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All options on Rails are European style that are exercisable only at expiry and cash settled in USDT. Contract definitions are managed natively by the platform. Following are the key properties of options on Rails.

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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.
  • REST for request/response. A REST surface covers order management, account summary and contract listings. Where both surfaces expose the same data, prefer the WebSocket for lower latency and pushed updates instead of polling.

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Core Concepts

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How to Get Started

1

Set up your account

Complete Get Set Up with Rails — registering, funding, and creating API keys.
2

Connect

Authorize your requests with an access token (see API Authorization) and open a WebSocket connection.
3

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.
4

Trade

Place orders on the Order Creation Stream, then track fills, positions, and balances over their respective streams. See Order Lifecycle.