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Checking your positions

All your open and settled positions are visible on the Positions page in the app. Each position shows:
  • Asset (ETH or cbBTC)
  • Strike price
  • Expiry date
  • Premium earned
  • Current status (active, settled)
  • Outcome (if settled)
Developers can query positions via the API: 
curl https://api.b1nary.app/positions/0xYourAddress

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What happens at expiry

Options expire weekly at 08:00 UTC. Settlement is fully automatic. You don’t need to do anything.

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OTM (price stayed on your side)

Your collateral is returned to your wallet. You keep the premium you earned. This is the best outcome.
  • Puts: price stayed above your strike. USDC returned.
  • Calls: price stayed below your strike. Asset returned.

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ITM (price crossed your strike)

Physical delivery occurs automatically via Aave V3 flash loan + Uniswap V3 swap.
  • Puts: you buy the asset at your strike price. You receive the asset in your wallet.
  • Calls: you sell the asset at your strike price. You receive USDC in your wallet.
You keep the premium in both cases. Your effective price is always better than market at the time you placed the position.

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ATM (price equals strike exactly)

Treated as OTM. Your collateral is returned. You keep the premium.

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What to do after settlement

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If your put expired OTM

You’re back in USDC with your premium. Sell another put to keep earning.

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If your put was assigned (ITM)

You now hold the asset. You have two options:
  1. Sell a covered call above your cost basis (strike - premium). This is the Wheel strategy. You earn more premium while waiting for the price to recover.
  2. Hold the asset. You bought at a price you were comfortable with, and at a discount thanks to the premium.

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If your call expired OTM

Your asset is back in your wallet with the premium earned. Sell another call to keep generating income.

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If your call was assigned (ITM)

You sold the asset at your strike price. You’re now in USDC. You made money (premium + appreciation to strike). Start the cycle again by selling a put at a price you’d buy back at.

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The Wheel in practice

After each settlement, check your outcome and continue the cycle: 
USDC → sell put → [OTM: repeat] or [ITM: now hold asset]
Asset → sell call → [OTM: repeat] or [ITM: back to USDC]
Every step earns premium. The Wheel works in any market direction.

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Settlement timing

  • Expiry: weekly, 08:00 UTC
  • Settlement execution: within minutes of expiry
  • Collateral return: same transaction as settlement
  • The settlement bot runs automatically. No user action required.