Trade Options Like You Trade Perpetuals

No Expiration

Just like the perpetual swap, the everlasting option never expires. You can keep your position for as long as you want. Just be careful, if you're a buyer. You don't want to pay too much funding!

Hourly Funding

Perpetual gamma does not come for free. Every hour, holders of everlasting options pay a funding payment to sellers. This funding payment is the seller's way of collecting theta.

Concentrated Liquidity

Since there are no expiries, market makers can concentrate their capital, resulting in better liqudity and lower execution costs for you.

Constant Action

Everlasting options have a lot of action going on compared to vanilla options. The charts are always popping, and the tape is red hot.

Properties of an Everlasting Option

High Gamma

An everlasting option provides sustained gamma exposure at a low upfront cost. Everlasting options on Everstrike have particularly high gamma thanks to their short funding interval.

High Theta

No gamma without theta decay. Everlasting options on Everstrike have the same theta decay as intraday European-style options. The theta decay is expressed through hourly funding payments.

Low Vega

While the everlasting options on Everstrike tend to have really high gamma, the average vega of the options is often very low, or negligible.

High Delta

The delta of everlasting options on Everstrike tends to be comparatively close to its intrinsic value, relative to European-style options.

Introducing: Floating Strike Prices

Strike = 200-Hour EMA

Everlasting options on Everstrike have floating strike prices. Each strike price is pinned to the 200-hour EMA of the underlier. This maximizes the long-term gamma of the options.

OTM, ATM, ITM - You Choose

For some options, Everstrike applies a multiplier to the 200-hour EMA that defines their strike price. This ensures that there's always plenty of OTM, ATM and ITM options available for trading.

Mean Reversion = Friend?

OTM floating-strike options are guaranteed to be ITM eventually, thanks to mean reversion. But be careful about buying them - you may end up paying a lot of funding, before the move materializes.

Happy MM = Happy You

The elimination of expiries radically reduces the amount of contracts that market makers need to quote - and so does having floating strikes. This results in more liqudity, and in lower execution costs for you.

Floating Strikes

Six Options. Six Strikes. Unlimited Possibilities.

Everstrike has just six options for each underlier: Three 200-hour EMA puts (-10%, 0%, +10%) and three 200-hour EMA calls (-10%, 0%, +10%). The strikes are pinned to the 200-hour EMA of the underlier, plus some multiplier (hence the term "floating"), and have been designed in a way so that there is almost always at least one ITM call and put, and at least one OTM call and put.

200h EMA put

An everlasting put option with a strike that is pinned to the 200h EMA of the underlier.

200h EMA (+10%) put

Same as the 200h EMA put, but with a strike that is 10% greater.

200h EMA (-10%) put

Same as the 200h EMA put, but with a strike that is 10% smaller.

200h EMA call

An everlasting call option with a strike that is pinned to the 200h EMA of the underlier.

200h EMA (-10%) call

Same as the 200h EMA call, but with a strike that is 10% smaller.

200h EMA (+10%) call

Same as the 200h EMA call, but with a strike that is 10% greater.


24-hour Statistics

Platform statistics for the previous 24 hours.


What People Are Saying About Everlasting Options


Frequently Asked Questions

We have compiled a list of common questions that traders ask us about trading everlasting options on Everstrike.

Do everlasting options trade like perpetual swaps?

When they are deeply ITM, and their delta is maxed out, with non-existent gamma and vega, they trade more or less identically to their futures counterpart, the perpetual swap. As they get closer to being ATM, they start deviating massively.

Why trade everlasting options as opposed to perpetual swaps?

One word. Convexity. You don't get positive convexity from perpetual swaps. See the diagram below.

Source: Derivatives Academy

Other reasons are:

  • Shorting. Shorting a perpetual swap caps your gain at 100%, while subjecting you to potentially unlimited losses. Puts work in reverse. They cap your losses, while allowing for potentially unlimited upside. If you are shorting, and you are okay with being long volatility (most people are), you should be buying puts - not shorting a perpetual swap.
  • Volatility. You can't trade volatility with a perpetual swap. Options allow you to profit even in sideways markets.
  • Daytrading and scalping. Options are great for daytrading and scalping, since they tend to be very volatile. Scalpers and daytraders love volatility. If you want volatility while trading perpetual swaps, you are limited to trading shitcoins. Shitcoins are prone to manipulation. With options, you can trade BTC and ETH, and still get plenty of volatility.
How does funding affect the price of an everlasting option?

