USDSⓈ-M Options: Trade Linear BTC and ETH

OKX Learn

Published on May 19, 2026

Updated on May 19, 2026

4 min read

We're launching USDSⓈ-Margined Options on BTC and ETH as part of our regulated derivatives offering in UAE and Australia*.

Margin, premium, P&L, and settlement are all denominated in USD, with stablecoin support for USDC and USDG*. Both products are available on web and app from today, and sit alongside our existing coin-margined options on the same chain.

What this means for you

If you trade options in dollars, you can now do that on OKX without thinking in BTC or ETH first. Your collateral holds its USD stablecoin value. Your Greeks display in USD. Your P&L at expiry is a dollar figure, paid out in the stablecoin of your choice.

For institutions that couldn't trade coin-margined options under their compliance frameworks, this opens BTC and ETH options on OKX for the first time. Margin and settlement in USD, USDC, or USDG meets the typical USD-denominated requirement, and options exposure offsets directly against your existing perps and spot in the same unified margin pool.*

How USDSⓈ-M Options compare to coin-margined

Both products are live. The difference is the unit of account.

	Coin-margined Options	USDSⓈ-M Options - NEW
Margin currency	BTC or ETH	USD, USDC, or USDG*
Premium quoted in	Crypto	USD
Payoff type	Inverse	Linear
Payoff formula	(S − K) / S × multiplier × qty, in BTC/ETH	(S − K) × multiplier × qty, in USD
Min. contract size	0.01	0.01
Example contract	BTC-USD-241231-50000-C	BTC-USD_UM-241231-50000-C

The two products live on the same options chain. One toggle switches between them. Same interface, same order types, same margin modes.

A worked example

Say BTC is trading at $60,000 and you buy one call with a $55,000 strike for a premium of $6,000. At expiry, BTC settles at $65,000.

On a coin-margined call, your payoff is calculated in BTC. You earn (65,000 − 55,000) / 65,000 = 0.1538 BTC, minus the premium paid in BTC. Your final P&L sits in BTC, and its dollar value moves with BTC between the time you opened the trade and the time you closed it.

On a USDSⓈ-M call, your payoff is $10,000 flat. Premium paid was $6,000. P&L is $4,000, settled in the stablecoin of your choice. No conversion, no second variable. The dollar number you see on screen is the dollar number that lands in your account.

That's the practical difference. Linear payoffs can make sizing and outcomes easier to read, especially if your reporting, treasury, or trading book runs in dollars.

Why we built it this way

Three benefits matter most:

Stablecoin collateral: posting USD, USDC, or USDG as margin means your collateral tracks the USD stablecoins rather than BTC or ETH
Settlement choice: USD, USDC, and USDG are all accepted as settlement. As of today, that's more accepted settlement currencies than any other crypto options venue, so you can pick the one that fits your treasury, your reporting, or your jurisdiction.
Margin efficiency across products: options, perpetuals, and spot all sit in the same Unified Account. Collateral and PnL move across products without transfers between sub-accounts, and customers on Portfolio Margin mode see margin requirements calculated across the whole portfolio. For desks running options as part of a wider derivatives programme, this is the difference between OKX behaving like one venue and behaving like three.

What's next

If you're an institution, you can contact your OKX relationship manager to get set up, or refer to the API documentation here. For everyone else, the toggle is on the options chain today.

* Note: USD, USDC or USDG availability varies by region. The Australian product is available to wholesale clients only, and denominated in USD stablecoins and not fiat currency. While they may be intended to do so, there is no guarantee that USD stablecoins will hold a 1:1 value to USD.

Disclaimer

This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold crypto/digital assets, or (iii) financial, accounting, legal, or tax advice. Crypto/digital asset holdings, including stablecoins, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding crypto/digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein.

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