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Binance-backed derivatives exchange FTX launches bitcoin options

Yogita Khatri

Cryptocurrency derivatives exchange FTX, in which Binance acquired an equity stake recently, has launched bitcoin options.

The options, currently unavailable to U.S. users, went live on Sunday, said FTX, adding that some features such as limit order are yet to be implemented.

FTX's bitcoin options are cash-settled to U.S. dollars (USD), and like its futures, these can be traded on margin.

Sam Bankman-Fried, founder and CEO of FTX, tweeted that the options hit $1 million of volume within two hours of its launch, while in the first 12 hours, it traded about 2,000 contracts.

FTX was launched in May 2019 and has been aiming to gain market share in the space which is currently dominated by BitMEX, OKEx, and Huobi, according to data from Skew. Binance invested “tens of millions" in FTX last month.

The cryptocurrency derivatives market, in general, is heating up. CME Group is also expected to launch bitcoin options today. OKEx and Bakkt also recently launched bitcoin options. Deribit and LedgerX exchanges have been offering options trading since months.