# How Does Put Call Parity Apply to Crypto Options and Perpetual Swaps? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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## Concept

[Put-call parity](https://prime.greeks.live/area/put-call-parity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a fundamental component of [derivatives pricing](https://prime.greeks.live/area/derivatives-pricing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) architecture, establishing a deterministic relationship between the prices of European-style call and put options. This principle is founded on the concept of no-arbitrage, a state where risk-free profit opportunities from mispricings do not exist. In the context of digital assets, this parity provides a rigorous mathematical framework for valuing options and identifying deviations that signal market inefficiencies. The core equation dictates that the value of a long call option combined with a short put option must equal the value of a forward contract at the same strike price and expiration.

Adapting this principle from traditional financial markets to the crypto ecosystem requires a nuanced understanding of the underlying asset’s properties. For [crypto options](https://prime.greeks.live/area/crypto-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the spot price of the digital asset, such as Bitcoin (BTC) or Ethereum (ETH), replaces the stock price. A significant modification involves the risk-free interest rate. The absence of a central banking authority for cryptocurrencies means a direct equivalent to the Treasury bill rate is unavailable.

Consequently, practitioners must use proxies, such as the interest rates from decentralized lending protocols or the secured overnight financing rate (SOFR), to perform the calculation. These proxies introduce a basis risk that is a critical consideration for institutional traders.

> Put-call parity defines the equilibrium relationship between puts, calls, and their underlying asset, forming the bedrock of options pricing theory.

The standard put-call parity formula is expressed as:

C + K e^(-rt) = P + S

Where the components are:

- **C** ▴ The price of the call option.

- **P** ▴ The price of the [put option](https://prime.greeks.live/area/put-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **S** ▴ The current spot price of the underlying asset (e.g. BTC).

- **K** ▴ The strike price of both options.

- **e** ▴ The mathematical constant approximately equal to 2.718.

- **r** ▴ The risk-free interest rate.

- **t** ▴ The time to expiration, expressed in years.

This equation creates a synthetic relationship. A portfolio holding a [long call](https://prime.greeks.live/area/long-call/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and short a put at the same strike and expiry (C – P) is synthetically equivalent to holding a long forward contract on the underlying asset. If the value of the options portfolio deviates from the value of the synthetic forward, an arbitrage opportunity arises.

An arbitrageur can simultaneously buy the undervalued side and sell the overvalued side to lock in a risk-free profit. This market-neutral activity is what enforces the parity relationship in efficient markets.

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## Strategy

The strategic application of put-call parity in crypto markets extends beyond simple options pricing into the realm of complex, multi-leg arbitrage strategies that incorporate other derivative instruments like [perpetual swaps](https://prime.greeks.live/area/perpetual-swaps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). While put-call parity applies directly to crypto options, its interaction with perpetual swaps creates a more sophisticated set of trading opportunities. Perpetual swaps, which are futures contracts without an expiration date, are tethered to the spot price through a [funding rate](https://prime.greeks.live/area/funding-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mechanism. This funding rate is a periodic payment exchanged between long and short position holders, functioning as a proxy for the cost of carry in a traditional futures market.

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## The Synthetic Relationship between Options and Perpetuals

A [perpetual swap](https://prime.greeks.live/area/perpetual-swap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be used to construct a synthetic spot position. Holding a long perpetual contract is economically similar to borrowing cash to purchase the underlying cryptocurrency. The funding rate paid or received on the perpetual position mirrors the interest component of a traditional cost of carry model. This insight allows for the creation of a “Put-Call-Perpetual Parity.”

In this modified framework, the spot price (S) in the traditional put-call parity formula is replaced by the perpetual swap price (F), and the risk-free rate (r) is replaced by the anticipated average funding rate over the option’s lifetime. This creates a new equilibrium condition:

C + K e^(-(funding_rate)t) = P + F

When this parity is violated, it signals a mispricing between the options market and the perpetuals market. A trader can construct a market-neutral position to exploit this discrepancy. For instance, if the left side of the equation is less than the right side, a synthetic long position (long call, short put) is cheaper than a synthetic long position using the perpetual. An arbitrageur would buy the call, sell the put, and sell the perpetual swap to capture the price difference.

