BackQuant Glossary
Options Chain
The full grid of available options for an underlying, organized by expiry and strike. Each row shows bid, ask, mark, IV, and Greeks for both calls and puts. The chain is the primary view for selecting strikes and expiries.
Related terms
Expiry
The date and time at which an options contract settles. After expiry, an option pays out its intrinsic value or expires worthless. Crypto options on Deribit expire Fridays at 08:00 UTC.
OKX
A major centralized derivatives exchange offering perpetuals, futures, and options. OKX is one of the primary aggregation sources for crypto options open interest alongside Deribit, Bybit, and Binance.
Open Interest (OI)
The total number of outstanding contracts (options or futures) that have not been closed. Rising OI on a rally signals new long positioning. Falling OI on a rally signals shorts covering. OI distribution across strikes drives gamma exposure shape.
OpEx
Options expiry. The recurring event when options settle, almost always referring to the Friday 08:00 UTC settlement on Deribit in crypto. The largest scheduled liquidity event of the week. Quarterly OpEx (last Friday of March, June, September, December) is the largest of the year.
OTM (Out-of-the-Money)
An option with zero intrinsic value. A call is OTM when spot is below the strike; a put is OTM when spot is above. OTM options consist entirely of time value and decay aggressively as expiry approaches.
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