Crypto Assets Options Market: Current Status and Future Outlook

The Crypto Assets Options market has not yet experienced explosive growth like perpetual contracts. The monthly trading volume of perpetual contracts is about $2 trillion, which is 20 times the $100 billion monthly volume of Options (. This difference stems from the fact that the Crypto Assets market has built its own ecosystem from scratch, rather than inheriting the model of traditional finance.

![The contract is popular, why aren't options?])https://img-cdn.gateio.im/webp-social/moments-b3b4bd2263a10e8101d0a934e7e6e807.webp(

BitMEX launched perpetual contracts in 2016, quickly becoming the favorite leveraged tool for traders. In the same year, Deribit introduced the first trading platform focused on Crypto Assets Options. Today, Deribit handles over 85% of the Crypto Assets Options trading volume, and the market remains highly concentrated.

![The contract is hot, why aren't the Options?])https://img-cdn.gateio.im/webp-social/moments-f133d56fd9cf9cabd9534f7a276d0a1e.webp(

On-chain Options have gone through three stages of development:

1. Stone Age: Platforms like Opyn allow users to lock collateral to issue independent Options tokens, but high Gas fees have led to the collapse of the model.

2. AMM Era: Platforms like Hegic adopt a liquidity pool model but suffer significant losses due to a lack of proper risk management. Lyra attempts to improve through automated delta hedging but relies on external liquidity.

3. Order Book Era: The Solana ecosystem team attempts to replicate Deribit's centralized limit order book model on-chain, but faces challenges such as insufficient liquidity.

![The contract is on fire, why are Options not working?])https://img-cdn.gateio.im/webp-social/moments-f67ee50ea20b0202a4873b1629efa9e3.webp(

The main obstacles facing the Options market include:

• Liquidity is dispersed into thousands of "micro assets"
• Lack of a unified cross-margin system
• Dependence on professional market makers

![The contract is hot, why aren't the options?])https://img-cdn.gateio.im/webp-social/moments-cb7bfeafef01a6abfcd54472f3324c37.webp(

In the future, the options market may develop through an "infrastructure-first" approach, with the key being:

• Deep Liquidity Pool
• Instant hedging capability
• Efficient settlement mechanism
• Unified Margin System

![The contract is on fire, why aren't the Options doing well?])https://img-cdn.gateio.im/webp-social/moments-5b7a6615727d32a3d3ebc87deaaf989a.webp(

As the encryption infrastructure matures, institutional-level liquidity is expected to be supported on-chain through reliable infrastructure, facilitating cross-margin systems and composable hedging mechanisms, thereby promoting the development of the Options market.

![The contract is hot, why are options not?])https://img-cdn.gateio.im/webp-social/moments-85dd6a7f372a36d813530b58b11356e7.webp(