Options Contracts
for Prediction Markets
Theta Labs is developing the first exchange to offer option contracts on prediction markets like Kalshi and Polymarket.
Polymarket
KalshiYes or No isn't enough.
Trade on your own terms.
Options unlock capital efficiency and time control. Trade daily, weekly, or monthly expiries instead of waiting on long, uncertain market resolution.
Hedge existing positions. Sell premium for yield. Take leveraged bets with capped downside. Strategies the underlying market can't offer.
A pattern across markets.
Every mature market eventually grows a derivative layer. Equity options launched on the CBOE in 1973. Commodity options on the CME followed in the 1980s. Crypto options arrived on Deribit in 2017. Each one transformed how traders expressed conviction, and unlocked trillions in capital efficiency for the underlying.
Equity Options
CBOE
Commodity Options
CME
Crypto Options
Deribit
Event Options
Theta Labs
What you can trade.
Three contract types, one exchange. Calls and Writes ship at launch. Structured products follow.
Calls
Pay a fixed premium for leveraged exposure above your chosen strike. Capped loss, uncapped upside, on any side of any prediction market.
Writes
Collect premium upfront by selling contracts on markets you believe won't move past a strike. Earn yield from belief stability.
Structured
Spreads, straddles, condors, and multi-leg strategies. The full vocabulary of options trading, brought to event markets.
Less capital.
Bigger upside.
“Will candidate X win?” trades at 40¢. You think it goes up. Buy 1,000 shares for $400 — or buy a single call at the 40¢ strike for $50.
$400
cost$50
costThe exchange for prediction-market derivatives.
Paper trading is live. Real options launching Q3 2026.