> ## Documentation Index
> Fetch the complete documentation index at: https://docs.everstrike.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Options Explorer: Learn and Simulate Perpetual Options

> The Options Explorer explains floating strikes, funding and drift, lets you simulate a perpetual option through any market, and lists the BTC and ETH option chain.

The [Options Explorer](https://app.everstrike.io/app/options-explorer) is an interactive guide to [perpetual options](https://docs.everstrike.io/products/perpetual-options.md): 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](https://docs.everstrike.io/trading/drift.md) 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.

> [!NOTE]
>
> 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.


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.