Perpetual Crypto

Trade perpetual options on BTC and ETH.
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The first orderbook-based perpetual options DEX.


Not your keys, not your coins. On Everstrike, you are in control.


Everstrike matches orders off-chain, yielding CEX-like performance.


The same 20 options contracts - forever.


Wicked fast, mobile experience.

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Perpetual Options

The next big thing after perpetual futures.


Get leverage without the risk of liquidation.


Outperform the underlier on up and down moves.


Design your own non-linear payoff function.


Earn up to 10% in funding every hour.


The Everstrike Platform

Orderbook-based perpetual options DEX with performance equivalent to that of Deribit.

Full Derivatives Suite

Trade perpetual options and futures for BTC, ETH and the top 10 altcoins.

Lightning Fast

Average order round trip time (RTT) of 9ms. Peak capacity of 350,000+ orders/sec.


100% self-custody. 0% counterparty risk.


The only perpetual options DEX with live orderbooks. Best for active traders.

Capital Efficient

Initial Margin Requirement for short positions starting at just 0.06% of the underlier.


Passive limit orders do not incur trading fees.


Everstrike Markets

Top gainers on Everstrike within the last 24 hours.


Everstrike App

Now available on Android. Coming to iOS in Q4 2023.


Everstrike vs.

Options TypePerpetualEuropeanEuropeanEuropean/Exotic
Order MatchingOff-ChainOff-ChainOn-ChainOn-Chain
Strike SelectionGreatGreatPoorModerate
Mobile AppAndroid OnlyAndroid + iOSNoNo
Order RTT9ms7msN/AN/A

What Our Users Say


Frequently Asked Questions

What are perpetual options?

The perpetual option is the next big thing after the perpetual future. It enables traders to benefit from positive convexity (non-linear payoffs), without having to deal with expiration.

It is superior to the European-style option in the sense that it does not expire. No-expiration derivatives have become a big thing in crypto: More than 90% of the derivatives trading volume in 2022 could be attributed to no-expiration derivatives.

Why trade perpetual options instead of perpetual futures?

Delta one products such as futures do not have convexity. Their payoff profile is linear and symmetric.

The perpetual option is the ultimate financial derivative. It offers both convexity and optionality, and can express an arbitrary amount of payoff profiles. Unlike the European-style option, it doesn't expire.

Note that a perpetual call option with strike price zero is functionally equivalent to a perpetual future.

What is funding?

Funding is a periodic exchange of money between longs and shorts. Perpetual futures and perpetual options both have funding. The goal of funding varies for each derivative:

  • Perpetual futures: Keep the price of the future aligned with the spot price of the underlier.
  • Perpetual options: Keep the price of the option aligned with the intrinsic value of the option.
What is the Funding Rate?

The Funding Rate determines the amount of money that is exchanged between longs and shorts, at the end of each Funding Interval.

The Funding Rate is determined by the market.

What does it mean when the Funding Rate is positive?

When the Funding Rate is positive, longs pay shorts.

The amount exchanged from longs to shorts (Funding Payment) is determined by the following formula:

Funding Payment = Funding Rate * Position Size

What does it mean when the Funding Rate is negative?

When the Funding Rate is negative, shorts pay longs.

The amount exchanged from shorts to longs (Funding Payment) is determined by the following formula:

Funding Payment = Funding Rate * Position Size

What is the Funding Interval on Everstrike?

The Funding Interval on Everstrike is 1 hour.

What is the Funding Period on Everstrike?

The Funding Period on Everstrike is 10 hours.

What is the maximum Funding Rate on Everstrike?

The maximum Funding Rate on Everstrike is 10%.

How does Everstrike calculate the Funding Rate?

On Everstrike, the Funding Rate is simply the percentage difference between the Mark Price of the derivative, and the Index Price of the derivative, throughout the previous 10 hours, divided by 10.

The Mark Price represents the generally accepted market price of the derivative (the price, at which the derivative is trading).

The Index Price represents the intrinsic value of the derivative. For futures, this is the spot price of the underlier. For options, it is the payoff of the option, if it was to be immediately exercised, at the spot price of the underlier.

Want to learn more? Check out the Funding Section of the docs.

How does funding affect the price of a perpetual future?

Funding attempts to keep the price of the future aligned with the spot price of the underlier.

How does funding affect the price of a perpetual option?

