diff --git a/lib/common/static/options_panel.js b/lib/common/static/options_panel.js
index 88d8505..677e3da 100644
--- a/lib/common/static/options_panel.js
+++ b/lib/common/static/options_panel.js
@@ -1216,16 +1216,25 @@
     try {
       let d = null;
       let lastMsg = "";
-      for (let attempt = 0; attempt < 2; attempt++) {
+      for (let attempt = 0; attempt < 3; attempt++) {
         if (seq !== chainLoadSeq) return;
         d = await apiJson("/api/options/chain?underlying=" + encodeURIComponent(uly));
         if (seq !== chainLoadSeq) return;
         if (d && d.ok && chainHasExpiries(d)) break;
         lastMsg = (d && (d.msg || d.chain_error)) || "暂无到期日";
+        const rateLimited =
+          !!(d && d.rate_limited) ||
+          /50011|Too Many Requests|过于频繁/i.test(String(lastMsg || ""));
         d = null;
-        if (attempt === 0) {
-          if (!soft) setExpirySelectStatus("重试加载到期日…");
-          await new Promise(function (resolve) { setTimeout(resolve, 400); });
+        if (attempt < 2) {
+          if (!soft) {
+            setExpirySelectStatus(
+              rateLimited ? "OKX 限频,稍后重试…" : "重试加载到期日…"
+            );
+          }
+          await new Promise(function (resolve) {
+            setTimeout(resolve, rateLimited ? 1200 * (attempt + 1) : 400);
+          });
         }
       }
       if (seq !== chainLoadSeq) return;
@@ -1240,13 +1249,19 @@
         if (soft) return;
         setExpirySelectStatus("选择到期日");
         const tbody = document.getElementById("opt-strike-tbody");
+        const friendly =
+          /50011|Too Many Requests|过于频繁/i.test(String(lastMsg || ""))
+            ? "OKX 请求过于频繁,请稍后再点「刷新链」"
+            : lastMsg || "暂无到期日,请点「刷新链」";
         if (tbody) {
           tbody.innerHTML =
-            '<tr><td colspan="' + strikeTableColspan() + '" class="muted">' +
-            (lastMsg || "暂无到期日,请点「刷新链」") +
+            '<tr><td colspan="' +
+            strikeTableColspan() +
+            '" class="muted">' +
+            friendly +
             "</td></tr>";
         }
-        alert(lastMsg || "加载到期日失败,请点「刷新链」重试");
+        alert(friendly);
         return;
       }
       const keepExp = soft ? (document.getElementById("opt-exp-select") || {}).value : "";
diff --git a/lib/exchange/okx_options_lib.py b/lib/exchange/okx_options_lib.py
index d477ab3..4fb4e15 100644
--- a/lib/exchange/okx_options_lib.py
+++ b/lib/exchange/okx_options_lib.py
@@ -25,6 +25,11 @@ _OKX_OPTION_ERR_ZH: dict[str, str] = {
 }
 
 _OPTIONS_BALANCE_CACHE: dict[str, Any] = {"updated_at": 0.0, "data": None}
+# 期权合约列表变化慢;短缓存+限频退避,避免 50011 拖垮期权链
+_INSTRUMENTS_CACHE: dict[str, dict[str, Any]] = {}
+_INSTRUMENTS_CACHE_LOCK = threading.Lock()
+_INSTRUMENTS_CACHE_TTL_SEC = 90.0
+_INSTRUMENTS_STALE_SEC = 600.0
 
 
 def invalidate_options_balance_cache() -> None:
@@ -32,6 +37,14 @@ def invalidate_options_balance_cache() -> None:
     _OPTIONS_BALANCE_CACHE["data"] = None
 
