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The Options Explorer is an interactive guide to perpetual options: what they are, how they move, and what each contract on the chain is.

1. The building blocks

Three ideas, each with a small live example:
  • The strike floats. It’s the 100-hour EMA of the price times a fixed multiplier, recalculated every 5 seconds.
  • Funding replaces decay. A dated option loses value toward expiry; a perpetual one pays funding hourly between longs and shorts instead.
  • Drift is the catch. When the price runs away from its average, the strike follows it. For a call, a rising strike eats into the option’s value. Drift measures that effect; it’s never paid.

2. The lab

Pick a market, a Call or Put, a strike multiplier and how long to hold. The chart shows the price and the floating strike, and where a fixed strike would have stayed. The breakdown shows where every dollar of P/L came from.
The lab is a simplified teaching model: hourly prices, a time value that shrinks away from the money, and funding paid each hour. Real contracts are priced by the exchange.

3. The chain

BTC and ETH each list nine multipliers, each as a call and a put: eighteen contracts per underlying. Other markets list a call and a put at multipliers of 0.80 and 1.20. Tap a contract to load it into the lab.

4. Versus dated options, and a quick check

A side-by-side comparison with dated options, then three questions to check your understanding. When you’re ready, Trade perpetual options takes you to the trading view, where the position panel shows funding and drift as they accrue.