Who this is for
A warning first: options are the most complex instrument we cover. If you have not yet done spot and P2P routes, start there. The cost of error here is higher and the mechanics demand understanding.
If you already trade options, read on.
What is actually being compared
An option is defined by three things: the underlying coin, the strike and the expiry date. If two exchanges list a contract with the same three, it is the same instrument, and a price difference is an opportunity.
The difficulty is that venues describe it differently and quote in different currencies. Some price the premium in the coin itself, others in dollars. Converting between them by index is correct: the dollar payout at expiry is identical.
Why divergences are larger here than on spot
The crypto options market is far thinner than spot. There are few market makers, and on distant strikes sometimes none. Hence wide gaps in the book and divergences between venues that would be unthinkable on spot.
That same thinness is the trap. The price you see often sits on a single contract. Take two and the second half fills noticeably worse.
What to check before trading
- All three parameters match. A one-day difference in expiry makes them different instruments.
- Real size in the book on both sides, not just the best price.
- Settlement and collateral currency. They differ, and that changes how much money must sit on each venue.
- Cost of holding to expiry — collateral is frozen.
The hard part: hedging is harder than it looks
Buying cheaper on one venue and selling dearer on another is only the entry. After that you hold two opposite positions on two platforms, each demanding its own collateral.
If the underlying moves sharply, one side goes into loss and calls for margin even though you are flat overall. Run out of collateral and the position is closed for you, breaking the neutrality.
Hence the rule: keep spare collateral on both venues rather than assuming the positions offset each other. The exchanges do not know about one another.
How many exchanges even offer options
Few. In our review options exist at Gate, 
Binance, 
Bybit and 
OKX — a rarity, since most venues stop at spot and perpetual futures.
Live divergences on matching contracts are in the options section.
Common mistakes
- Comparing contracts with different expiries. Different instruments, and the price difference is expected.
- Reading only the best price. On options it is almost always good for one or two contracts.
- Not funding collateral on both venues. The usual cause of forced closure.
- Starting with options. If spot routes are not mastered yet, this is an expensive classroom.
Frequently asked
Can a beginner do this? Technically yes, practically no. Start with P2P or spot.
Why are divergences so wide? The market is thin and market makers are few. The sizes underneath are correspondingly small.
How much capital does it need? More than spot: collateral is frozen on two venues at once until expiry.