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The 4-step flow

1

Set your price

Pick a price you’d buy or sell at. Further from the current price means safer but lower premium. You can also use Range to set both a lower and upper bound.
2

Get paid upfront

A market maker pays you a premium immediately. This money is yours no matter what. You see the exact amount before you accept.
3

Wait for expiry

Your capital is locked for the duration (e.g. 7 days). Track your position on the Positions page.
4

Two outcomes (or three with Range)

I’d Buy (Put): Price stays above your strike? Capital back. Price drops? You buy at your price.I’d Sell (Call): Price stays below your strike? Asset back. Price rises? You sell at your price.Range: Price stays between your bounds? Everything back. Moves out? You buy (downside) or sell (upside) at the price you chose.Either way, you keep the premium.

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Range Earn

Range lets you set both a lower and upper price. If the asset stays within your range, all your capital comes back and you keep premium from both sides. If the price moves outside your range:
  • Drops below the lower bound: you buy the asset at the lower price you chose
  • Rises above the upper bound: you sell the asset at the upper price you chose
Range is similar to providing liquidity to a pool, but the premium is paid upfront instead of accumulating as fees over time.

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Settlement

Options expire weekly at 08:00 UTC. Settlement is automatic.
  • OTM (price stayed on your side): collateral returned. You keep the premium.
  • ITM (price crossed your strike): physical delivery occurs. For puts, you receive the asset. For calls, you receive USDC.
Settlement uses Aave V3 flash loans and Uniswap V3 swaps. Atomic, trustless, fully on-chain.