Funding attempts to keep the price of the option close to its intrinsic value. The extrinsic value of the option is disbursed through periodic funding payments, rather than as a lump sum that buyers pay upfront, when buying the option. This enables sellers to price their options cheaper, and provides buyers with some flexibility in terms of getting out of their position early.

If you are a Thetagang member (selling options to WSB degenerates), you will love the hourly theta that you can collect from selling ATM or OTM everlasting options.

Why floating strikes?

Floating strikes are critical, when it comes to everlasting options, as they ensure that the strikes of the options never become irrelevant. An everlasting BTC call issued in 2016 with a strike of 500 would be completely irrelevant today. Without floating strikes, the everlasting options would (at least in practice) never truly be perpetual.

Additionally, with the right basket of floating-strike options (pinned around an average), you are more or less guaranteed to always have ITM, ATM and OTM options at your disposal. Having strikes that continously adapt to the underlier, in order to stay relevant, can greatly reduce the total amount of strikes required by options traders, and reduce liquidity fragmentation significantly, resulting in lower spreads and, ultimately, in lower execution costs for the individual trader.

Are floating strikes a new concept?

Options with floating strikes is not a new concept. The Asian-in option is a type of exotic option that has existed for decades, and that also uses a floating strike. As with the floating-strike everlasting option, the strike of the Asian-in option is determined by an average of the price of the underlier during a pre-set period of time. However, there has been no attempt at making a perpetual Asian-in option until now.

If I buy an OTM everlasting floating-strike option, it's guaranteed to be ITM at some point in the future (thanks to mean reversion). What's the catch?

The catch is that you would potentially pay a ton of funding until you get your desired movement. So even though you would eventually be ITM, you might have paid so much funding that you will not be able to profit. Buying OTM everlasting floating-strike options is basically a race against time.

How can I effectively reason about the price of an everlasting option?

One approach, as described by Dave White in the whitepaper, is to divide the everlasting option into a basket of smaller options. Each smaller option should be assigned an expiry and a weight. All of them should have the same strike. This will allow you to use a traditional pricing model, such as the Black and Scholes, to establish the price of each of these smaller options. The price of the original, everlasting option will then be the weighted sum of the smaller options that you just priced.

Having floating strikes makes the above process a bit more involved, since you can no longer assume that all of the smaller options, that you are pricing, will have the same strike. If some of them expire in multiple days from now, you may not know the strike at their expiration time. This is one reason that we chose to make the funding interval on Everstrike very short (1 hour), and the EMA of the underlier that we use for strike calculation very long (200 hours). If you assume that one option from your basket will expire at each funding, like Dave White suggests in the whitepaper, and you have a basket of 10 options, you effectively only need to deal with options that expire 10 hours into the future (during which time the 200-hour EMA of the underlier, and thus also the strike, is unlikely to change much).

Where can I read more about the theory behind floating-strike everlasting options?

The original whitepaper by Dave White provides a solid overview. We highly recommend reading it.

What does it mean that Everstrike is in beta?

Everstrike being in beta means the following:

  • The frontend web interface may still have non-critical bugs.
  • The liquidity on the mainnet may be insufficient for executing anything but the smallest of trades.
  • Contract specifications and legal documents may be changed within one week of notice.
  • New API endpoints or new API parameters may be introduced within one week of notice. We guarantee to maintain backwards compatibility of existing API endpoints.
  • Live support is non-existent, and support response times may, at times, be slow.
I'm ready to start trading everlasting options on Everstrike. What do I need to create an account?

Demo accounts do not require any personal information.

Live accounts require a valid email address. You may, optionally, set a password as well. If you choose not to set a password, your email address will be used to validate your logins.

What do I need to start trading?

For a demo account, nothing.

For a real account, you will need BTC, ETH or one of the following stablecoins:

  • USDC
  • USDT
  • BUSD
  • DAI

The stablecoins can be on any of the following networks/blockchains:

  • Ethereum ERC20
  • BSC BEP20
  • Polygon
  • Avalanche
What's the minimum deposit and minimum withdrawal?

