Learn how calls and puts on this product work, with premium, profit, loss and breakeven examples in the contract’s units.
What an Ether option follows
This guide uses U.S. dollar-denominated CME options on Ether futures. A call gives the right to buy the specified futures contract; a put gives the right to sell it. Holding the option is different from owning ETH in a wallet or receiving staking rewards.
A standard Ether futures contract represents 50 ETH, while a Micro Ether futures contract represents 0.1 ETH. The dollar-per-ether premium must be multiplied by that size to find the total premium.
Call and put example terms
The examples below use the contract price units and multiplier stated in this lesson.
Prices and premiums are hypothetical. The result measures expiry value and assumes any delivered position is closed at that price without additional movement or costs. It does not assume that every option settles in cash.
Buying options on ether futures calls
A call gives its buyer upside exposure to the specified underlying. For this example, use a strike of 3,000 price units and a premium of 100 price units. With the stated multiplier of 50, the premium cost is USD 5,000.
At expiration with the underlying at 3,300, intrinsic value is (3,300 − 3,000) × 50 = USD 15,000. After the premium, the gain is USD 10,000 before other costs.
At or below the strike, the call has no intrinsic value and loses its whole premium. Breakeven at expiration is 3,100 price units. At 3,050, the call is in the money but still loses USD 2,500 after the premium.
Buying options on ether futures puts
A put gives its buyer downside exposure. Assume the same 3,000 strike and 100-unit premium, costing USD 5,000 with the same multiplier. The equal call and put premiums are hypothetical, not a claim about actual market quotes.
At expiration with the underlying at 2,700, intrinsic value is (3,000 − 2,700) × 50 = USD 15,000. Subtracting the premium leaves USD 10,000 before costs.
At or above the strike, the put loses its full premium. Its breakeven is 2,900 price units. At 2,950, it is in the money but still loses USD 2,500 after the premium. Before expiration, time and implied volatility also affect the price; these expiry calculations do not predict its resale value.
What can affect the premium?
The underlying futures price, implied volatility and time remaining all matter. Ethereum-related developments, changes in demand for ETH and wider crypto sentiment can influence the market. An anticipated event can already be reflected in the premium.
An option holder does not automatically receive staking income or any network-related benefit available to an ETH holder. The option confirmation and exchange rules define the economic exposure.
Exercise and risk
CME Ether options are European-style and exercise into futures. Monthly delivered futures immediately cash-settle; weekly options can leave an open futures position. This is not delivery of ETH into a wallet.
A long option can lose its entire premium. Continuing to hold a futures position after exercise adds margin and market exposure. An uncovered short option can create substantial losses, and a hedge against spot ETH can leave a mismatch. See settlement and risks.
Sources and further reading
Contract information checked 14 September 2026. Examples are hypothetical and exclude fees and other trading costs. Editorial standards.
References
Currency quotations · Options on futures: exercise and assignment · Options basics
Examples are hypothetical and exclude fees and financing costs. Contract terms vary by product. Updated 14 September 2026.