 
+def invalidate_option_instruments_cache(inst_family: str | None = None) -> None:
+    with _INSTRUMENTS_CACHE_LOCK:
+        if inst_family:
+            _INSTRUMENTS_CACHE.pop(str(inst_family), None)
+        else:
+            _INSTRUMENTS_CACHE.clear()
+
+
 def _okx_trade_error_message(exc: BaseException | None = None, resp: Any = None) -> str:
     row: dict[str, Any] | None = None
     if isinstance(resp, dict):
@@ -645,24 +658,80 @@ def fetch_index_price(ex: ccxt.okx, uly: str) -> float | None:
 def fetch_option_instruments(
     ex: ccxt.okx,
     inst_family: str,
+    *,
+    force: bool = False,
 ) -> list[dict[str, Any]]:
-    rows = ex.public_get_public_instruments(
-        {"instType": "OPTION", "instFamily": inst_family}
-    ).get("data") or []
-    return [r for r in rows if isinstance(r, dict) and r.get("state") == "live"]
+    """拉取 live 期权合约列表;短 TTL 缓存,遇 50011 退避重试并可回退过期缓存."""
+    family = (inst_family or "").strip()
+    if not family:
+        return []
+    now = time.time()
+    with _INSTRUMENTS_CACHE_LOCK:
+        cached = _INSTRUMENTS_CACHE.get(family)
+    if (
+        not force
+        and cached
+        and now - float(cached.get("updated_at") or 0) < _INSTRUMENTS_CACHE_TTL_SEC
+        and isinstance(cached.get("rows"), list)
+        and cached["rows"]
+    ):
+        return list(cached["rows"])
+
+    last_err: BaseException | None = None
+    rows: list[dict[str, Any]] = []
+    for attempt in range(4):
+        try:
+            raw = ex.public_get_public_instruments(
+                {"instType": "OPTION", "instFamily": family}
+            ).get("data") or []
+            rows = [r for r in raw if isinstance(r, dict) and r.get("state") == "live"]
+            last_err = None
+            break
+        except Exception as e:
+            last_err = e
+            if _is_okx_rate_limit(e) and attempt < 3:
+                time.sleep(0.8 * (2**attempt))
+                continue
+            break
+
+    if rows:
+        with _INSTRUMENTS_CACHE_LOCK:
+            _INSTRUMENTS_CACHE[family] = {"updated_at": time.time(), "rows": list(rows)}
+        return rows
+
+    # 限频/短暂失败:优先用未过期太久的缓存,避免整页「拉取失败」
+    if cached and isinstance(cached.get("rows"), list) and cached["rows"]:
+        age = now - float(cached.get("updated_at") or 0)
+        if age < _INSTRUMENTS_STALE_SEC and (
+            last_err is None or _is_okx_rate_limit(last_err) or not rows
+        ):
+            return list(cached["rows"])
+
+    if last_err is not None:
+        raise last_err
+    return []
 
 
 def fetch_option_tickers(ex: ccxt.okx, inst_family: str) -> dict[str, dict[str, Any]]:
     out: dict[str, dict[str, Any]] = {}
-    try:
-        rows = ex.public_get_market_tickers(
-            {"instType": "OPTION", "instFamily": inst_family}
-        ).get("data") or []
-        for r in rows:
-            if isinstance(r, dict) and r.get("instId"):
-                out[str(r["instId"])] = r
-    except Exception:
-        pass
+    last_err: BaseException | None = None
+    for attempt in range(3):
+        try:
+            rows = ex.public_get_market_tickers(
+                {"instType": "OPTION", "instFamily": inst_family}
+            ).get("data") or []
+            for r in rows:
+                if isinstance(r, dict) and r.get("instId"):
+                    out[str(r["instId"])] = r
+            return out
+        except Exception as e:
+            last_err = e
+            if _is_okx_rate_limit(e) and attempt < 2:
+                time.sleep(0.6 * (attempt + 1))
+                continue
+            break
+    if last_err is not None and _is_okx_rate_limit(last_err):
+        return out
     return out
 
