Moneyness — whether an option is in, at or out of the money — is defined by the relationship between spot and strike, and that definition is identical everywhere. The general framing is in moneyness explained.
What changes on a coin-settled contract is what being in the money is worth.
The value of intrinsic value moves
On a coin-settled call, the intrinsic value is paid in coins. So the payout is the in-the-money amount converted at the coin price — and the coin price is the thing that put the option in the money in the first place.
The result is the curvature described in inverse options: for a call, further gains are worth more than linearly; for a put, the coins received become less valuable as the thing you were right about falls.
So “10% in the money” is a statement about the strike relationship and not a reliable statement about the dollars, which is the assumption an equity trader carries without noticing.
Delta reads differently too
Delta is quoted against the coin, so a 25-delta option on an inverse contract is a different dollar exposure from a 25-delta option on a linear one, at the same strike and expiry.
Which matters for anything built around delta conventions — strike selection by delta, and skew measured at a 25-delta comparison. A skew figure computed across a mixture of settlement types is comparing points that are not equivalent, the aggregation problem from settlement currency decides what the numbers mean.
The habit
Decide in dollars if you think in dollars. Convert the payoff at a few candidate spot levels before entering, rather than relying on moneyness as a proxy for outcome.
For a linear, stablecoin-settled contract none of this applies and the equity intuition transfers cleanly — which is a good reason to know which chain you are on before doing any of the arithmetic.