BackQuant Glossary
SOL
Solana, the third-largest crypto asset by options open interest. SOL options markets are smaller and less liquid than BTC or ETH but growing, with concentrated venues on Deribit and select altcoin-focused platforms.
Related terms
BTC
Bitcoin, the largest crypto asset by market cap. The dominant underlying for crypto options, with the deepest options market on Deribit. BTC options open interest typically exceeds the rest of the crypto options market combined.
Deribit
The dominant crypto options exchange, holding the majority of global BTC and ETH options open interest. Deribit standard expiries settle Friday at 08:00 UTC. The DVOL and ETH DVOL volatility indices are calculated from Deribit option prices.
ETH
Ethereum, the second-largest crypto asset by market cap and the second-largest options market. ETH options track BTC closely but show distinct skew and term-structure dynamics, especially around protocol-level catalysts.
Settlement
The expiry-time process by which an option pays out its final intrinsic value. On Deribit, settlement occurs at 08:00 UTC using a half-hour time-weighted average of the index price. Settlement is the moment dealer hedging flows release.
Short
A position that profits when price falls. Selling spot, going short a perp, owning a put, or being short a call are all short positions. Short positions in crypto carry tail risk because upside is unbounded.
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