Crypto options glossary
What are the option Greeks?
The Greeks measure what moves an option's price. Delta: a move in Bitcoin. Gamma: how fast delta changes. Theta: the passing of time. Vega: a change in implied volatility. Together they explain why an option's price changed, and which risk a position is carrying right now.
- Delta: price change for a one-dollar move in the coin.
- Gamma: change in delta for a one-dollar move.
- Theta: price lost per day from time alone.
- Vega: price change for 1 point of implied volatility.
Delta
0.51
+5.06 USDT on 10 lots if BTC +1,000
Gamma × 1,000
0.091
Delta ≈ 0.60 after +1,000
Theta per day
−105
−1.05 USDT a day on 10 lots
Vega
50.6
0.51 USDT on 10 lots per IV point
Implied volatility 34.5%; Bitcoin at 83,956. Delta Exchange publishes the Greeks per one BTC of options; the lines under each are for 10 lots (0.01 BTC).
Questions people ask
Which Greek matters most?
For most traders, delta: it says how much a position gains or loses as Bitcoin moves. Sellers watch theta and gamma closely; anyone holding options through big events watches vega.
What is rho?
Rho measures sensitivity to interest rates. It barely moves short-dated crypto options, so crypto traders rarely use it.
Where can I see the Greeks for Bitcoin options?
Delta Exchange publishes delta, gamma, theta and vega for every option. Algoclear shows them on the option chain and adds them up for a whole position in the strategy builder.
Which Greeks matter most for option sellers?
Theta, gamma and vega. Theta is what a seller earns each day; gamma is how quickly a price move turns against the position; vega is what a rise in volatility costs. Delta matters once the price has moved.
Do I need to calculate the Greeks myself?
No. Delta Exchange publishes delta, gamma, theta and vega for every option, and Algoclear shows them on the option chain and totals them for a whole position in the strategy builder.
Are there more Greeks than these four?
Yes. Rho measures sensitivity to interest rates, and there are second-order Greeks such as vanna and charm. For short-dated crypto options, the four main Greeks explain almost everything a trader sees.
The Greeks of one position, worked in numbers
An example with round numbers. Bitcoin is at 80,000 and you sell a weekly strangle, 10 lots each side: the 78,000 put, with a delta of −0.25, and the 82,000 call, with a delta of 0.25. Each has a theta of −60 a day and a vega of 35, quoted per Bitcoin.
Selling flips every sign. Delta: +0.25 from the sold put and −0.25 from the sold call add to zero, so the position does not care about small moves. Theta: +60 and +60 make +120 per Bitcoin a day, which is 1.20 USDT a day on 0.01 BTC, earned while nothing happens. Vega: −35 and −35 make −70 per Bitcoin, so each one-point rise in volatility costs 0.70 USDT. Gamma is negative: any large move makes the delta grow against you.
Read together: this position wants Bitcoin quiet and volatility falling, and is paid 1.20 USDT a day to wait. That one sentence is what the Greeks are for.
The four Greeks at a glance
What each measures, and which side it favours.
| Greek | Measures | Option buyer | Option seller |
|---|---|---|---|
| Delta | A move in Bitcoin's price | Gains if right on direction | Loses if price runs at the strike |
| Gamma | How fast delta changes | Helped by big moves | Hurt by big moves |
| Theta | One day passing | Pays it | Earns it |
| Vega | A change in implied volatility | Gains when it rises | Gains when it falls |
Which Greek to watch, by strategy
No one watches all four equally.
- A bought call or put: delta first, then theta, the daily cost of waiting.
- A short strangle or iron condor: theta is the income, gamma and vega are the risks.
- A straddle bought before news: vega and gamma.
- A spread: mostly delta; the second leg cancels much of the theta and vega.
Position Greeks
Greeks add up. A position's delta is the sum of each leg's delta times its size, and the same for gamma, theta and vega. A short strangle, for example, starts with delta near zero, negative gamma, positive theta and negative vega: it wants Bitcoin quiet and volatility falling.
The Greeks change as the market moves
None of the Greeks is fixed. Delta changes with price, theta speeds up near expiry, and vega shrinks as expiry comes closer. Reading them is a snapshot of the risk now, not a promise about tomorrow.
Common mistakes with the Greeks
They are easy to read and easy to misuse.
- Watching delta alone. A delta-neutral position can still lose to gamma and vega.
- Forgetting the lot size. The exchange quotes Greeks per one Bitcoin; ten lots are one hundredth of that.
- Treating today's Greeks as tomorrow's. They change with price, time and volatility.
- Adding Greeks across different expiries as if they were the same thing; a daily option's vega and a monthly's are not alike.
Written by the Algoclear team · Updated 22 September 2026 · Examples use Bitcoin options on Delta Exchange India.
See it on your own trades.
Every tool is free to explore. Build it, try it on paper, and let the engine run it when you are ready.
Start freeOptions trading carries risk, and you can lose money. Algoclear is a trading tool, not investment advice.