
On-chain options close in on crypto’s $21B-a-day perp market to deepen liquidity everywhere
A Bitcoin holder who wants less downside exposure today usually sells the asset or shorts a perpetual futures contract, taking on funding costs and liquidation risk. On-chain options offer a third path consisting of paying a fixed premium, keeping the Bitcoin, and handing the crash risk to whoever is willing to price it. Crypto built deep markets for owning assets and for leveraging directional bets, leaving mostly untouched an equally deep market for managing the risk of holding them. Options exchange Deribit has 85% market dominance for $BTC and $ETH options, and registered $2.5 billion in options volume in the…