Funding attempts to eliminate the extrinsic value of the option, and keep the price of the option aligned with the payoff of the option.

Do perpetual options have vega?

Depends entirely on the Funding Period used for the options. If the Funding Period is 10 hours (like is the case on Everstrike), the options are priced like 0DTE European-style options, which results in negligible vega across all strikes.

If the Funding Period is 2 weeks, the options can have significant vega.

Want to learn more about the "greeks" of a perpetual option? Check out our blog post.

Why are the strike prices of perpetual options floating?

Fixed strike prices do not tend to work well with perpetual options.

A fixed strike perpetual option is completely dependent on its strike price - if the strike price becomes irrelevant, the option also becomes irrelevant. Consider a perpetual BTC call option with a fixed strike price of 30,000. This option may well be relevant today, but could become completely irrelevant in a year from now. Irrelevant perpetual options risk being delisted from the exchange on which they are trading, violating their perpetual property.

Floating strike prices are different - they continously adapt to the price movement of the underlier, enabling them to stay relevant in perpetuity.

What is drift?

Drift is a property that is unique to floating strike options (perpetual options, Asian options, floating strike lookback options). It measures the impact of the option's strike price on its intrinsic value. A drift of 2% indicates that the strike price of the option causes its intrinsic value to grow by 2% per hour. A drift of -2% indicates the contrary. In many cases, drift and funding will cancel each other out (if you lose money from funding, you will gain money from drift - and vice versa).

Which risk-free interest rate is used for delta, gamma, theta and vega calculation on Everstrike?

Everstrike uses a risk-free interest rate of 2 percent.

Where can I learn more about perpetual options?

Our blog post provides a solid overview.

What is a hybrid DEX?

A hybrid DEX is a DEX where order matching is done entirely off-chain. Trades are persisted on-chain in bulk (by a proposer/relayer), and settlement takes place on-chain. External validators ensure that state submitted by the proposer/relayer is valid and well-formed.

By decentralizing only the most vital parts of the exchange (custody and settlement), the hybrid DEX is able to maintain performance equivalent to that of a CEX.

Is Everstrike a hybrid DEX?

Yes. Everstrike relies on a centralized sequencer/proposer, which is responsible for managing on-chain state. External validators utilize fraud proofs to ensure that the sequencer/proposer is acting in good faith, and Trustless Withdrawals allow users to withdraw regardless of sequencer/proposer cooperation.

This enables Everstrike to process a very high order throughput, while remaining non-custodial.

What is Everstrike USD?

Everstrike USD is the internal currency of Everstrike. Users can mint Everstrike USD by staking USDT in an Everstrike-approved smart contract. To unstake, the user is required to redeem the minted Everstrike USD. The redemption is subject to a waiting period of 24 hours. Once the waiting period is over, the user's USDT will unstake, and can freely be moved between the user's wallets.

Why use a hybrid DEX?

A hybrid DEX is the best choice for traders that want to trade often, while maintaining custody of their own funds.

A hybrid DEX provides CEX-like experience (fast matching, high throughput, low fees), while remaining non-custodial. A hybrid DEX also maintains an off-chain orderbook, which aids in price discovery, and provides increased flexibility and granularity, relative to AMM-based exchanges. Only the most vital parts (custody and settlement) are done on-chain.

Can I try out Everstrike risk-free?

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

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

Access the Everstrike Testnet here.

Is there an app?

Yes. Everstrike is also available as an Android app.

We expect to release an iOS app in Q4 2023.

What are the margin requirements?

See the Margin Requirements Section of the docs.

What are the fees?
How does liquidation work?

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.

No fees are charged on liquidations.

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.

Learn more about the liquidation process on Everstrike in the Liquidation Section of the docs.

Can I use Everstrike to automate my 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 REST API and a Websocket API. Through these API's, you can do almost everything that you could otherwise do through the Everstrike frontend.

What blockchain networks are supported by Everstrike?

Everstrike currently supports the following networks/blockchains:

  • Polygon
What stablecoins are supported by Everstrike?

Everstrike currently supports the following stablecoins:

  • Tether (USDT)
Why do I need to provide my email when signing up?

Your email acts as your primary account identifier (in addition to your connected wallet address). It is used when interacting with the Everstrike API. It is currently not possible to use the Everstrike frontend without an email address.


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