Learn how calls and puts on this product work, with premium, profit, loss and breakeven examples in the contract’s units.
Bitcoin options on futures
This guide uses CME’s U.S. dollar-denominated options on Bitcoin futures. The option follows a specified futures contract, whose price can differ from a spot Bitcoin quote. A call is a right to buy that futures contract at the strike; a put is a right to sell it.
Standard Bitcoin futures represent 5 BTC; Micro Bitcoin futures represent 0.1 BTC. Multiply a dollar-per-bitcoin option quotation by the underlying contract size. A smaller contract changes the dollar exposure, not the possibility of losing the whole premium.
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 options on bitcoin futures 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 2,000 price units. With the stated multiplier of 5, the premium cost is USD 10,000.
At expiration with the underlying at 110,000, intrinsic value is (110,000 − 100,000) × 5 = USD 50,000. After the premium, the gain is USD 40,000 before other costs.
At or below the strike, the call has no intrinsic value and loses its whole premium. Breakeven at expiration is 102,000 price units. At 101,000, the call is in the money but still loses USD 5,000 after the premium.
Buying options on bitcoin futures puts
A put gives its buyer downside exposure. Assume the same 100,000 strike and 2,000-unit premium, costing USD 10,000 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 90,000, intrinsic value is (100,000 − 90,000) × 5 = USD 50,000. Subtracting the premium leaves USD 40,000 before costs.
At or above the strike, the put loses its full premium. Its breakeven is 98,000 price units. At 99,000, it is in the money but still loses USD 5,000 after the premium. Before expiration, time and implied volatility also affect the price; these expiry calculations do not predict its resale value.
Exercise and settlement
CME Bitcoin options are European-style. Standard and Micro options deliver their underlying futures on exercise; monthly delivered futures immediately cash-settle, while weekly expiries can leave futures open. Bitcoin Friday options have separate financial-settlement terms.
Check the exact series before expiry and read the settlement guide. An option on a Bitcoin ETF is a different contract on fund shares, so these futures multipliers do not apply to it.
Price, volatility and premium risk
Bitcoin may rise while a purchased call loses money if the move is too small, too late, or accompanied by a large drop in implied volatility. The bid–ask spread and fees also affect the result.
A put can hedge price downside but has a cost and an expiry. Selling uncovered options can create losses well beyond the premium received. A spot holding and a futures option may leave basis risk because their prices and fixing times differ.
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.