> For the complete documentation index, see [llms.txt](https://help.rails.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.rails.xyz/trading/options.md).

# Options

Coming Soon to Rails: Options Trading

{% columns %}
{% column width="83.33333333333334%" %}
Options are derivative contracts that give you the right, but not the obligation, to buy or sell an asset at a set price at expiry. Traders use Options contracts to express a bullish or bearish view, hedge an existing position, or define risk more precisely than with spot or perpetual trading.
{% endcolumn %}

{% column width="16.666666666666657%" %}

<figure><img src="https://1893902947-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FvoJ4s2ha99AB453yyXn5%2Fuploads%2Fr5bPYdVSLPMA558GUdk2%2Foptions-icon-large.svg?alt=media&amp;token=ad8e1569-8dc6-4145-9252-6f833c589d7f" alt=""><figcaption></figcaption></figure>
{% endcolumn %}
{% endcolumns %}

Unlike [Perpetuals](/trading/perpetuals.md), Options have a premium and an expiration date, and their value depends on time, volatility, and the relationship between the strike price and the forward price.

{% hint style="info" %}

#### New to Options?

If you have never traded options before, we recommend starting with our [Intro to Options](/trading/options/intro-to-options.md) article before proceeding through this section.
{% endhint %}

Find out more about options in the sections below:

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Pricing &#x26; Fees</strong></td><td><a href="/trading/options/pricing-and-fees.md">Pricing &amp; Fees</a></td></tr><tr><td align="center"><strong>Placing Orders</strong></td><td><a href="/trading/options/order-types-and-placing-orders.md">Order Types &amp; Placing Orders</a></td></tr><tr><td align="center"><strong>Options Page Guide</strong></td><td><a href="/trading/options/overview.md">Options User Interface Guide</a></td></tr><tr><td align="center"><strong>Expiry &#x26; Settlement</strong></td><td><a href="/trading/options/expiry-and-settlement.md">Expiry &amp; Settlement</a></td></tr><tr><td align="center"><strong>Margin &#x26; Liquidation</strong></td><td><a href="/trading/options/margin-and-liquidation.md">Margin &amp; Liquidation</a></td></tr><tr><td align="center"><strong>Options Metrics Guide</strong></td><td><a href="/trading/options/options-metrics-guide.md">Options Metrics Guide</a></td></tr><tr><td align="center"><strong>Intro to Options</strong></td><td><a href="/trading/options/intro-to-options.md">Intro to Options</a></td></tr><tr><td align="center"><strong>Black-76 &#x26; the Greeks</strong></td><td><a href="/trading/options/black-76-and-the-greeks.md">Black-76 &amp; the Greeks</a></td></tr></tbody></table>