 
@@ -683,22 +752,17 @@ def build_option_chain(
     max_ms = now_ms + max_dte_days * 86400 * 1000
     instruments_err = ""
     instruments: list[dict[str, Any]] = []
-    for attempt in range(2):
-        try:
-            instruments = fetch_option_instruments(ex, family)
-            instruments_err = ""
-            if instruments:
-                break
+    rate_limited = False
+    try:
+        instruments = fetch_option_instruments(ex, family)
+        if not instruments:
             instruments_err = "期权合约列表为空"
-        except Exception as e:
-            instruments = []
-            instruments_err = str(e) or e.__class__.__name__
-            if attempt == 0:
-                time.sleep(0.35)
-                continue
-            break
-        if attempt == 0 and not instruments:
-            time.sleep(0.35)
+    except Exception as e:
+        instruments = []
+        instruments_err = str(e) or e.__class__.__name__
+        rate_limited = _is_okx_rate_limit(e)
+        if rate_limited:
+            instruments_err = "OKX 请求过于频繁(50011),请稍后点「刷新链」重试"
     tickers = fetch_option_tickers(ex, family)
     expiries: dict[str, list[dict[str, Any]]] = {}
     skipped_no_index = 0
@@ -777,6 +841,8 @@ def build_option_chain(
         "expiries": exp_list,
         "instruments_count": len(instruments),
     }
+    if rate_limited:
+        out["rate_limited"] = True
     if not exp_list:
         if instruments_err:
             out["chain_error"] = f"拉取期权合约失败: {instruments_err}"
diff --git a/lib/options/templates/options_panel.html b/lib/options/templates/options_panel.html
index cb6496a..f345380 100644
--- a/lib/options/templates/options_panel.html
+++ b/lib/options/templates/options_panel.html
@@ -322,4 +322,4 @@
     </div>
 </div>
 <script src="/static/options_expiry_countdown.js?v=1"></script>
-<script src="/static/options_panel.js?v=55"></script>
+<script src="/static/options_panel.js?v=56"></script>
diff --git a/tests/test_okx_option_instruments_cache.py b/tests/test_okx_option_instruments_cache.py
new file mode 100644
index 0000000..4bf920f
--- /dev/null
+++ b/tests/test_okx_option_instruments_cache.py
@@ -0,0 +1,55 @@
+"""期权合约列表缓存与限频退避."""
+from __future__ import annotations
+
+import time
+import unittest
+from unittest.mock import MagicMock, patch
+
+from lib.exchange import okx_options_lib as m
+
+
+class FetchOptionInstrumentsCacheTests(unittest.TestCase):
+    def setUp(self):
+        m.invalidate_option_instruments_cache()
+
+    def tearDown(self):
+        m.invalidate_option_instruments_cache()
+
+    def test_cache_hit_skips_second_api_call(self):
+        ex = MagicMock()
+        ex.public_get_public_instruments.return_value = {
+            "data": [
+                {
+                    "instId": "ETH-USD_UM-260812-2000-C",
+                    "state": "live",
+                    "expTime": "9999999999999",
+                }
+            ]
+        }
+        a = m.fetch_option_instruments(ex, "ETH-USD_UM")
+        b = m.fetch_option_instruments(ex, "ETH-USD_UM")
+        self.assertEqual(len(a), 1)
+        self.assertEqual(len(b), 1)
+        self.assertEqual(ex.public_get_public_instruments.call_count, 1)
+
+    @patch("lib.exchange.okx_options_lib.time.sleep", return_value=None)
+    def test_rate_limit_falls_back_to_stale_cache(self, _sleep):
+        ex = MagicMock()
+        ex.public_get_public_instruments.return_value = {
+            "data": [{"instId": "ETH-USD_UM-260812-2000-C", "state": "live"}]
+        }
+        first = m.fetch_option_instruments(ex, "ETH-USD_UM")
+        self.assertEqual(len(first), 1)
+        # 过期 TTL,但仍在 stale 窗口
+        with m._INSTRUMENTS_CACHE_LOCK:
+            m._INSTRUMENTS_CACHE["ETH-USD_UM"]["updated_at"] = time.time() - 120
+        ex.public_get_public_instruments.side_effect = Exception(
+            'okx {"msg":"Too Many Requests","code":"50011"}'
+        )
+        second = m.fetch_option_instruments(ex, "ETH-USD_UM")
+        self.assertEqual(len(second), 1)
+        self.assertEqual(second[0]["instId"], "ETH-USD_UM-260812-2000-C")
+
+
+if __name__ == "__main__":
+    unittest.main()