Kraken launches USD-settled Bitcoin and Ethereum options on Kraken Pro

Kraken said on July 16, 2026 that it launched U.S. dollar-settled Bitcoin and Ethereum options on Kraken Pro, expanding its derivatives lineup with European-style, cash-settled contracts offered initially through request-for-quote access. The products are aimed at eligible professional and institutional international clients, with the earlier report saying availability began outside Europe, North America and Australia and Kraken later saying European access is planned for the second half of 2026, subject to regulatory confirmation. The exchange said the linear options launch with weekly, monthly, quarterly and semi-annual expiries and are designed to let traders gain or hedge BTC and ETH exposure without taking delivery of the underlying tokens because profits and losses are settled in U.S. dollars at expiry. Kraken's published specifications list XBT/USD and ETH/USD options as European and cash-settled in USD, with maximum position sizes of 10 BTC and 100 ETH, minimum order sizes of 0.01 contracts for XBT/USD and 0.1 contracts for ETH/USD, settlement tied to the BTCOPTRR and ETHOPTRR benchmarks based on a 30-minute observation window before 08:00 UTC, and options fees capped at 12.5% of the premium paid. Kraken said portfolio margin is enabled by default, combining spot, futures and options in a single wallet and allowing collateral in more than 30 currencies. Alexia Theodorou, Kraken's director of derivatives, said the company sees crypto options as an underpenetrated segment compared with traditional markets and is trying to broaden access beyond the institutional traders and market makers that have historically dominated the sector. The launch comes as competition in crypto derivatives intensifies against established venues including Deribit, CME Group and Binance, even though options remain a smaller share of crypto trading than perpetual futures.