Kraken opened Bitcoin and Ether options on Kraken Pro for eligible European Economic Area derivatives clients on 26 October. The contracts use European-style exercise and US-dollar cash settlement, with access subject to an options questionnaire.[1]
Users request a price for a single position or a strategy with up to five legs. The quote expires after a limited period and accepting it is binding. This gives a spread or other combined strategy one quoted price, rather than requiring the customer to execute each leg separately.[1]
The premium is margined, not paid upfront
The contracts use futures-style margin: the option premium is not paid upfront, and changes in value are reflected in collateral. Options share the derivatives account with futures, portfolio margin is enabled by default, and more than 30 currencies can serve as collateral.[1]
That structure changes the cash demands of a position. A strategy can reduce the portfolio’s assessed risk, but its profit and loss still affect the collateral supporting other derivatives. The price quoted at entry is therefore only one part of understanding how the account will behave.[1]
Three mechanics beyond the headline contract
| Mechanic | Published treatment |
|---|---|
| Exercise | European-style: exercise at expiry, with USD cash settlement.Source 1 |
| Funding | The options do not charge periodic funding; perpetual futures in the same account retain their own funding.Source 1 |
| Liquidation | Distressed portfolios are offered through a sealed-offer auction process.Source 1 |
The auction design is significant because liquidation concerns a portfolio rather than simply placing every option onto an ordinary order book. It sits alongside shared collateral and strategy-level quotation as a core feature of the product. The launch announcement does not provide comparative evidence that this produces better fills or lower losses than another venue.[1]
Sources & further reading
- Options are now available on Kraken Pro in the EEA Kraken · 26 Oct 2026 · Accessed 30 Oct 2026