Lesson 1 of 17Beginner5 min
What are crypto options?
A crypto option is a right, not a duty, to buy or sell a coin such as Bitcoin at a fixed price (the strike) until a fixed date (the expiry). You pay a small amount for it today, the premium. If using the right helps you, you use it. If not, you let it go and lose only the premium.
Real Delta Exchange quotes · 24 Sep, 9:09 am ISTFree, no account needed
Step 1 of 3
A right, not a promise
An option is a right you buy today. It lets you buy or sell Bitcoin at a fixed price, until a fixed date.
You pay a small amount for that right. It is called the premium.
If using the right is good for you, you use it. If not, you let it go. You lose only the premium.
Think of it like this. Like a booking amount on a flat. You pay a little now to fix today's price. If the price goes up, you buy at the old price and gain. If it goes down, you walk away and lose only the booking amount.
Profit or loss if the price is 83,956(today's price)
| Date | Profit / loss |
|---|---|
| On target dateFri, 2 Oct | −14.9loss |
| On expiry dateFri, 2 Oct | −14.9loss |
Move over the graph to read any price; tap or click to set it as the target.
- The 84,500 call is worth nothing at 83,956 (the price is not above the strike).
- You paid 14.89 USDT for it.
- Result: −14.89 USDT.
Step 2 of 3
Three words you will see everywhere
Strike: the fixed price in the deal. Here it is the number after "Buy".
Expiry: the last day the right works. On Delta, BTC options expire every day at 5:30 PM India time.
Premium: what the right costs today. It changes every second with the market.
Profit or loss if the price is 83,956(today's price)
| Date | Profit / loss |
|---|---|
| On target dateFri, 2 Oct | −14.9loss |
| On expiry dateFri, 2 Oct | −14.9loss |
Move over the graph to read any price; tap or click to set it as the target.
- The 84,500 call is worth nothing at 83,956 (the price is not above the strike).
- You paid 14.89 USDT for it.
- Result: −14.89 USDT.
You pay 11.80 USDT for a right to buy at 76,000 until Friday. Which word is 76,000?
Step 3 of 3
What is USDT?
On Delta Exchange India every price is in USDT, a coin that stays worth about one US dollar. Think of it as a dollar.
One lot of a BTC option is 0.001 Bitcoin. Ten lots is 0.01 Bitcoin. All the money in these lessons is shown for ten lots, so the numbers are easy to read.
Profit or loss if the price is 83,956(today's price)
| Date | Profit / loss |
|---|---|
| On target dateFri, 2 Oct | −14.9loss |
| On expiry dateFri, 2 Oct | −14.9loss |
Move over the graph to read any price; tap or click to set it as the target.
- The 84,500 call is worth nothing at 83,956 (the price is not above the strike).
- You paid 14.89 USDT for it.
- Result: −14.89 USDT.
Answer the quick check to finish. Your progress stays in this browser.
Next: Buying a callKey terms
- Crypto option
- A right to buy or sell a coin at a fixed price until a fixed date.
- Strike
- The fixed price in the deal.
- Premium
- What the right costs today, paid in USDT on Delta Exchange India.
- Expiry
- The last day the right works. BTC options on Delta expire every day at 5:30 pm IST.
- Lot
- The unit you trade. One BTC option lot is 0.001 BTC.
Questions people ask
Are crypto options risky?
Buying an option risks only the premium you pay. Selling one can lose far more, which is why sellers use stops or hedges. The risk depends on the side you take, not on options themselves.
What is the difference between a call and a put?
A call is the right to buy at the strike, so it gains when Bitcoin rises. A put is the right to sell at the strike, so it gains when Bitcoin falls.
Can I trade Bitcoin options in India?
Yes. Delta Exchange India lists Bitcoin, Ethereum and Gold options for Indian users, with prices in USDT and expiries every day.
Why crypto traders use options
Three reasons. To bet on a Bitcoin move with a small, known amount at risk. To earn income by selling options to others, the way an insurance company collects premiums. And to protect coins they already hold through a sharp drop.
Because the premium is small compared with the coin itself, a little money follows a bigger move. That is the attraction, and also why the size of a position matters.
How Bitcoin options work on Delta Exchange India
Bitcoin options are quoted in USDT per one Bitcoin and traded in lots of 0.001 BTC. They are European options, used only at expiry, and cash-settled: you receive or pay the difference in USDT, never the coin itself.
They expire every day at 5:30 pm India time, with weekly contracts every Friday and monthly contracts on the last Friday of the month.
Crypto options versus stock options
Crypto options trade every hour of every day, weekends included, and Bitcoin has a new expiry every single day. Bitcoin also usually moves more than a stock index such as NIFTY, so its options carry more premium, and more risk, for the same distance from the price.
Written by the Algoclear team · Updated 22 September 2026 · Examples use Bitcoin options on Delta Exchange India.
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