Let's talk about option platform in cryptocurrency space. In this article, I will be focusing on the current state of Option from a degen trader perspective, I had used Deribit, Hegic, Opyn and FinNexus for buying options and here are just my experience.

As an alt coin trader, I really wanted to trade alts with options, and make use of futures market to delta hedge myself if needed (when the options price are off). This article also mainly covers from the options buyer perspective, cuz I never sell any options.

Here's some of my strategy as an options trader normally:

1. Put options for hedging
   • I mainly buy PUT options for BTC and ETH for hedging purposes, as most of my portfolio are in Crypto, I wanted to make myself delta neutral.
   • I will buy OTM options since it's cheap, and it fulfils hedging purposes.
2. Naked call
   • Instead of long-ing an assets, I will buy a naked call options,
   • When the options are ITM, I will choose to do the following 3 things (from best to worse):
     • Delta hedging, opening a short in any futures market
     • Sell my premium
     • Exercise my options (American options only)

NOT A FINANCIAL ADVICE, I AM JUST A DEGEN BUYING ALL THE CHEAP OPTIONS, HERE'S MY HONEST OPINION

Deribit

Deribit is a centralized options platform, I had been using it for a while.

• Deribit is an european options.

Pros

• Main place for price discovery or benchmark for option pricing