Minimum deposit: 0.1 USD.

Minimum withdrawal: 1 USD.

How can I fund my account?

Immediately upon signing up, you will receive your own personal deposit address. You can fund your Everstrike account by sending stablecoins (USDC,BUSD,USDT,DAI) to this address. Everstrike supports a variety of stablecoins and networks.

As of January 2023, it is also possible to fund your account using BTC or ETH. However, you will need to convert your BTC or ETH to USD, if you want to use it for derivatives trading. The conversion can be done using one of Everstrike's spot markets (BTC/USD and ETH/USD).

Does Everstrike support fiat deposits and withdrawals?

Everstrike does not currently support fiat. However, we expect to add support for fiat in Q3 2023.

Despite not supporting fiat, it is still possible to fund a Everstrike account with a credit card or bank transfer. You simply buy crypto from one of our partners - and they will transfer the crypto directly to your Everstrike account.

Can I try out Everstrike before depositing?

Yes. Everstrike provides a fully-fledged demo environment (the Everstrike Testnet).

You can use this demo environment to get familiar with Everstrike, before making a deposit, and engaging in live trading.

Access the Everstrike Testnet here.

Is there an app?

Yes. Everstrike is also available as an Android app. Download it here.

We expect to release an iOS app in Q2 2023.

What are the margin requirements?

All options on Everstrike are margined in USD.

Buying options (long call and long put) has a minimum initial margin requirement of 100%. In other words, you must put up $5 to buy a $5 call.

Selling options (short call and short put) has much more complex and stringent margin requirements. In general, to sell options, you must put up at least 20% of the value of the underlier - even if the price you are selling the option at is much lower than that. These requirements are in place due to the potentially uncapped losses that shorts can be subjected to, and the volatility of the price of the option when the intrinsic value of the option is close to zero and its gamma is highest.

To see the exact math that determines the margin requirements for selling options on Everstrike, check out the docs.

What measures can I use to secure my account?

Everstrike accounts can be secured with Two Factor Authentication (2FA), withdrawal limits, IP pinning and device whitelisting. For the best security, we recommend that you enable TOTP-based Two Factor Authentication, add a withdrawal limit and only whitelist your own trusted devices.

You should also ensure that the access to your email address is properly locked down with a strong password and Two Factor Authentication.

Are there any fees charged on liquidations?

Everstrike does not charge any fees on liquidations. If your position is liquidated, it will be closed out incrementally, until your Maintenance Margin satisfies the Minimum Maintenance Margin requirements for the contract you are trading. In the vast majority of liquidations, only 10% of your position size will need to be closed out. Once this is done, your position exits liquidation.

Note: Incremental liquidation is not available for positions that are below 0.10 BTC in size. Positions that are below 0.10 BTC in size are liquidated in full, at their bankrupcty price.

Can I use Everstrike to automate my options trading?

Everstrike supports automatic calculation of order quantities, stop losses and take profits, through Everstrike Adaptive and Everstrike Auto SL.

For the technically-savvy, Everstrike also offers a fully-fledged REST and websocket API. Through these API's, you can do almost everything that you could otherwise do through the Everstrike website.

The options contracts on Everstrike are USD-margined but I can't deposit USD. How does that work?

Everstrike automatically converts stablecoin deposits (USDC, USDT, BUSD, DAI) into USD at time of deposit. At time of withdrawal, the USD is converted back to stablecoin.

This frees the user from any stablecoin-related risks while he is trading on Everstrike.

Note: BTC and ETH deposits are not automatically converted into USD. To convert your BTC and ETH into USD (so that you can use it for options and futures trading), you must manually convert it to USD, using one of Everstrike's spot markets (BTC/USD and ETH/USD).

What blockchain networks are supported by Everstrike?

Everstrike currently supports the following networks/blockchains:

  • Bitcoin
  • Ethereum
  • Binance Smart Chain (BSC)
  • Polygon
  • Avalanche
What stablecoins are supported by Everstrike?

Everstrike currently supports the following stablecoins:

  • USD Coin (USDC)
  • Tether (USDT)
  • Binance USD (BUSD)
  • Multi-collateral DAI (DAI)

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