Key Capabilities
- Cash settlement at expiry. Each contract is settled automatically in cash against the settlement price at expiry — there is no manual exercise step and no physical delivery of the underlying. See Settlement & Expiry.
- Fixed expiries. Contracts expire on a schedule (weekly and monthly) at 08:00 UTC.
- Volatility-based pricing. Each contract carries a mark price derived from the Black-76 model along with implied volatility and a full set of Greeks. See Pricing & Greeks.
- Real-time over WebSocket. Live contracts, quotes, order books, positions, and account state are delivered over the WebSocket. A small REST surface covers account summary, contract listings, and pricing.
Core Concepts
| Concept | Description |
|---|---|
| Underlying | The asset an option is written on, e.g. BTC or ETH. |
| Contract | A single tradable option, identified by underlying, expiry, strike, and type. See Instruments & Symbols. |
| Option type | C (call) gives upside exposure; P (put) gives downside exposure. |
| Strike | The price at which the option settles in or out of the money. |
| Expiry | The date the contract settles, at 08:00 UTC. |
| Premium | The price paid (long) or received (short) to open the position. |
| Greeks | Delta, gamma, vega, theta, and rho — sensitivities used to manage risk. |
| Implied volatility | The volatility implied by an option’s price, quoted for mark, bid, and ask. |
How to Get Started
Set up your account
Complete Get Set Up with Rails — registering,
funding, and creating API keys.
Connect
Authorize your requests with an access token (see
API Authorization) and open a
WebSocket connection.
Discover contracts
List available expiries and contracts via the
Contracts Stream or the REST
Get Expirations and
Get Contracts endpoints, and watch live prices
on the Quotes Stream.
Trade
Place orders on the
Order Creation Stream,
then track fills, positions, and balances over their respective streams.