The same covered-call and protective-put mechanics from our Deribit guide, on OKX — where its options product fits alongside the rest of its derivatives suite.
Draft status: needs a compliance pass and real product screenshots before it goes live — see the checklist below.
Crypto Options: Covered Calls and Protective Puts, Explained covers what a call and put are and the two strategies worth learning first. That doesn’t change here — this guide covers what’s specifically different about OKX.
Where OKX’s options product differs
- Liquidity. OKX’s options liquidity is broad across many assets but generally trails Deribit specifically on BTC/ETH, the two assets with the deepest options markets industry-wide — check order book depth at your strike before assuming a clean fill.
- Unified margin. As with OKX futures, options here typically share the same unified account as your other OKX positions rather than a fully separate options wallet.
- One interface for the whole derivatives suite. If you’re already trading futures or using bots on OKX, options sit in the same app — convenient if you want everything in one place, denser if you’d prefer an options-focused interface like Deribit’s.
Walkthrough: selling a covered call on OKX
- Confirm you hold the underlying asset in the amount the contract requires.
- Open the Options section, select the asset, expiry, and a strike above the current price.
- Sell to open the call and confirm the premium.
- Track it to expiry — worthless expiry below the strike keeps your premium and your coins; settling above the strike means your coins are called away at the strike price, the same mechanics described in the Deribit guide.
Risk
Selling a covered call caps your upside in exchange for the premium collected. Options pricing and expiry mechanics are more complex than spot or futures — don’t trade a strategy you can’t explain back in your own words, on any platform. Nothing on this page is financial advice.
Editorial checklist before publish: verify current OKX options UI against this flow · confirm settlement mechanics · compliance sign-off.