Options visualization platform
Maybe you remember cryptowat.ch (aquired by Kraken) - an easy access web visualization platform, at the tip of your fingers, just to know current state of the crypto market. In the same way we started option.watch - as a window into the options world - for a quick look. An informational and educational platform for vanilla, crypto and DeFi options. It streams live order book data across seven crypto derivatives exchanges and the US equity options market — both the biggest centralised venues and the leading DeFi option CLOBs. Data is not delayed or cached.
Order books update every 100ms via WebSocket using a high-performance C++ backend that maintains fully synchronized local books for thousands of strikes simultaneously. The full options chain for any expiry — bids, asks, and quantities at every strike — is available in table and unique chart views with sub-second refresh.
Option chains are notoriously data-heavy and hard to read. Option.watch solves this by transforming complex tables into intuitive visuals, making options trading accessible to broader audience.
While we are the first to bring strike-by-strike visualization, our true innovation is the proprietary Middle Line. By generalizing mid-prices from standalone orderbooks to the entire chain, it provides a reliable price approximation even in thin, illiquid markets—benefiting market makers and arbitrageurs.
Binance Bybit Deribit OKX Derive Aevo Bullish US Stocks
Binance — the world's largest crypto exchange by volume. Its EAPI offers European-style BTC and ETH options with USDC settlement, updated every 100ms. binance.com
Bybit — a leading derivatives exchange with options on BTC, ETH, SOL, XRP, DOGE and more, all USDC-settled. bybit.com
Deribit — the dominant crypto options venue globally, holding roughly 85% of all open interest. If you've heard of crypto options, you've heard of Deribit. Acquired by Coinbase in 2024. BTC and ETH, USDC-settled. deribit.com
OKX — a major global exchange with BTC and ETH options. BTC options are coin-margined (inverse): priced and settled in BTC rather than dollars. okx.com
Derive — the largest on-chain options exchange, running on its own Ethereum L2 chain. Formerly known as Lyra Finance. Offers a real order book (not an AMM) for BTC, ETH, SOL and HYPE options, settled in USDC on-chain. A rare case of DeFi liquidity that rivals centralised venues. derive.xyz
Aevo — a DeFi options exchange built by the team behind Ribbon Finance, running on its own Ethereum L2. Off-chain order matching with on-chain settlement in USDC. BTC and ETH options with daily, weekly and monthly expiries. aevo.xyz
Bullish — an institutional-grade centralised exchange that has quietly grown to become the second-largest crypto options venue in the world by open interest, behind only Deribit. BTC and ETH options, USDC-settled. bullish.com
US Equity Options — American-style options on US stocks and ETFs traded on major US exchanges (NYSE, CBOE, NASDAQ). Covers hundreds of underlyings including large-cap equities, sector ETFs, and index products. Premiums and strikes are denominated in USD. Live quotes with full options chains by expiry.
option.watch is adding an AI copilot that lives inside the trading workspace. It scans live markets across all exchanges, monitors your open positions, fires proactive alerts when risk conditions change, and teaches options from first principles as you go — all powered by a local LLM with no data sent to external AI providers.
Linear vs inverse options. A linear option is priced and settled in a stable currency (USDC/USDT). An inverse (coin-margined) option settles in the underlying asset — BTC or ETH — so your payout grows with the coin price, giving a convex USD return. Inverse options were the original crypto derivatives format, preferred by traders who hold BTC natively and want to avoid stables.
Settlement currency vs price currency. The settlement currency is what you receive at expiry (USDC for linear, BTC/ETH for inverse). The price currency is what premiums are quoted in — and this differs by exchange. option.watch always shows the native price currency on the Y-axis; the label tells you the unit.
Why do Deribit BTC chains appear twice? Deribit runs two parallel series for each expiry: an inverse chain (BTC, settled in BTC, priced in USD) and a linear chain (BTC/USDC, settled and priced in USDC). Both chains are shown so you can compare liquidity and choose your collateral.
| Exchange · chain | Settled in | Prices in | Y-axis |
| Binance, Bybit, Derive, Aevo, Bullish | USDC | USDC | hundreds–thousands |
| Deribit BTC / ETH (inverse) | BTC / ETH | BTC / ETH fractions | 0.001–0.5 |
| Deribit BTC/USDC · ETH/USDC (linear) | USDC | USDC | hundreds–thousands |
| OKX BTC-USD · ETH-USD (inverse) | BTC / ETH | BTC / ETH fractions | 0.001–0.5 |
| OKX BTC-USDT · ETH-USDT (linear) | USDT | USDT | hundreds–thousands |
| US Equity Options (stocks & ETFs) | USD | USD | 0.01–hundreds |
Both OKX and Deribit quote inverse BTC option premiums in BTC fractions (e.g. 0.01 BTC). Deribit's own interface converts these to a USD display for convenience, which can give the impression of USD pricing — but the underlying API value, and the Y-axis here, is in BTC.