Products

LedgerX is a bitcoin options and swaps exchange that lists put and call options on bitcoin through our industry leading mini contract that represents 0.01BTC (“Minis”). Our Minis make bitcoin option trading accessible to individual traders. We also list 1-day swaps that enable you to lock in a 1-day forward rate when converting bitcoin for cash or cash for bitcoin.

All trades are executed on LedgerX's Designated Contract Market.

Bitcoin Mini Option (Puts and Calls)

Trade physically-settled options on bitcoin.

Contract size0.01 bitcoin
Minimum price fluctuation$1.00
Price quotationU.S. dollars per bitcoin
Trading hours24 / 7 / 365
Expiration time4pm EST
Settlement time5pm EST
Position limitsSee rulebook
Block minimum1 contract
Option styleEuropean
Exercise methodUser must submit exercise instructions. No auto-exercise
UnderlyingBitcoin
Trading feesThe lower of $0.10 per contract or 20% of the option premium per contract

Trading Strategies

Calls

Long calls (buy call, pay premium)

  • Speculate on bullish position on underlying BTC
  • Long volatility

Short calls (sell call, receive premium)

  • Generate income from BTC
  • Bearish position on BTC
  • Short volatility

Puts

Long puts (buy put, pay premium)

  • Hedging / short BTC price
  • Long volatility

Short puts (sell put, receive premium)

  • Generate income from cash
  • Bullish - buy BTC at lower price
  • Short volatility

Next-Day Bitcoin Mini

Sell bitcoin and receive USD immediately, or buy bitcoin and receive it at 4pm.

Contract size0.01 bitcoin
Minimum price fluctuation$1.00
Price quotationU.S. dollars per bitcoin
Trading hours24 / 7 / 365
Settlement time4pm EST
Trading fees$0.05 per contract
Block minimum1 contract

Options Contract Listing Policy

Weekly options

LedgerX will list five contracts with strike prices in increments of $500 each Friday after 5pm E.T. settlement.

LedgerX will not list weekly options on the Friday prior to the monthly options expiration.

Monthly options

LedgerX will list in-, at- and out-of-the-money contracts for the current month and the following month.

In the first half of the current month, LedgerX may list additional contracts for the current month. In the second half of the current month, LedgerX may list additional contracts for the current month and the following month.

Quarterly options

LedgerX will list contracts expiring in at least the following quarter from the current quarter, and the last quarter of the current year. LedgerX will also list contracts for at least one expiration date in the following year.

LedgerX staff will review the underlying price daily and if applicable, list additional contracts at 12pm E.T. and after 5pm E.T. settlement.

Open a LedgerX Trading account

Trade bitcoin call options, put options and next-day bitcoin 24x7 on our federally regulated exchange. Open to all US residents. No minimum account size.

Open an account

LedgerX Institutional

Gain exposure to bitcoin and manage risk through a trusted, regulated platform. Place orders on the price/time central limit order book, our bilateral negotiated trading system, or the HTTP+websockets API. Minimum $5 million in assets for individuals, or $1 million for institutions. Contact [email protected] or apply for an institutional account today.