> For the complete documentation index, see [llms.txt](https://docs.ichigeki.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ichigeki.app/product/daily-options.md). # Daily BTC options One day. One strike. This page defines the contract precisely, because option terminology is the one place a simplified interface must not simplify. ## The contract A daily BTC option on Derive is a cash-settled option on the BTC index price: * **Underlying:** BTC (index, e.g. BTC-USD) * **Style:** European — exercised automatically at expiry, no early exercise * **Settlement:** cash, in USDC, on Derive Chain * **Premium:** paid in USDC when you buy * **Expiry:** consecutive daily listings, each settling at **08:00 UTC** Derive lists a new daily expiry each day; ICHIGEKI always shows the nearest one. At last check the nearest daily carried 44 listed strikes — far more than are actually quoted, which is why the interface filters (see [Liquidity](/product/liquidity.md)). ## Buy-only, and what that bounds At launch ICHIGEKI is buy-only: you can buy calls and buy puts, not write them. * **Maximum loss = the premium you paid, plus fees.** Nothing else is at risk. No margin calls, no liquidation of a bought option. * **A call** pays off at settlement if BTC settles above your strike; the payout is the difference, in USDC. * **A put** pays off if BTC settles below your strike. * **Breakeven** is your strike plus (call) or minus (put) the premium per unit — ICHIGEKI shows it before you confirm. * If the option settles out of the money, it expires worthless. This is the normal, common outcome for far-from-the-money daily options. Expect it. ## What "0DTE" means here BTC trades continuously. There is no closing bell, so "0DTE" borrowed from equities is ambiguous — ICHIGEKI pins it down: * The product category is **Daily BTC options**. * The primary time indicator is the live countdown: **Expires in 06h 42m**, next to the exact timestamp, e.g. `2026-08-29 08:00 UTC`. * The **0DTE** label appears only when the contract expires on the current UTC calendar date. A contract expiring tomorrow at 08:00 UTC is not 0DTE today, even with under 24 hours left. The countdown, not the label, is what you should trade on. The interface shows both prominently and never rounds away the settlement timestamp. ## Settlement At 08:00 UTC, Derive marks the option against its oracle-based settlement price. In-the-money options are settled in cash to your subaccount automatically; there is nothing to exercise or claim. Out-of-the-money options expire at zero. Settlement history is visible in the interface and on Derive Chain. ## Order types Market and limit orders are supported. Either way, ICHIGEKI shows the exact premium, fees and maximum loss before you sign — no order goes out without that screen. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.ichigeki.app/product/daily-options.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.