P2P.Army
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Options scanner · 4 exchanges · 24/7

Catch mispriced crypto options across four exchanges

The same option often costs differently on Deribit, Bybit, OKX and Binance. P2P.Army matches identical contracts, shows the spread you can actually execute after fees and checks put-call parity on every exchange — 1,000+ cross-exchange pairs and 2,700+ parity combos, refreshed in seconds.

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Deribit, Bybit, OKX, BinanceBTC, DOGE, ETH, SOL, XAU, XRPTelegram alerts
p2p.army/futures/options/table
Options arbitrage scanner: cross-exchange option pairs with net spread, mid spread and IV spread
4
option exchanges
Deribit, Bybit, OKX, Binance
1,000+
cross-exchange pairs
matched by strike and expiry
2,700+
parity combos
call + put + underlying
48 h
spread history
a snapshot every 15 minutes
Inside the paid tool

This is what you get after payment

Real screenshots of the options scanner with live data. Click the numbers to see what every element does.

Identical options, different prices

Every row is one contract — same underlying, strike and expiry — listed on two exchanges. Buy where it is cheaper, sell where it is more expensive; the table shows what is left after fees.

  1. 1Underlying, strike, call/put and expiry, plus which exchange to buy on and which to sell on
  2. 2Signal type: true lock, relative value, watch or IV only
  3. 3Ask on the buy exchange and bid on the sell exchange, in USD
  4. 4Net spread after fees of both legs — executable, not theoretical
  5. 5Spread by mid prices — useful when order books are wide
  6. 6Implied-volatility gap between the two exchanges
  7. 7Time left to expiry
  8. 8Open the full card of the pair: legs, Greeks, history
  9. 9Set an alert — the bot writes when the spread reaches your level
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p2p.army/futures/options/table
Identical options, different prices
Try it yourself

Where does the profit come from?

Real pairs from the scanner (2026-10-06). Pick one and change the number of contracts — the calculation uses bid and ask, not mid prices, and includes fees.

Pair from the scanner
  1. Buy on Deribit
    at ask $11,174.80
    −$11,174.80
  2. Sell on Binance
    at bid $11,360.00
    +$11,360.00
  3. Fees
    both legs, as estimated by the scanner
    −$51.38
Net result, 1 contract(s)
+$133.82
+1.20%
of the premium

By mid prices the gap looks like +$285.51, but you trade at bid and ask: +$185.20 before fees. That is why the scanner ranks by executable net spread.

The legs settle in COIN and USDT — different instruments, so this is relative value, not a pure lock. Keep margin on both exchanges.

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Snapshot of real quotes; prices move every second. Not investment advice — options involve margin and liquidation risk.

What is options arbitrage?

Options are one of the fastest-growing corners of crypto. Because the market is young and split across many exchanges, the very same contract is often priced differently from one venue to another. Options arbitrage is the practice of spotting those gaps — in price or in implied volatility — and trading them.

This tool does the hard part for you: it watches four exchanges around the clock, lines up identical contracts (same coin, strike and expiry), and labels every gap by how tradeable it really is. Below is everything a newcomer needs to get started.

Signal types

True lock

Same settlement, positive after fees — a rare near risk-free lock (e.g. a market maker dropped out).

Relative value

Positive after fees but cross-settlement (COIN↔USDT): relative value with basis/currency risk.

Watch

There is a price crossing, but fees eat it — worth watching.

IV only

No price crossing, but a notable implied-volatility gap between exchanges.

Put-call parity — arbitrage inside one exchange

Same-strike call vs put vs the underlying — single-exchange synthetic arbitrage (conversion / reversal). All three legs on one venue, so margin nets.

For the same strike and expiry, a call minus a put behaves like the underlying: Call − Put = Spot − Strike (crypto, short-dated). When this relationship breaks, you can lock a profit with three legs on a single exchange.

1

Conversion (call is rich): sell the call, buy the put, buy the underlying (spot or perp). At expiry the legs settle against the same price and you keep the locked difference.

2

Reversal (call is cheap): buy the call, sell the put, short the underlying.

3

Because all three legs are on ONE exchange, margin nets across them — no cross-exchange liquidation risk, unlike cross-venue option spreads.

