Mark Price
Delta
IV
ITM
Gamma
Theta
Vega
24h Low
24h High
24h Change
BTC calls
BTC puts
ETH calls
ETH puts
SOL calls
SOL puts

Trade Options Like You Trade Perpetuals

We call them everlasting options. But really, they are just like perpetual swaps.

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No Expiries

Just like the perpetual swap, the everlasting option never expires. You won't ever need to roll your position.

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Hourly Funding

The everlasting option is subject to the same funding mechanism as the perpetual swap. The funding interval is 1 hour.

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Concentrated Liquidity

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

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.

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200h EMA put

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

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200h EMA (+10%) put

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

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200h EMA (-10%) put

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

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200h EMA call

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

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200h EMA (-10%) call

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

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200h EMA (+10%) call

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

Everstrike App

Trade floating-strike everlasting options while on the go.

With Everstrike's Android App, you can trade your favorite coins while on the go. With Everstrike's iOS App, you can trade your favorite coins while on the go.
Market Overview

Options on Everstrike

Last Price
24h Low
24h High
24h Change
BTC calls
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BTC puts
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ETH calls
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ETH puts
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SOL calls
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SOL puts
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Statistics

24-hour Statistics

Platform statistics for the previous 24 hours.

FAQ

Frequently Asked Questions

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 is 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).

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.

Does Everstrike support fiat (USD,EUR,CNY,JPY) 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.

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.

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 is Everstrike Blitz?

Everstrike Blitz is an advanced trading mode that allows you to get in and out of trades in a minimal amount of clicks.

While Everstrike Blitz is activated, you can submit orders with a single tap on the order book, or by right clicking anywhere on the chart. The order quantity is selected in advance, using a slider.

Everstrike Blitz is a must if you are scalp trading. By default, Everstrike Blitz is disabled. If you want to use it, you must manually enable it. This can be done from your account settings.

What is Everstrike Auto SL?

Everstrike Auto SL automatically calculates your stop loss and take profit, and adds them to your position.

In doing so, it will take into account your current timeframe (lower timeframes will yield tighter stops - and vice versa), your profit or loss target (target number of pips, configurable in the order settings) and your risk reward ratio (also configurable in the order settings). Upon reviewing these details, it will calculate the price for the stop loss and the take profit, and submit them to the matching engine.

Everstrike Auto SL can be activated by clicking the "Auto" button in the position editor (available next to your open position, in the trading interface).

Are the charts on Everstrike interactive?

Everstrike's Tradingview charts are fully interactive.

This means that you can submit new orders, close positions and place stop losses or take profits directy from the chart.

To do so, simply right click on the chart, and select Limit Order (to place a new order), Trigger Order (to place a stop loss or take profit) or Close Position (to close your position). If you have Everstrike Blitz enabled, the action will be executed immediately (taking into account your selected buy or sell quantity) - if not, you will be prompted for confirmation.

Note: Interactive charts are only available on desktop.

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.

How is my profit calculated?

For long positions, the profit/loss (P/L) is calculated as follows:

P/L (Long) = (Exit Price - Entry Price) * Position Size

For short positions, the profit/loss (P/L) is calculated as follows:

P/L (Short) = (Entry Price - Exit Price) * Position Size

How is my Entry Price calculated?

The Entry Price of your position is calculated by taking the volume weighted average fill price (VWAP fill price) of the orders that increased the size of your position. The formula is as follows:

Entry Price = Position Size / ((Qty_1/Price_1)+(Qty_2/Price_2)...+(Qty_n/Price_n))

where Qty_n is the quantity of your n'th order and Price_n is the price of your n'th order.

If you are long, only buy orders contribute to your Average Entry Price. Sell orders can be ignored in this case.

If you are short, only sell orders contribute to your Average Entry Price. Buy orders can be ignored in this case.

Example:

You place an order to go long $20,000 worth of BTC at a price of 10,000. Your order gets filled, and a new long position is opened.

The Average Entry Price of this position is now:

(Position Size / (Qty_1/Price_1)) = (20,000/(20,000/10,000)) = 10,000.

You then place another order to go long $40,000 at a price of 12,000. The Average Entry Price is now:

(Position Size / (Qty_1/Price_1)+(Qty_2/Price_2)) = (60,000/(20,000/10,000)+(40,000/12,000)) = 11,250.

What is funding?

Funding is an hourly exchange of money between longs and shorts. The purpose of this exchange is to keep the price of the option aligned with the payoff the option. The amount exchanged is determined by the Funding Rate. If the Funding Rate is positive, the option is trading at a premium to its payoff, and longs pay shorts. If the Funding Rate is negative, the option is trading at a discount to its payoff, and shorts pay longs.

What is the Funding Rate?

The Funding Rate determines the amount to be exchanged between longs and shorts during each funding period. If the Funding Rate is 0.1% at the end of a funding period, longs pay 0.1% of their position size to shorts. If the Funding Rate is -0.1%, shorts pay 0.1% of their position size to longs.

How does funding affect my trading?

Funding slightly changes the payoff matrix of market participants in the options market. If the Funding Rate is significantly positive for a sustained amount of time, people selling calls may end up being profitable in spite of the price of the underlier going up. The trading P&L on long positions would need to appreciate by an amount equal to the total amount of funding paid in order for longs to break even in this scenario.

What is the Mark Price?

The Mark Price is a manipulation-resistant price that Everstrike uses in order to minimize the impact of market manipulation and prevent unnecessary liquidations.

What is the Index Price?

For everlasting options, the Index Price is equal to the theoretical payoff of the option. The calculation assumes that the option is exercised at the average of a collection of prices from the top 10 spot exchanges:

  • Coinbase Pro
  • Kraken
  • Bitstamp
  • Bittrex
  • Gemini
  • Binance
  • Binance US
  • Kucoin
  • Bitfinex
  • Itbit
Where does Everstrike get its pricing data from?

The pricing data used for the calculation of the Everstrike Index Price, and the Everstrike Mark Price, is derived from ten of the world's top spot exchanges. The data is fully transparent, and can be seen in real-time here.

The formulas used for the calculation of the Everstrike Mark Price and Everstrike Index Price can be found in 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 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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