On-chain options · USDC settled · no liquidations
Buy a call or a put on any token, index or commodity. Your loss is capped at the premium you paid — the moment you click. No margin call, no liquidation price, no funding bleeding you out at 4am.
Majors, memes, commodities and equity indices sit in the same order book with the same collateral. Switch underlyings without switching accounts.
| Underlying | Side | Strike | Expiry | Mark | 24h | IV | Open int. |
|---|
The whole lifecycle of a long option. There is no fourth step where someone calls you for more money.
Pick the underlying, the strike and the date. The pricer shows you the exact payoff curve before you commit a cent.
USDC leaves your wallet once. That number is your entire downside for the life of the contract — it can never grow.
At expiry the oracle price decides it. In the money, USDC lands in your wallet automatically. Out of the money, it simply ends.
Each one is a different opinion about the market. The curve underneath is the whole strategy — read it left to right as price rises.
Built for people who read the Greeks
Quotes cross in a sequencer-speed matching engine; only the fill touches the chain. You get exchange latency with self-custody.
The pool that takes the other side of your trade re-hedges its net delta on every fill, so quotes stay tight when volatility jumps.
No single strike can absorb more risk than the pool can hedge. One whale cannot drain the book on a Sunday night.
Expiry marks come from a median of independent price feeds with a challenge window before funds move.
Other side of the trade
The questions people actually ask before their first contract.
Not when you buy. A long call or long put costs you the premium and nothing else — there is no margin account to top up and no liquidation price to defend. Selling options is different: writing a contract means you take on the obligation, so those positions are collateralised and can lose more than the premium you collected. The app labels which is which before you sign.
Nothing bad. Contracts settle automatically against the oracle price at expiry. If you finish in the money the USDC is credited to your wallet without you doing anything; if you finish out of the money the contract expires and no further action is possible or needed.
A delta-hedged pool takes the other side of every trade, funded by depositors who are paid the premium flow. The pool re-hedges its net exposure on each fill rather than sitting naked short volatility, which is what lets it quote continuously instead of widening out the moment the market moves.
A Black-Scholes surface fitted to live implied volatility, adjusted for pool utilisation and the skew of existing open interest. The pricer at the top of this page runs the same core model, so what you see there is the shape of what you would actually pay.
Any asset with a qualifying oracle feed and enough depth to hedge against. Majors and commodities are listed by default; long-tail tokens can be listed permissionlessly once their feed clears the liquidity threshold, which is what keeps meme markets from being unhedgeable.
Connect a wallet, pick a strike, see your maximum loss on screen before you sign. That's the whole pitch.