OKX launches USDSⓈ-M options on Bitcoin and Ether, broadening derivatives access in UAE and Australia

By Newsdesk

May 20 2026
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OKX, a prominent global fintech company and crypto trading platform, has launched USDSⓈ-M Options on Bitcoin and Ether, providing traders in the UAE and Australia with new opportunities to engage in regulated derivatives trading. This development marks a significant step in OKX's ongoing efforts to cater to institutional clients by offering dollar-denominated options, enhancing the trading experience for those operating within strict compliance frameworks.

OKX launches USDSⓈ-M options on Bitcoin and Ether, broadening derivatives access in UAE and Australia

The introduction of USDSⓈ-M Options is part of OKX's broader strategy to expand its institutional product offerings. This latest move follows the company's recent collaboration with financial giants BlackRock and Standard Chartered on the BUIDL initiative. With the launch of these options, OKX brings fully dollar-denominated trading to its platform for the first time, allowing margin, premium, Greeks, P&L, and settlement to be expressed in USD. Traders can use USDC and USDG as settlement currencies, alongside existing coin-margined options on the same chain.

For many institutional traders, the challenge of dealing with coin-margined options has been a significant barrier. These traders often operate within compliance frameworks and treasury policies that are built around the US dollar, making it difficult to use collateral and settlement denominated in cryptocurrency. The new USDSⓈ-M Options directly address this issue by allowing margin to be posted in USD, USDC, or USDG. Premiums are quoted and paid in dollars, and settlement at expiry can be made in the stablecoin of the trader's choice.

An OKX spokesperson explained the importance of this development, stating, "Institutional traders have been clear about what they need: Bitcoin and Ether exposure that fits within a dollar-denominated compliance and reporting framework, from the moment collateral is posted through to settlement. That is precisely what USDSⓈ-M Options deliver. Combined with cross-product margining across our unified pool, traders can now manage options, perpetuals, and spot within a single account without fragmenting collateral or navigating multiple venues. We built this for the desks that have been waiting for a regulated, dollar-native options product at this level of sophistication."

The integration of USDSⓈ-M Options into OKX's unified margin pool offers significant advantages for traders. This feature allows a long BTC call to offset against a short BTC perpetual within the same account, eliminating the need for desks running options alongside a broader derivatives programme to segment collateral or post margin twice for positions that hedge one another.

The product comparison highlights the differences between the traditional coin-margined options and the new USDSⓈ-M Options. While coin-margined options use BTC or ETH as the margin currency, the USDSⓈ-M Options utilise USD, USDC, or USDG. Premiums for coin-margined options are quoted in crypto, whereas the new options are quoted in USD. The payoff type for coin-margined options is inverse, while it is linear for the USDSⓈ-M Options. Additionally, the payoff formula for coin-margined options is (S − K) / S × multiplier × qty, in BTC/ETH, whereas for the USDSⓈ-M Options, it is (S − K) × multiplier × qty, in USD.

A single toggle on the OKX options chain allows traders to switch between both products, maintaining the same interface, order types, and margin modes. This seamless integration ensures that traders can easily navigate the platform and take advantage of the new options.

It is important to note that the Australian product is available to wholesale clients only and is denominated in USD stablecoins, not fiat currency. This limitation reflects the regulatory environment and the specific needs of institutional clients in the region.

The launch of USDSⓈ-M Options represents a significant milestone for OKX as it continues to expand its offerings and cater to the needs of institutional traders. By providing a regulated, dollar-native options product, OKX is positioning itself as a leader in the crypto trading space, offering innovative solutions that meet the demands of a rapidly evolving market.

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