How to trade Bybit options: fees, expiry and settlement

In short. Bybit crypto options are European-style and settled in USDT: they are exercised only at expiry, automatically and in cash. At expiry a call buyer receives max(S − K, 0) per unit of the underlying and a put buyer receives max(K − S, 0), where S is the settlement price and K is the strike; the result is payoff − premium, the call breakeven is K + premium and the put breakeven is K − premium. Per Bybit's help as of 29 October 2026, options expire at 08:00 UTC, the trading fee is 0.02% (maker) or 0.03% (taker) of the index price but no more than 7% of the option price, and exercise costs another 0.015% for BTC and ETH. A buyer risks only the premium; a seller holds margin and can be liquidated.

How Bybit options work

A call gives the buyer the right to buy the underlying at the strike, a put — the right to sell. The buyer pays the seller a premium, which is the option price, and the seller agrees to pay out the difference if the option finishes in the money.

• USDT settlement. Premium, fees and payoff are all in USDT; nothing is delivered, the account simply receives the difference between the settlement price and the strike.
• European style. You cannot exercise early, but you can close the position in the market until the settlement window before expiry.
• Underlyings. Per Bybit's help as of 29 October 2026 — BTC, ETH, SOL, XRP, DOGE, MNT, XAUT and HYPE; the minimum order is 0.01 BTC or 0.1 ETH.
• Mark price — the Black–Scholes value with IV from the volatility curve; a bid and ask far from it are a reason to skip the trade.

A long option pays no funding, unlike a perpetual, and cannot be liquidated: the worst case is losing the premium.

Expiry: when and at what price

• Expiry types. As of 29 October 2026, BTC and ETH have nine — from daily to quarterly; SOL, MNT, XRP and DOGE have seven, up to monthly. New contracts are listed at 08:00 UTC.
• Exercise. In-the-money options are exercised automatically at 08:00 UTC on expiry day. Out-of-the-money options expire with no payoff and no exercise fee.
• Settlement price — the average index price over the 30 minutes before expiry, 07:30–08:00 UTC.
• Settlement window. Before expiry Bybit does not accept closing orders — exit the position in advance.

Payoff, result and breakeven

• Call payoff = max(S − K, 0) × size, put payoff = max(K − S, 0) × size.
• Buyer result = payoff − premium × size − fees, seller result = premium × size − payoff − fees.
• Call breakeven = K + premium, put breakeven = K − premium — the premium per unit of the underlying; fees push the point a little further.

An example (hypothetical prices, not a quote): BTC trades at 100,000 USDT. We buy 0.1 BTC of the 105,000 call at 2,000 USDT and 0.1 BTC of the 95,000 put at 1,500 USDT. The call premium is 200 USDT, the put premium is 150 USDT, the call breakeven is 107,000 and the put breakeven is 93,500. Result at expiry before fees, USDT:

The short call mirrors the long one: the most it can earn is the 200 USDT premium, and its loss has no cap. With fees, the call breakeven moves to about 107,046 and the put breakeven to 93,456, and at 110,000 the call buyer nets 295.35 USDT instead of 300.

Bybit options fees

Per Bybit's help as of 29 October 2026, options carry three fees: trading, delivery (exercise) and liquidation.

• Trading fee = min(rate × index, 7% × option price) × size. Without a VIP tier the rate is 0.02% for makers and 0.03% for takers; VIP tiers pay less. It is charged on entry and on exit by order. Entering the example call as a taker costs min(0.03% × 100,000, 7% × 2,000) × 0.1 = 3 USDT, or 1.5% of the premium.
• The 7% cap protects cheap options: at the same index, a 20 USDT option would otherwise pay 30 USDT per 1 BTC, while the cap brings it down to 1.40 USDT — exactly 7% of the price.
• Delivery fee = min(rate × index, 12.5% × (S − K)) × size for a call, K − S for a put. The rate is 0.015% for BTC and ETH and 0.02% for SOL, MNT, XRP and DOGE. Both sides pay it, and only when the option is exercised; daily options have no delivery fee. The example call at 110,000: min(16.50, 625) × 0.1 = 1.65 USDT.
• Liquidation — 0.2% of the index with the same 7% option-price cap, short options only.

Selling options and margin

Options trade in the Unified Trading Account (UTA) in Cross Margin or Portfolio Margin mode; isolated margin is not available for them. A seller holds margin for as long as the position is open; per Bybit's help as of 29 October 2026:

• Maintenance = [max(MM × index, MM × mark) + mark + 0.2% × index] × size;
• Initial = max([max(Max IM × index − OTM, Min IM × index) + max(average, mark)] × size, maintenance), where OTM is how far the strike is out of the money, for a call max(0, K − index);
• BTC factors: MM 3%, Max IM 10%, Min IM 5%; other underlyings have their own.

Sell the same 105,000 call at 2,000, 0.1 BTC, index 100,000, mark 2,000. Maintenance margin is (3,000 + 2,000 + 200) × 0.1 = 520 USDT, initial margin is (max(10,000 − 5,000, 5,000) + 2,000) × 0.1 = 700 USDT against a 200 USDT premium received. As the price rises, the call's mark and the margin rise too, and so does the risk of liquidation — a forced close with a 0.2% fee. Combinations of several options are covered in «Crypto options strategies».

Opening a trade: checklist

• The account is a Unified Trading Account in Cross Margin or Portfolio Margin mode.
• In the options chain, pick the underlying, expiry date, call or put and strike.
• Compare bid and ask with the mark price; a limit order takes a price or an IV.
• Work out the breakeven with fees and the worst case — for a short call it has no cap.
• If you do not want exercise, close the position in advance, before the settlement window.

Bybit options in Davinchu

Options arrive in Davinchu together with the Bybit futures account connected with a read-only key — no separate account is needed.

• Trade journal. Every closing order is a journal row: entry at the average price of the lots, exit, result and fee shown separately. An expiry is its own row at intrinsic value — max(S − K, 0) for a call and max(K − S, 0) for a put — with the delivery fee. Two years of history are imported, new fills arrive every minute and expiries every 10 minutes.
• Open options appear among the account positions with a short label such as «XAUT · Call 3800 · 27.11»; their floating result is part of the account's floating result.
• The «Options» section — the menu item appears once a Bybit account is connected. Legs of one underlying are grouped into a structure automatically — from «Long call» to «Iron condor», «Protective put» and «Covered call» with the future. Each structure shows legs with size, average price, mark and result, the premium, days to expiry and the «Structure payoff» chart: «At expiry» uses the same intrinsic-value formulas, «Today» uses the Black–Scholes model with Bybit's mark IV, plus «Max profit», «Max loss», «Breakeven» and price scenarios from −10% to +10%. «Edit» sets a name and a note, moves legs out or merges structures.
• The «Journal» tab — one row per structure: «Entry premium», «Result», «To risk», «IV entry → exit», «Underlying entry → exit», with filters by asset, type, status and dates.

Option trades are the same ones you see in the trade journal and the account statement. How to connect the account — in the help article «How to connect Bybit». The Free plan connects two accounts at no cost; more on the «Davinchu for crypto traders» page.