> 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

<figure><img src="/files/IHXrtraV4VLHEKK0kIF2" alt=""><figcaption></figcaption></figure>

### What are Options?

Options are derivative contracts that give you the right, but not the obligation, to buy or sell an asset at a set price before or at expiration. You can use them to express a bullish or bearish view, hedge an existing position, or define risk more precisely than with spot or perpetual trading.

There are two core option types:

* **Calls** are typically used when you expect price to rise.
* **Puts** are typically used when you expect price to fall or when you want downside protection.

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 market price.

{% hint style="success" %}

#### 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></tr></thead><tbody><tr><td align="center"><strong>Page Guide</strong></td></tr><tr><td align="center"><strong>Placing Orders</strong></td></tr><tr><td align="center"><strong>Margin</strong></td></tr><tr><td align="center"><strong>Liquidation</strong></td></tr><tr><td align="center"><strong>Metrics Guide</strong></td></tr></tbody></table>


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