Kraken launches USD-settled Bitcoin and Ethereum options trading

Jul 18, 2026

Crypto exchange Kraken has launched USD-settled Bitcoin and Ethereum options on its Pro platform, aiming to expand the derivatives market by targeting retail traders. The product features a simplified design with USD-denominated settlement to counter existing complex, institution-focused offerings. The options are initially available via RFQ to international clients, with a European rollout planned next.

Kraken options launch details

▪The new options are available on the Kraken Pro platform, initially through a request-for-quote (RFQ) system.
▪Kraken has launched cash-settled, European-style options for bitcoin (BTC) and ether (ETH).

Crypto options market underdevelopment

▪The crypto options market is currently dominated by a handful of established venues including Deribit, CME Group and Binance.
▪The crypto options market is considered an underpenetrated segment compared to traditional financial markets.
▪Derivatives account for the vast majority of crypto trading volumes, but options remain a relatively small corner of the market.

Retail-focused product design

▪Kraken's offering uses linear, USD-settled contracts, with premiums, profit, loss, and settlement all denominated in U.S. dollars.
▪Options are integrated into the same unified account clients use for spot and futures trading, with portfolio margin enabled by default.
▪Kraken believes the slow growth of crypto options is a product design problem, not a lack of demand.
▪The product is designed to lower barriers for retail traders, who have historically gravitated toward simpler perpetual futures.

Geographic expansion plans

▪The options are initially available to eligible international clients outside of Europe, North America, and Australia.
▪Kraken plans to expand the offering to Europe at a later date, noting it already holds the necessary regulatory permissions.
▪Future updates are expected to include a public order book, broader geographic availability, and support for additional assets.