on an exchange also carries the platform’s own risk; see the exchange safety record and the proof of reserves comparison.
This article only explains the rules and how to calculate outcomes. It does not recommend any options strategy or position size. Do not sell options until you fully understand the profit and loss and the margin rules.
How do options differ from perpetual futures and Dual Investment?
| Item | Buying options | Selling options | Perpetual futures |
|---|---|---|---|
| Maximum loss | Premium + fees | No fixed limit | The margin you put in; with cross margin you may lose the available funds in your account |
| Margin required? | No, you pay the premium | Yes | Yes |
| Can you be liquidated? | No | Yes | Yes |
| Holding cost | Time value decay | — (you collect time value but carry the price risk) | Funding rate, settled every 8 hours or more often |
| Expiry | Fixed expiry date | Fixed expiry date | No expiry date |
| Fee calculation | Index price × fee rate, with a premium cap | Same as buying | Trade value × fee rate |
Sources: the official exchange rules cited above in this article, checked 2026-10-21. For perpetual futures rules, see spot vs futures and what is the funding rate. Buying options cannot get you liquidated, but that does not make the risk small: the chance of the option expiring worthless may be higher than the chance of a futures position being liquidated, depending on the strike and the expiry.
Dual Investment is a packaged earn product from the exchange, not an order on the options market. It has no premium quotes or trading fees, and at maturity you may be converted into the weaker-performing of the two coins. The rules are covered in what is Dual Investment.
FAQ
What is the most a crypto options buyer can lose?
A buyer can lose at most the premium paid plus fees. There is no margin to post and no liquidation. On 2026-10-21, buying a 0.1 BTC call on Binance expiring on November 27 with a 90,000 strike cost 168.51 USDT in total; if BTC is not above 90,000 USD at expiry, all of that money goes to zero.
Which exchanges offer BTC options trading?
Among the 13 exchanges this site covers, the ones offering BTC options trading on 2026-10-21 were Binance, OKX, Bybit and Gate. KuCoin closed its options service on 2026-01-15, Bitget only has US stock options, the official websites of MEXC, BingX, XT, WEEX, Pionex and Ourbit show no crypto options product, and HTX does not state officially whether it currently offers them.
What are Binance’s options fees?
Binance’s regular-user options rate is 0.03% for Maker and Taker, with a 0.024% promotional rate for crypto options listed after 2025-08-04. The fee is calculated on the underlying’s spot index price and capped at 10% of the option’s trade price. Exercise at expiry costs an additional 0.015%, capped at 10% of the option value. Binance’s official example uses 3 ETH calls with an index of 2,000 USDT, for a trading fee of 1.44 USDT.
How are Bybit’s options fees calculated?
Bybit charges regular users Maker 0.02% and Taker 0.03% on options, calculated on the index price, with each contract capped at 7% of the option price. The delivery fee is 0.015% for BTC and ETH and 0.02% for SOL, MNT, XRP and DOGE, capped at 12.5% of the option value. Daily options and options that are not exercised pay no delivery fee.
Are crypto options European or American? Can you exercise early?
OKX, Bybit and Gate officially state that their options are European-style: they are exercised only at expiry, and in-the-money options are exercised automatically and cash-settled. Binance’s FAQ does not state the style, and its API only lists fixed expiry times. You cannot exercise early, but you can close the position by selling the option back to the market before expiry, at whatever the quote is at that time.
When do options expire, and what price are they settled at?
Binance, OKX and Bybit options expire at 08:00 UTC, which is 16:00 Taiwan time. Gate lists Friday 16:00 (UTC+8), the same moment. OKX settles at the time-weighted average of the index price over the 30 minutes before expiry, Bybit at the average index price over the 30 minutes before expiry, and Gate at a price derived by adjusting the mark price; Binance does not state it officially.
Can you get a rebate on options fees?
OKX says yes: its affiliate program rules list spot, futures and options trading as eligible for rebates, calculated on the net fees actually generated (OKX affiliate program rules, updated 2026-09-29). Binance’s referral FAQ only lists spot, margin and futures fees as generating commission and does not mention options (Binance Referral Pro FAQ, updated 2026-08-05). Bybit and Gate do not state officially whether options count. If you sign up with this site’s OKX referral code, the automatic fee rebate from the exchange is 20%; details are on the OKX referral code page.
How much margin do you need to sell options?
Margin for selling options is usually several times the premium, and it is calculated from the underlying price, how far out of the money the option is, and the premium. In a worked example with Bybit quotes on 2026-10-21, selling a 0.1 BTC put with an 80,000 strike collects only 205.5 USDT, while the initial margin is about 653.59 USDT and the maintenance margin about 475.58 USDT. Fall below that, and you are liquidated.
For futures rules beyond options, see the Binance futures guide, OKX futures guide, Bybit futures guide and Gate futures guide. Fee details are in Binance fees, OKX fees, Bybit fees and Gate fees. Liquidation and margin concepts are covered in cross vs isolated margin and mark price vs last price, terms are defined in the crypto glossary, and referral codes for each exchange are collected in the crypto exchange referral codes hub.