> The funding rate of a perpetual swap acts as the crucial link, enabling the construction of a synthetic parity relationship with options.

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## How Do Market Conditions Affect This Strategy?

Market conditions, particularly volatility and funding rate behavior, heavily influence the viability of these strategies. During periods of high bullish sentiment, perpetual swap prices often trade at a premium to the spot price, resulting in positive funding rates where longs pay shorts. Conversely, in bearish or panicked markets, funding rates can turn negative as short positions become more crowded. These fluctuations in the funding rate create dynamic arbitrage opportunities when compared against the relatively more stable implied interest rates in the options market.

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## Comparative Analysis of Parity Components

The table below breaks down the components of put-call parity in traditional finance versus its application in the [crypto derivatives](https://prime.greeks.live/area/crypto-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ecosystem.

| Component | Traditional Finance | Crypto Options & Perpetuals |
| --- | --- | --- |
| Underlying Asset | Stock (e.g. AAPL) | Cryptocurrency (e.g. BTC, ETH) |
| Spot Price (S) | Market price of the stock | Market price of the crypto asset or Perpetual Swap Price (F) |
| Carry Cost (r) | Risk-free interest rate minus dividend yield | Proxy risk-free rate or expected average funding rate |
| Expiration (t) | Fixed date of the option contract | Fixed date of the option contract (not applicable to perpetuals) |

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## Executing an Arbitrage Strategy

The execution of a put-call-perpetual parity arbitrage trade requires precision and speed. The strategy involves three simultaneous transactions:

- **A trade in the call option.**

- **A trade in the put option.**

- **A trade in the perpetual swap.**

Because these are three distinct instruments, there is significant execution risk. Slippage, transaction fees, and latency can erode or eliminate the theoretical profit from the mispricing. For institutional traders, using a [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) system for the options legs of the trade can mitigate some of this risk by securing a firm price for a large, multi-leg block before execution.

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## Execution

The execution of strategies based on put-call parity, especially those involving perpetual swaps, demands a sophisticated operational and technological architecture. For institutional trading desks, moving from theoretical models to live execution involves a detailed playbook covering data integration, [quantitative modeling](https://prime.greeks.live/area/quantitative-modeling/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and system integration. The primary objective is to execute a multi-leg trade with minimal slippage, ensuring that the observed arbitrage opportunity is captured.

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## The Operational Playbook

A systematic approach to executing these strategies is essential. The process can be broken down into a clear, sequential playbook:

- **Data Ingestion** ▴ The system must subscribe to low-latency data feeds from the relevant exchanges. This includes the real-time order book for the options, the perpetual swap, and the underlying spot index price. Funding rate data, both historical and upcoming, is also critical.

- **Signal Generation** ▴ A quantitative model continuously calculates the implied value of the synthetic positions based on the Put-Call-Perpetual Parity formula. When the calculated value deviates from the market price by a threshold that exceeds transaction costs and expected slippage, an arbitrage signal is generated.

- **Pre-Trade Analysis** ▴ Before any order is sent, the system must perform a series of pre-trade risk checks. This includes verifying available margin, checking position limits, and assessing the liquidity on the order books for all legs of the trade to estimate potential slippage.

- **Execution Protocol** ▴ The execution logic must be designed to place all legs of the trade as close to simultaneously as possible. This is often achieved through co-located servers and optimized API connections. For larger trades, an RFQ protocol can be invaluable, allowing the trader to request a single price for the entire options package from multiple liquidity providers.

- **Post-Trade Reconciliation** ▴ After execution, the system must confirm the execution prices for all legs, calculate the final profit and loss, and update the overall portfolio risk profile.

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## Quantitative Modeling and Data Analysis

The core of the execution system is the quantitative model that identifies the arbitrage. Let’s consider a hypothetical scenario with Bitcoin derivatives.

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## Market Data Snapshot

The following table presents a realistic, albeit hypothetical, snapshot of the market data required for the model.

| Instrument | Parameter | Value |
| --- | --- | --- |
| BTC Spot Price | Index Price | $60,000 |
| BTC Perpetual Swap | Mark Price | $60,050 |
| Funding Rate | Next 8-hour Rate | +0.01% (Annualized ~10.95%) |
| 30-Day Option | Time to Expiry (t) | 0.0822 years (30/365) |
| $62,000 Strike Call | Price (C) | $2,500 |
| $62,000 Strike Put | Price (P) | $4,000 |

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## Arbitrage Calculation

Using this data, the model would compare the two sides of the Put-Call-Perpetual Parity equation.

