The same covered-call and protective-put mechanics from our Deribit guide, on Bybit instead — where its options product actually differs and where it's just a different interface.
Draft status: needs a compliance pass and real product screenshots before it goes live — see the checklist below.
Crypto Options: Covered Calls and Protective Puts, Explained covers what a call and put actually are, and the two strategies — covered calls and protective puts — worth learning first. That doesn’t change here. This guide is about what’s different specifically about trading options on Bybit rather than Deribit.
Where Bybit’s options product differs
- Liquidity concentration. Deribit has historically carried the deepest BTC/ETH options liquidity in the market; Bybit’s options liquidity, while real, generally sits behind it — worth checking the order book depth at your strike before assuming you’ll get a clean fill, especially further from the current price.
- Unified account model. As covered in our ETH futures guide on Bybit, Bybit has moved toward a Unified Trading Account structure in many regions — options margin can share this same account as spot and futures, a different mental model from a fully separate options wallet.
- Interface integration. Bybit surfaces options within the same broader trading app as its other products, which some traders find more convenient and others find more cluttered than Deribit’s options-focused interface.
Walkthrough: selling a covered call on Bybit
- Confirm you hold the underlying asset in your account in the amount the contract requires.
- Open the Options section and select the asset, expiry, and strike above the current price.
- Sell to open the call, and confirm the premium before submitting.
- Track it to expiry the same way described in the Deribit guide — worthless expiry below the strike keeps your premium and your coins; settling above the strike means your coins are called away at the strike price.
Risk
Selling a covered call caps your upside in exchange for the premium collected. Options pricing and expiry mechanics are more complex than spot or futures — don’t trade a strategy you can’t explain back in your own words, on any platform. Nothing on this page is financial advice.
Editorial checklist before publish: verify current Bybit options UI against this flow · confirm settlement mechanics (cash vs. physical) · compliance sign-off.