Exercise your options in Balances & History > Position History.
Options expire at 4pm ET on the expiration date and the long holder has until 5pm on expiration to submit and edit exercise instructions. There is no auto-exercise. You can trade (close) out of a position anytime before expiration. See Closing a Position.
Exercise Call Options
When you exercise a long call option, you are buying bitcoin at the USD strike price. You need USD on the platform to submit exercise instructions.
You are long 100 BTC 2020-03-27 Call $5,000 and bitcoin is trading at $8,000.
- Navigate to your BTC 2020-03-27 Call $5,000 position
- Enter the number of contracts you want to exercise
- Click Save
Exercise Put Options
When you exercise a long put option, you are selling bitcoin at the USD strike price. You need bitcoin on the platform to submit exercise instructions.
You are long 100 BTC 2020-03-27 Put $10,000 and bitcoin is trading at $8,000.
- Navigate to your BTC 2020-03-27 Put $10,000 position
- Enter the number of contracts you want to exercise
- Click Save
Change Exercise Instructions
The long holder can edit instructions any time up until 5pm ET on expiration.
You submitted instructions to exercise 100 of 100 BTC 2020-03-27 Put $10,000. You want to change your instructions to only exercise 70 of your 100 contracts.
- Navigate to your BTC 2020-03-27 Put $10,000 position
- Enter the number of contracts you want to exercise (70)
- Click Save