Learn how calls and puts on this product work, with premium, profit, loss and breakeven examples in the contract’s units.
Identify the product, not just the weekday
The underlying contract family is Bitcoin Friday futures, often abbreviated BFF. The option’s reference and settlement terms belong to that family. An option expiring on a Friday is not automatically a BFF option.
These options use European-style exercise and settle financially against a defined fixing. They do not deliver a futures position on exercise. The fixing follows the relevant series’ rules; it is not simply any Bitcoin price seen on a screen.
Call and put example terms
The examples below use the contract price units and multiplier stated in this lesson.
Prices and premiums are hypothetical. The result measures expiry value and assumes any delivered position is closed at that price without additional movement or costs. It does not assume that every option settles in cash.
Buying bitcoin friday calls
A call gives its buyer upside exposure to the specified underlying. For this example, use a strike of 100,000 price units and a premium of 1,000 price units. With the stated multiplier of 0.02, the premium cost is USD 20.
At expiration with the underlying at 103,000, intrinsic value is (103,000 − 100,000) × 0.02 = USD 60. After the premium, the gain is USD 40 before other costs.
At or below the strike, the call has no intrinsic value and loses its whole premium. Breakeven at expiration is 101,000 price units. At 100,500, the call is in the money but still loses USD 10 after the premium.
Buying bitcoin friday puts
A put gives its buyer downside exposure. Assume the same 100,000 strike and 1,000-unit premium, costing USD 20 with the same multiplier. The equal call and put premiums are hypothetical, not a claim about actual market quotes.
At expiration with the underlying at 97,000, intrinsic value is (100,000 − 97,000) × 0.02 = USD 60. Subtracting the premium leaves USD 40 before costs.
At or above the strike, the put loses its full premium. Its breakeven is 99,000 price units. At 99,500, it is in the money but still loses USD 10 after the premium. Before expiration, time and implied volatility also affect the price; these expiry calculations do not predict its resale value.
How it differs from Micro Bitcoin options
A Micro Bitcoin option references 0.1 BTC of futures exposure and can create a futures position. BFF options use 0.02 BTC and financial settlement. Size and settlement both matter; these are not interchangeable labels for the same contract.
Compare Micro Bitcoin Options for the corresponding worked example.
Short timeframes and expiry risk
With little time remaining, an option’s value can change quickly near its strike. A small premium can still be lost in full, and trading costs can represent a large share of it. A short-dated call does not benefit from a rally that occurs after it expires.
Check the expiry time, fixing definition and executable spread for the chosen series. Financial settlement avoids a delivered position but does not remove market risk or a short option’s payment obligation.
Sources and further reading
Contract information checked 14 September 2026. Examples are hypothetical and exclude fees and other trading costs. Editorial standards.
References
Currency quotations · Options on futures: exercise and assignment · Options basics
Examples are hypothetical and exclude fees and financing costs. Contract terms vary by product. Updated 14 September 2026.