Kraken has introduced a suite of options contracts on Bitcoin (BTC) and Ethereum (ETH), expanding the derivatives offering on its Kraken Pro platform. The launch, which took place on July 16, 2026, targets eligible professional and institutional clients, aiming to narrow the gap between crypto and traditional options markets.
The new products are European-style, linear, and settled in U.S. dollars. Traders can access weekly, monthly, quarterly, and semi-annual expirations through a request-for-quote (RFQ) workflow, with plans to introduce a public order book in future phases. Portfolio margining is enabled by default, allowing clients to offset risk across spot, futures, and options positions. Collateral can be posted in more than 30 supported currencies within a unified wallet.
Contract specifications list minimum order sizes of 0.01 contracts for XBT/USD and 0.1 contracts for ETH/USD, with maximum position limits of 10 BTC and 100 ETH respectively. Tick sizes are set at $1 for BTC and $0.10 for ETH. Settlement is based on the BTCOPTRR and ETHOPTRR reference rates, using a 30-minute observation window prior to 8 UTC. Fees follow Kraken’s standard derivatives schedule, capped at 12.5% of the premium.
The rollout comes as Kraken builds institutional-grade infrastructure, competing with venues like Coinbase (via its Deribit acquisition) and CME. Alexia Theodorou, Director of Derivatives at Kraken, noted that crypto options activity is still a fraction of traditional markets but is closing the gap. European client access is planned for the second half of 2026, pending regulatory confirmation.
At launch, Bitcoin traded near $64,410 with the Fear & Greed Index at 28, signaling cautious sentiment. Institutional options platforms often see heightened activity during such hedging-heavy periods.
