BTC spread map
How to read this page
- Tight (≤5%) — cheap to enter and exit.
- Workable (5–20%) — tradeable; the spread is a real cost.
- Avoid (>20%) — use limit orders.
Spread is a percentage of mid price on the out-of-the-money leg. It runs wide on cheap, far-dated and near-expiry contracts, so read the tier, not the raw percentage.
Methodology & data
Spread is pulled directly from Deribit's live order book (best bid, best ask) on every strike and expiry — not modeled or estimated. Tiers (tight/workable/avoid) are calibrated against the live book's actual behavior: near-dated deep-OTM strikes structurally run 40-140% (the premium itself is a couple of dollars, so any absolute spread is a huge percentage) while liquid longer-dated ATM strikes typically sit at 1-3%.
What is a good bid-ask spread for BTC options?
Under 5% of mid price is considered tight and liquid. 5-20% is workable but costs more to trade. Above 20% usually means the strike is thin — common on deep out-of-the-money or near-expiry contracts.
Why do cheap options show huge percentage spreads?
Because percentage spread is spread-in-dollars divided by mid price. A fixed $0.50 spread is enormous on a $1 option (50%) but negligible on a $600 option (under 0.1%) — the same absolute liquidity looks very different in percentage terms depending on the premium.
Where does this spread data come from?
Deribit's live order book — the best bid and best ask actually posted, not a modeled or historical estimate.
Which leg does this track — call or put?
The out-of-the-money leg at each strike: puts below spot, calls above. That's the side of the chain that's conventionally quoted and actually worth trading.