How to Place and Manage an Options Order on Deribit

Summary

This guide explains how to navigate Deribit’s options chain and place a basic options order. The chain groups contracts by strike, with calls and puts on opposite sides and bid and ask prices shown for each. Selecting a contract opens an order form with its details, quantity, price in BTC, dollar equivalent, implied volatility, current position, and margin requirement.

The example buys one Bitcoin call by entering a quantity and choosing the displayed ask, then reviewing and confirming the order. The guide recommends limit orders to control price when spreads are wide, and describes market orders, time-in-force choices, post-only orders, and reduce-only orders. It also explains how open positions appear and how to close a European-style option position by placing an equal order in the opposite direction. The example is a basic interface walkthrough, not a discussion of valuation, profit and loss, or trading strategy; those topics are deferred to separate lessons.

Key ideas

• The options chain arranges contracts by strike, with calls and puts on opposite sides.
• The order form displays contract details, price, implied volatility, position, and required margin.
• Limit orders can help control execution price when option spreads are wide.
• Time-in-force, post-only, and reduce-only settings govern how limit orders are handled.
• A European-style option position can be closed before expiry by trading the same contract in the opposite direction.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.