Futures and Options Contracts on Crypto: Taxation in Spain

Trading derivatives on cryptocurrencies (futures, options, contracts for difference) is on the rise. Their tax treatment differs from that of spot crypto trading and often causes confusion. This guide will clarify the matter.

Types of Crypto Derivatives

Cash-Settled Futures

Most Bitcoin futures traded on exchanges like CME Group or Bitmex are cash-settled: upon expiration, the difference is paid in euros or USD, and no actual Bitcoin is delivered.

Tax Treatment: The result of each contract (capital gain or loss) is classified as a capital gain or loss that falls under the general taxable base of the IRPF (not the savings base like spot trading).

This is a crucial point because the general tax rate can reach up to 47%, unlike the maximum 28% rate applicable to the savings base.

Physically-Settled Futures

Some futures are settled through the delivery of the underlying asset (actual BTC). Upon expiration:

• If you are the buyer: you receive BTC. The acquisition cost of the BTC is the price of the future.
• If you are the seller: you deliver BTC. This is considered a sale for tax purposes.

Contracts for Difference (CFDs)

CFDs on crypto, very popular among retail traders, are cash-settled:

• Gains/losses are always in cash.
• They are integrated into the general taxable base of the IRPF.
• In Spain, many CFD providers apply withholding taxes (if they are based in regulated countries).

Options

Option premiums and the results of their exercise have complex tax treatment:

• Premium paid for purchasing an option: A cost that reduces the capital gain if the option is exercised, or a loss if it expires worthless.
• Premium received for selling an option: Income, but it is consolidated only upon closing the position.
• Result of the exercise: Capital gain or loss (general base).

Why Derivatives Fall Under the General Base and Not the Savings Base?

The IRPF law distinguishes between:

• Savings base: Capital gains derived from the transfer of assets (buying and selling stocks, spot crypto, etc.).
• General base: Capital gains not derived from a simple transfer, including financial derivatives and contracts for difference.

This distinction is technical and established by Article 46 of the LIRPF.

Perpetual Futures on DeFi/CeFi Exchanges

Perpetual futures (without expiration) on Binance, Bybit, OKX, and DeFi platforms like dYdX are the most used by crypto traders:

• Every time you close a position, a result is generated: capital gain or loss.
• Funding rate payments (positive or negative) are also financial results.
• All of this is integrated into the general taxable base.

Offsetting Losses in Derivatives

Losses in derivatives (general base) can be offset against gains in the general base for the same year. If the balance is negative, it can be offset against the positive balance of the general base for the following 4 years.

They cannot be offset against gains in the savings base (such as capital gains from spot crypto).

Practical Example

• Purchase of 1 BTC future at $80,000.
• Closing the contract at $90,000.
• Capital gain: $10,000 ≈ €9,200 (at the exchange rate of the day).
• This capital gain falls under the general taxable base: it is taxed at the taxpayer's marginal rate.
• If the taxpayer already earns €40,000 from employment, the capital gain from the future is added and may reach the 37% bracket or higher.

Formal Obligations

• Futures on foreign exchanges: if the funds deposited exceed €50,000 as of December 31, the Modelo 721 obligation may apply.
• Withholding taxes: foreign platforms generally do not apply Spanish IRPF withholdings. A full declaration in the IRPF is required.

Updated: April 2026 | Tax Year: 2025