Kraken has launched cash-settled, USD-denominated options on $BTC and $ETH with portfolio margin enabled by default, entering a segment of the crypto derivatives market where Coinbase and CME Group have also been expanding their positions.
Kraken’s Launch Details
Eligible clients can now trade European-style options in XBT/USD and $ETH/USD on Kraken Pro, with weekly, monthly, quarterly and semi-annual expiries available at launch through request-for-quote (RFQ).
A public order book is planned for a later phase, and European access will follow at an unspecified date. Kraken has not disclosed the eligibility criteria that determine which clients can access the product.
Head of EU Kraken Derivatives, CEO Payward Europe Digital Solutions. Source: LinkedIn
All contracts are linear and settled in US dollars, with premium, profit and loss denominated in USD rather than in the underlying asset. Portfolio margin applies to every eligible client by default, and offsetting positions reduce overall margin requirements.
Spot, futures and options sit in a single wallet, drawing on a multi-collateral pool that accepts more than 30 currencies.
“The existing options market in crypto has been built for a narrow slice of the trader base,” said Alexia Theodorou, Director of Derivatives at Kraken. “Our offering broadens access through a straightforward, dollar-settled contract in the same account clients already use for spot and futures.”
Where Kraken Sits against Coinbase and CME
Kraken enters a market where both Coinbase and CME already offer institutional options exposure through different market structures.
Coinbase closed its $2.9 billion acquisition of Deribit in August 2025, taking a direct stake in a venue that has long handled a large share of institutional crypto options volume.
CME Group offers CFTC-regulated, centrally cleared $BTC and $ETH options. In May 2026 the company extended trading to weekends, closing one of the remaining gaps between regulated derivatives markets and the continuous trading hours of crypto-native venues.
Kraken’s structure differs from both: a single wallet spanning spot, futures and options, rather than a standalone options venue or a separate acquired platform.
The company frames the launch as an early phase rather than a finished product. The initial RFQ-only structure is intended to be followed by a public order book “to deepen price discovery as activity scales,” alongside broader geographic access and additional assets over time.
Bottom Line
Kraken’s options are live only through RFQ and only for an undisclosed set of eligible clients, entering a segment where Coinbase and CME already run established, higher-volume products.
Whether Kraken’s unified-account structure draws institutional flow away from those venues, or simply adds a third option alongside them, will depend on how quickly it moves from RFQ to a public order book.
