Option Expiry vs Premium

The date on which an options contract ceases to exist; at expiry, the option is either exercised if in-the-money (capturing intrinsic value) or expires worthless if out-of-the-money; for European-style crypto options (Deribit BTC/ETH), exercise is only possible at expiry, not before.

The upfront price paid by the option buyer to the option seller for the rights conveyed by the contract; the premium is the buyer's maximum possible loss if the option expires worthless; composed of intrinsic value and extrinsic (time) value.