OKX launches USDS M options on Bitcoin and Ether in UAE

OKX a global crypto trading platform regulated by VARA in UAE, has launched USDSⓈ-M Options on Bitcoin and Ether, available to traders in the UAE and Australia* under OKX’s regulated derivatives frameworks. Both products are live on web and the app. Margin, premium, Greeks, P&L, and settlement are all expressed in USD, with USDC and USDG accepted as settlement currencies alongside existing coin-margined options on the same chain.

The launch extends OKX’s institutional product build-out, following its recently announced collaboration with BlackRock and Standard Chartered on BUIDL, and brings fully dollar-denominated options to the platform for the first time.

For desks that operate in dollars, coin-margined options have often remained outside reach. Internal compliance frameworks, treasury policies, and reporting requirements built around USD create friction when collateral and settlement are denominated in crypto.

USDSⓈ-M Options address this directly: margin is posted in USD, USDC, or USDG; premiums are quoted and paid in dollars; and settlement at expiry lands in the stablecoin of the trader’s choice.

“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,” said an OXK spokesperson. “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 product integrates into OKX’s unified margin pool, meaning a long BTC call offsets against a short BTC perpetual within the same account. Desks running options alongside a broader derivatives programme do not need to segment collateral or post margin twice for positions that hedge one another.
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Product Comparison
Coin-margined Options USDSⓈ-M Options – NEW
Margin currency BTC or ETH USD, USDC, or USDG
Premium quoted in Crypto USD
Payoff type Inverse Linear
Payoff formula (S − K) / S × multiplier × qty, in BTC/ETH (S − K) × multiplier × qty, in USD
Min. contract size 0.01 0.01
Example contract BTC-USD-241231-50000-C BTC-USD_UM-241231-50000-C

A single toggle on the OKX options chain switches between both products. Same interface, same order types, same margin modes.

The Australian product is available to wholesale clients only, and denominated in USD stablecoins and not fiat currency.

In 2025, OKX launched the first regulated retail derivatives products in making it the first global exchange to offer retail futures, perpetual contracts, and options within a regulated VARA Pilot framework.

Soon after The Dubai Virtual Assets Regulatory Authority (VARA) in the UAE introduced a comprehensive regulatory framework for crypto or virtual assets exchange traded derivatives.