**Side A ▴ Perpetual-based Synthetic Put**

This is calculated as C – F + K e^(-(funding_rate)t).

$2,500 - $60,050 + $62,000 e^(-0.1095 0.0822) = $2,500 - $60,050 + $61,445 = $3,895

**Side B ▴ Market Put Price (P)**

The price of the listed put option is $4,000.

In this scenario, the market price of the put ($4,000) is higher than the synthetically created put ($3,895). This presents an arbitrage opportunity of $105 per contract, before accounting for fees and slippage. The correct trade would be to sell the expensive instrument (the market put) and buy the cheaper synthetic equivalent (long call, short perpetual). This locks in the price difference.

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## What Is the Required Technological Architecture?

Executing such strategies at an institutional scale is impossible without a robust technological foundation. The architecture must support high-speed data processing and low-latency order execution.

- **System Integration** ▴ The trading system must integrate seamlessly with exchange APIs, typically via WebSocket for real-time data and REST or FIX protocols for order entry. This ensures that the system can receive market data and send orders with minimal delay.

- **[Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS)** ▴ A sophisticated EMS is required to manage the complexity of multi-leg orders. The EMS should have features for automated spreading, which can execute all legs of the trade as a single, atomic unit to reduce execution risk.

- **Risk Management Module** ▴ An integrated risk management module is essential. It must provide real-time updates on margin utilization, portfolio delta, gamma, and vega exposures, and overall profit and loss. This allows traders to monitor the risk profile of their positions continuously.

> A high-fidelity execution architecture is the determining factor in successfully capitalizing on fleeting arbitrage opportunities derived from put-call parity.

The interplay between options and perpetual swaps, governed by the principles of put-call parity, represents a core structural element of the crypto derivatives market. Understanding and executing strategies based on these relationships requires a deep knowledge of market mechanics, quantitative modeling, and a sophisticated technological infrastructure. It is this synthesis of knowledge and technology that provides a durable edge in the highly competitive digital asset landscape.

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## References

- Cheung, A. (2021). Put ▴ call parity in a crypto option market ▴ Evidence from Binance. ResearchGate.

- OKX. (2024). How to execute put call parity arbitrage with crypto options. OKX Learn.

- Derive. (2022). Crypto Options vs. Perps. Derive Learn.

- BobbyGiggz. (2024). Comparing Options and PERP Derivatives ▴ Understanding Risk and Reward in Crypto Trading. Medium.

- Bitcoin.com News. (2024). Crypto Derivatives 101 ▴ Market Breakdown ▴ Who’s Winning the Race? 

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## Reflection

The exploration of put-call parity within the crypto derivatives ecosystem reveals a foundational principle of market architecture. The relationships between options, perpetual swaps, and the underlying spot asset are not arbitrary; they are governed by the rigorous logic of no-arbitrage pricing. For an institutional participant, understanding this system moves the focus from speculative directional trading to a more structural approach.

The key question becomes ▴ how can your operational framework be designed to systematically identify and capture value from these inherent structural relationships? The knowledge of these mechanics is the blueprint; a superior execution platform is the machinery required to build a lasting competitive advantage.

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## Glossary

<a href="https://prime.greeks.live/area/derivatives-pricing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Derivatives Pricing

Meaning ▴ Derivatives pricing in the crypto context refers to the quantitative valuation of financial instruments whose value is derived from an underlying cryptocurrency asset, such as Bitcoin or Ethereum options. </a><a href="https://prime.greeks.live/area/put-call-parity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Put-Call Parity

Meaning ▴ Put-Call Parity is a fundamental no-arbitrage principle in options pricing, establishing a precise relationship between the prices of a European call option, a European put option, the underlying asset (e. </a><a href="https://prime.greeks.live/area/crypto-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Crypto Options