4

The strike nearest to spot (ATM) is the most liquid and reliable. Use the % from ATM filter to stay near the money.

Telegram

Signals and alerts straight to Telegram

Subscribe once — the bot sends new pairs that pass your filters, and personal alerts when a watched pair reaches your threshold.

p2p.army/futures/options/table
Telegram subscription settings of the options scanner

Set the minimum net spread and IV gap; true-lock signals can always come through.

P2P.Army Bot
bot
Options — new opportunities:

🟠 BTC 92000P 270326
Relative value

Buy: Deribit (COIN)
Sell: Binance (USDT)

net: 1.1877% gross: 1.6437%
IV-spread: 0.03

More

🟠 ETH 2800C 270326
Relative value

Buy: OKX (COIN)
Sell: Binance (USDT)

net: 1.3101% gross: 1.7539%
IV-spread: 0.05

More

/disable_options_signals - Disable these notifications
Settings on P2P.Army09:41
New opportunities that pass your filters
P2P.Army Bot
bot
⚡ Options — signal!

BTC 95000P 270326
Relative value

Buy: Deribit (COIN)
Sell: Bybit (USDT)

net: 1.1522% gross: 1.5414%
IV-spread: -0.12

More

Net % threshold: 1.0000%14:26
Personal alert: the spread reached your threshold

What the scanner gives you

Cross-exchange spread scanner

Matches identical contracts across four venues and shows the executable spread — the bid on one exchange against the ask on the other, after fees — not a cosmetic gap between mid prices.

NEW

Put-call parity & synthetics

Conversion and reversal inside a single exchange: call, put and the underlying at the same strike. All three legs sit on one venue, so margin nets and there is no cross-exchange liquidation risk.

NEW

Every listed underlying

No longer BTC and ETH only. SOL, XRP, DOGE and any other underlying quoted on at least two venues show up automatically as the exchanges list them.

NEW

Mid-price spread

When order books are wide, the executable spread hides the real dislocation. The mid spread — (bid+ask)/2 on each leg — exposes it, and sorts side by side with the net spread.

Implied-volatility dispersion

The IV gap on one and the same contract between venues. Often the cleanest sign of a stale or mispriced book, even when the cash spread still looks small.

NEW

Spread history & charts

Every bundle is snapshotted on a 15-minute grid, so you can tell a one-off print from a dislocation that has been open for hours — for both cross-exchange spreads and parity deviations.

Telegram alerts & signals

Personal thresholds per bundle (net %, IV spread) plus a subscription to true-lock events with your own filters. Real dislocations appear at night and during shocks — the bot does not sleep.

Filters, favorites & greeks

Filter by underlying, option type, signal class, exchanges, minimum net %, IV spread, distance from ATM and days to expiry. Save bundles to favorites; every card shows both legs with bid/ask, IV, delta, gamma, theta, vega and open interest.

How to start

  1. 01

    Open the scanner

    Pick an underlying and a signal class — start with true-lock and relative value, they are the most actionable.

  2. 02

    Open the bundle card

    Both legs, greeks, implied volatility, moneyness and the spread history are on one page, with a step-by-step guide on how the trade is put on.

  3. 03

    Set an alert

    Give the bundle a net % or IV threshold and connect Telegram — the bot pings you when the spread widens to your level.

How it works & risks

The scanner matches identical options (same underlying, strike, expiry) across exchanges and shows the executable spread (buy at ask on one venue, sell at bid on the other) and the implied-volatility gap. A truly risk-free lock is rare: cross-exchange margin on the short leg is not netted against the long leg on another venue, and coin-settled vs USDT-settled options are different instruments (basis/currency risk). Fees and slippage beyond top-of-book also apply. Use true-lock alerts to catch the rare dislocations; treat other rows as relative-value signals, not guaranteed profit.

DEX/CEX plan

Everything included in the plan

The options scanner comes with the DEX/CEX plan together with the futures screener and funding-rate arbitrage. The Ultimate plan includes it as well.

