The structure is the one you know — strikes down the middle, calls on one side, puts on the other, with open interest, volume and Greeks alongside. If you can read an equity options chain, the shape is not the problem.

The price column is a volatility

Crypto venues typically show the mark as an implied volatility alongside the premium, and traders quote each other in vol rather than in currency. That is not decoration: it is the working convention, for the reasons in why crypto options are quoted in volatility.

The practical consequence is that two strikes are compared by their vol, not their price. A premium being higher tells you almost nothing on its own; the vol tells you whether it is actually expensive.

The size column is one coin, not a hundred

A US equity option covers 100 shares. A crypto option is typically one coin. So an open interest figure that looks small next to an equity chain may be nothing of the kind — and any dollar-gamma calculation that carries the equity multiplier across is wrong by a factor of a hundred.

This is the single most common arithmetic error made by traders arriving from equities, and it is silent: the numbers all compute.

There are more expiries than you expect

Daily, weekly, monthly and quarterly all coexist, because crypto expires every day at 08:00 UTC. A chain defaulting to the nearest expiry is showing you a very short-dated book, and the open interest that actually matters usually sits further out on the Fridays and month ends — the layout in the crypto expiry calendar.

Two chains for one coin

For BTC and ETH the venue may list both an inverse (coin-settled) and a linear (stablecoin-settled) chain. They look nearly identical and are different instruments with different payoff shapes.

Check which one you are reading before comparing anything across them. It is the same discipline as checking the venue before comparing funding: the number is fine, the question is what it is a number about.