> ## Documentation Index
> Fetch the complete documentation index at: https://docs.rails.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Instruments & Symbols

> How contracts are named and identified

Every contract is identified by a **contract name** that encodes everything
about the instrument.

## Contract Name Format

```
{UNDERLYING}-{DMMMYY}-{STRIKE}-{TYPE}
```

For example, `BTC-19JUN26-62000-C`:

| Component    | Example   | Meaning                                                                            |
| ------------ | --------- | ---------------------------------------------------------------------------------- |
| `UNDERLYING` | `BTC`     | The underlying asset (`BTC` or `ETH`).                                             |
| `DMMMYY`     | `19JUN26` | Expiry date — day (not zero-padded), uppercase three-letter month, two-digit year. |
| `STRIKE`     | `62000`   | Strike price, as a whole number in quote currency.                                 |
| `TYPE`       | `C`       | Option type: `C` for call, `P` for put.                                            |

The day is written without a leading zero — e.g. the 3rd is `3`, not `03`.

More examples:

| Contract name         | Reads as                               |
| --------------------- | -------------------------------------- |
| `BTC-19JUN26-62000-C` | BTC \$62,000 call expiring 19 Jun 2026 |
| `BTC-3JUL26-55000-C`  | BTC \$55,000 call expiring 3 Jul 2026  |
| `ETH-15MAY26-2500-P`  | ETH \$2,500 put expiring 15 May 2026   |

<Note>
  All contracts settle at 08:00 UTC on the expiry date. See
  [Settlement & Expiry](/latest/options/guides/settlement-and-expiry).
</Note>

## Underlying vs Contract

Some requests are scoped to a single contract, and some to an **underlying** plus an
**expiration date**:

* **Contract-scoped** (e.g. placing an order, subscribing to a contract's order book):
  use the full contract name, e.g. `BTC-19JUN26-62000-C`.
* **Underlying-scoped** (e.g. listing all contracts or quotes for an expiry): use the
  bare underlying (`BTC`) and an `expirationDate` (`2026-06-19`).

The [Contracts Stream](/latest/options/websocket-api/contracts-stream) and
[Quotes Stream](/latest/options/websocket-api/quotes-stream) are underlying-scoped;
the [Order Book Stream](/latest/options/websocket-api/order-book-stream) and order
placement are contract-scoped.

## Expiry Types

Contracts are listed on a recurring schedule and tagged with an expiry type:

| Expiry type | Description                                              |
| ----------- | -------------------------------------------------------- |
| `WEEKLY`    | Short-dated contracts that expire on a weekly cadence.   |
| `MONTHLY`   | Longer-dated contracts that expire on a monthly cadence. |

To enumerate what's currently tradable, subscribe to the
[Contracts Stream](/latest/options/websocket-api/contracts-stream) or list them with the REST
[Get Expirations](/latest/options/rest-api/get-expirations) and
[Get Contracts](/latest/options/rest-api/get-contracts) endpoints.

## Contract Status

| Status    | Meaning                                                   |
| --------- | --------------------------------------------------------- |
| `ACTIVE`  | Open for trading.                                         |
| `EXPIRED` | Past expiry; trading has stopped, awaiting settlement.    |
| `SETTLED` | Settlement complete; realized PnL booked to your balance. |