Meaning ▴ Crypto Options are financial derivative contracts that provide the holder the right, but not the obligation, to buy or sell a specific cryptocurrency (the underlying asset) at a predetermined price (strike price) on or before a specified date (expiration date). </a><a href="https://prime.greeks.live/area/put-option/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Put Option

Meaning ▴ A Put Option is a financial derivative contract that grants the holder the contractual right, but not the obligation, to sell a specified quantity of an underlying cryptocurrency, such as Bitcoin or Ethereum, at a predetermined price, known as the strike price, on or before a designated expiration date. </a><a href="https://prime.greeks.live/area/long-call/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Long Call

Meaning ▴ A Long Call, in the context of institutional crypto options trading, refers to the strategic position taken by purchasing a call option contract, which grants the holder the right, but not the obligation, to buy a specified underlying digital asset at a predetermined strike price on or before a particular expiration date. </a><a href="https://prime.greeks.live/area/perpetual-swaps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Perpetual Swaps

Meaning ▴ Perpetual Swaps represent a distinctive type of derivative contract, exceptionally prevalent in crypto markets, which empowers traders to speculate on the future price trajectory of an underlying cryptocurrency without the conventional constraint of an expiry date. </a><a href="https://prime.greeks.live/area/funding-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Funding Rate

Meaning ▴ The Funding Rate, within crypto perpetual futures markets, represents a periodic payment exchanged between participants holding long and short positions. </a><a href="https://prime.greeks.live/area/perpetual-swap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Perpetual Swap

Meaning ▴ A Perpetual Swap, often termed a perpetual futures contract in crypto, is a derivative instrument that allows traders to speculate on the future price of an underlying cryptocurrency without a fixed expiry date. </a><a href="https://prime.greeks.live/area/crypto-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Crypto Derivatives

Meaning ▴ Crypto Derivatives are financial contracts whose value is derived from the price movements of an underlying cryptocurrency asset, such as Bitcoin or Ethereum. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Request for Quote

Meaning ▴ A Request for Quote (RFQ), in the context of institutional crypto trading, is a formal process where a prospective buyer or seller of digital assets solicits price quotes from multiple liquidity providers or market makers simultaneously. </a><a href="https://prime.greeks.live/area/quantitative-modeling/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Quantitative Modeling

Meaning ▴ Quantitative Modeling, within the realm of crypto and financial systems, is the rigorous application of mathematical, statistical, and computational techniques to analyze complex financial data, predict market behaviors, and systematically optimize investment and trading strategies. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Risk Management

Meaning ▴ Risk Management, within the cryptocurrency trading domain, encompasses the comprehensive process of identifying, assessing, monitoring, and mitigating the multifaceted financial, operational, and technological exposures inherent in digital asset markets. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Execution Management System

Meaning ▴ An Execution Management System (EMS) in the context of crypto trading is a sophisticated software platform designed to optimize the routing and execution of institutional orders for digital assets and derivatives, including crypto options, across multiple liquidity venues. </a>

**Tags:** [Crypto Derivatives](https://options.greeks.live/area/crypto-derivatives/), [Execution Management System](https://options.greeks.live/area/execution-management-system/), [No-Arbitrage Principle](https://options.greeks.live/area/no-arbitrage-principle/), [Synthetic Position](https://options.greeks.live/area/synthetic-position/), [Perpetual Swaps](https://options.greeks.live/area/perpetual-swaps/), [Crypto Options](https://options.greeks.live/area/crypto-options/)	

## Discover More

- 
### [Achieve Zero Slippage on Your Next Options Trade](https://options.greeks.live/guide/achieve-zero-slippage-on-your-next-options-trade/)
![Abstract spheres and linear conduits depict an institutional digital asset derivatives platform. The central glowing network symbolizes RFQ protocol orchestration, price discovery, and high-fidelity execution across market microstructure. This system optimizes liquidity aggregation and algorithmic trading for capital efficiency via a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-4.jpg)

Master options execution, eliminate slippage, and command your price with professional-grade liquidity sourcing.

- 
### [Case Study: How a DAO Treasury Managed Its Assets with Derivatives](https://options.greeks.live/guide/case-study-how-a-dao-treasury-managed-its-assets-with-derivatives/)
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ. This signifies precise algorithmic trading and risk management for digital asset derivatives, optimizing capital efficiency in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

A guide to how DAOs can use derivatives to build resilient treasuries and achieve financial sovereignty in volatile markets.