Get access
  • Cross-exchange scanner on 4 exchanges
  • Put-call parity on every exchange
  • 6 underlyings: BTC, DOGE, ETH, SOL, XAU, XRP
  • Executable net spread after fees and mid spread
  • Implied-volatility dispersion
  • 48-hour spread history in charts
  • Favorites and personal alerts
  • Telegram signals 24/7

Exchanges we track

DeribitDeribit
BybitBybit
OKXOKX
BinanceBinance

Options arbitrage FAQ — for beginners

An option is a contract that gives the right — but not the obligation — to buy (a call) or sell (a put) an asset at a fixed price (the strike) before a set date (the expiry). In crypto that is usually BTC or ETH, but options on SOL, XRP, DOGE and other coins are listed too. You pay a price for that right, called the premium.
Each exchange has its own order book, its own market makers and its own traders. When supply and demand differ between venues, an identical contract — same underlying, strike and expiry — can trade at different prices for short periods. That gap is exactly what this scanner surfaces.
The idea is to buy an option where it is cheaper and sell the identical option where it is more expensive, keeping the difference. In the cleanest case both legs cancel out at expiry and you keep the spread. In practice most opportunities are relative-value rather than risk-free — see the risks below.
Implied volatility is the market's expectation of how much the asset will move, baked into the option price. If the same option shows a higher IV on one exchange than on another, the market is pricing the same risk differently — an IV spread. Volatility traders trade these gaps.
It continuously pulls option prices from Deribit, Bybit, OKX and Binance, matches identical contracts across them, and shows the executable price spread and the IV gap in real time — with a signal type for every row and 24/7 Telegram alerts.
No. A truly risk-free lock is rare. Most rows carry risk: cross-exchange margin, different settlement currencies, fees and slippage. Treat the scanner as a professional relative-value tool, not a money printer — and use true-lock alerts to catch the rare genuinely lockable moments.
A true lock is when a same-settlement option is strictly cheaper to buy on exchange A than to sell on exchange B, even after fees — a near risk-free spread. It usually appears only for seconds, during high volatility or when a market maker drops out. Our 24/7 monitoring exists precisely to catch these fleeting windows and alert you instantly.
  • Cross-exchange margin: the short leg's margin can balloon on one exchange while your offsetting gain sits on another — they do not net, so you can be liquidated.
  • Settlement currency: a coin-settled option and a USDT-settled one are different instruments (basis / currency risk).
  • Fees and slippage beyond the top of the book can erase a thin spread.
Coin-settled options (Deribit, OKX) are margined and settled in crypto (BTC/ETH), so they carry embedded crypto exposure. USDT-settled options (Bybit, Binance) are margined in a stablecoin. Comparing across these classes adds currency/basis risk, which is why a same-settlement match is 'cleaner' and can qualify as a true lock.
Per-row alerts ping you when a specific opportunity crosses your net % or IV threshold. Telegram signals are a 24/7 subscription: pick your thresholds, assets and exchanges, and — importantly — enable 'always alert on any true-lock' so you never miss a rare risk-free window.
Deribit, Bybit, OKX and Binance — the four largest crypto options venues. Deribit has the deepest liquidity; the others are matched against it for every underlying that at least two venues list.
For one strike and expiry a call minus a put behaves like the underlying itself: Call − Put ≈ Spot − Strike. When that relationship breaks on an exchange, you can build a three-leg position — option, option and the underlying — and lock the deviation. Because all three legs sit on the same venue, margin nets across them and there is no cross-exchange liquidation risk, which is the main danger of cross-venue option spreads. The scanner has a dedicated Parity mode for these setups.
Every underlying that the connected exchanges quote and that appears on at least two of them — BTC and ETH have the deepest books, and SOL, XRP, DOGE and others show up as the venues list them. Nothing is hard-coded: new underlyings appear on their own. Coins quoted on a single exchange have nothing to match against, so they do not produce cross-exchange rows (they can still appear in parity mode).
Open the scanner with the IV only and Relative value filters to see where prices and volatility diverge. Read the risk notes, open a row's details to study both legs and their Greeks, and subscribe to Telegram true-lock alerts. Trade small until you understand how margin behaves on each exchange.

DEX/CEX plan required

To access this functionality, you need to subscribe to a DEX/CEX plan.
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