l2:bbo:options

Best Bid/Offer for options instruments — sent on every best bid or ask price or size change. Includes mark price, Greeks, IV, and spread metrics.

Channel: l2:bbo:options:{pair}:{maturity}
Example: l2:bbo:options:ETH_USDC:31OCT25

All instruments in a maturity publish to the same channel. Use tag filtering to receive only specific instruments, strikes, or option types.

Payload

16-element positional array — instrument name at index 0. "" for unavailable values.

Index	Type	Field	Description
0	string	instrument	Instrument name
1	integer	timestamp	Unix timestamp in milliseconds
2	string	bid_price	Best bid price ("" if no bids)
3	string	bid_contracts	Contracts at best bid ("" if no bids)
4	string	ask_price	Best ask price ("" if no asks)
5	string	ask_contracts	Contracts at best ask ("" if no asks)
6	string	mark_price	Mark price from IV blend ("" if unavailable)
7	string	mark_iv	Mark implied volatility ("" if unavailable)
8	string	bid_iv	Implied volatility at best bid ("" if unavailable)
9	string	ask_iv	Implied volatility at best ask ("" if unavailable)
10	string	delta	Option delta
11	string	gamma	Option gamma
12	string	vega	Option vega
13	string	theta	Option theta
14	string	rho	Option rho
15	string	spread_bps	Bid-ask spread in basis points ("" if unavailable)

Tag Filtering

Publications carry instrument, strike, and option_type tags for server-side filtering. Without a filter, all instruments in the maturity are delivered.

Tag	Example	Description
`instrument`	`ETH_USDC-31OCT25-130000-C`	Filter by exact instrument
`strike`	`130000`	Filter by strike price (numeric comparison supported)
`option_type`	`C` or `P`	Filter by calls or puts

Subscribe — Protobuf SDK

All instruments in a maturity

import { Centrifuge } from "centrifuge/build/protobuf";

const client = new Centrifuge("wss://staging.kyan.sh/stream/websocket?format=protobuf");
const sub = client.newSubscription("l2:bbo:options:ETH_USDC:31OCT25", { since: {} });

sub.on("publication", (ctx) => {
  const data = ctx.data instanceof Uint8Array
    ? JSON.parse(new TextDecoder().decode(ctx.data))
    : ctx.data;

  const [instrument, timestamp, bidPrice, bidContracts, askPrice, askContracts, ...rest] = data;
  // rest: [markPrice, markIv, bidIv, askIv, delta, gamma, vega, theta, rho, spreadBps]
});

sub.subscribe();
client.connect();

Filtered: specific instrument

const sub = client.newSubscription("l2:bbo:options:ETH_USDC:31OCT25", {
  since: {},
  tagsFilter: { key: "instrument", cmp: "eq", val: "ETH_USDC-31OCT25-130000-C" }
});

Filtered: near-ATM calls only

const sub = client.newSubscription("l2:bbo:options:ETH_USDC:31OCT25", {
  since: {},
  tagsFilter: {
    op: "and",
    nodes: [
      { key: "option_type", cmp: "eq", val: "C" },
      { key: "strike", cmp: "in", vals: ["125000", "130000", "135000"] }
    ]
  }
});

Recovery

Subscribe with since: {} to receive the last known BBO on subscribe. On reconnect, the SDK automatically recovers.

Related channels

Channels providing related data.

Channel	Why
Index Price	Underlying spot price. Used for moneyness calculation and mark-to-market.
SVI Surface	Vol surface parameters. `mark_iv` in BBO is derived from this surface.
Interest Rate	Risk-free rate input for Black-Scholes pricing. Affects forward price and `rho`.
Options L2	Full depth behind the top-of-book prices shown here, with per-level IV.
Perps BBO	Perps top-of-book for the same underlying. Basis = perp mid - index.
Funding Rate	Funding rate on the perps instrument for the same underlying.
Order Lifecycle	Your order fills, cancellations, and MMP events.
Trades (Options)	Public options trade tape showing executions, aggressor side, and premium.