- 
### [Mastering Crypto Collars: Your Guide to Market Resilience](https://options.greeks.live/guide/mastering-crypto-collars-your-guide-to-market-resilience/)
![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading. A central angular structure represents atomic settlement and multi-leg spread capabilities, ensuring best execution within institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

Command market resilience with crypto collars, securing capital and generating returns in volatile digital asset markets.

- 
### [Achieve Superior Pricing with Request for Quote Strategies](https://options.greeks.live/guide/achieve-superior-pricing-with-request-for-quote-strategies/)
![Parallel marked channels depict granular market microstructure across diverse institutional liquidity pools. A glowing cyan ring highlights an active Request for Quote RFQ for precise price discovery. A metallic probe signifies an algorithmic trading engine performing high-fidelity execution and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-3.jpg)

Command market liquidity and secure superior pricing, transforming your execution into a quantifiable edge.

- 
### [Mastering the Collar a Guide to Institutional-Grade Crypto Protection](https://options.greeks.live/guide/mastering-the-collar-a-guide-to-institutional-grade-crypto-protection/)
![A sleek, multi-component device with a prominent lens, embodying a sophisticated RFQ workflow engine. Its modular design signifies integrated liquidity pools and dynamic price discovery for institutional digital asset derivatives. This system facilitates high-fidelity execution, real-time risk aggregation, and optimized capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-2.jpg)

Mastering the collar is about engineering precise risk boundaries for your crypto portfolio, transforming volatility into structure.

- 
### [Mastering Multi-Leg Spreads the RFQ Method for Professional Traders](https://options.greeks.live/guide/mastering-multi-leg-spreads-the-rfq-method-for-professional-traders/)
![Sharp, intersecting metallic silver, teal, blue, and beige planes converge, illustrating complex liquidity pools and order book dynamics in institutional trading. This form embodies high-fidelity execution and atomic settlement for digital asset derivatives via RFQ protocols, optimized by a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-market-microstructure-high-fidelity-execution-across-multi-leg-spread-rfq-protocol-orchestration-within-principals-operational-framework.jpg)

Command superior execution for multi-leg options spreads with RFQ, unlocking professional-grade alpha and market leadership.

- 
### [The Disciplined Approach to Crypto Options](https://options.greeks.live/guide/the-disciplined-approach-to-crypto-options/)
![A metallic, cross-shaped mechanism centrally positioned on a highly reflective, circular silicon wafer. The surrounding border reveals intricate circuit board patterns, signifying the underlying Prime RFQ and intelligence layer. This setup symbolizes high-fidelity execution within market microstructure, enabling algorithmic trading for institutional-grade digital asset derivatives and RFQ protocols with atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/08/the-core-institutional-digital-asset-derivatives-rfq-os-engine-for-high-fidelity-market-microstructure.jpg)

Command crypto volatility, optimize trades, and secure your market edge with disciplined options execution.

- 
### [How Institutional Traders Use RFQ for Superior Pricing on Block Trades](https://options.greeks.live/guide/how-institutional-traders-use-rfq-for-superior-pricing-on-block-trades/)
![A central engineered mechanism, resembling a Prime RFQ hub, anchors four precision arms. This symbolizes multi-leg spread execution and liquidity pool aggregation for RFQ protocols, enabling high-fidelity execution. Reflections suggest price discovery and atomic settlement in institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-enabling-multi-leg-spread-strategies-for-optimized-liquidity.jpg)

Command superior pricing on block trades and options with institutional RFQ strategies for a tangible market edge.

- 
### [What Are the Main Drivers of the Implied Volatility Skew in Crypto Markets?](https://options.greeks.live/question/what-are-the-main-drivers-of-the-implied-volatility-skew-in-crypto-markets/)
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

The implied volatility skew in crypto markets quantifies risk appetite, driven by institutional hedging demand and speculative positioning.

---

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---

**Original URL:** https://options.greeks.live/question/how-does-put-call-parity-apply-to-crypto-options-and-perpetual-swaps/
