I'm interested to buy out-of-the-money options against the EUR, in order to be exposed to a massive payoff in case the EUR crashes against USD. So far, I found the following products: XDE, that trades on Philadelphia Stock Exchange (PHLX) Options on FXE The issue with both is that liquidity is thin, especially in the wings. Spreads are as wide as 0.1$ apart. Now, if EUR does crash, I'm pretty sure that it will bring down the major European banks with it. I'm looking at the likes of Deutsche Bank and BNP Paribas. My only concern with shorting them is that these folks have offices around the globe, so they're not fully exposed to the EU. What do you think is a good, liquid option market for betting against EUR?