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Rails options are cash-settled. At expiry they settle automatically in cash — there is no manual exercise step and no delivery of the underlying. For the payoff and PnL math, see Settlement.

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Expiry Schedule

Every contract expires at 08:00 UTC on its expiry date (encoded in the contract name — e.g. the 19JUN26 in BTC-19JUN26-62000-C). Contracts are listed on weekly and monthly cadences. Around expiry a contract moves through ACTIVE → EXPIRED → SETTLED; see Contract Status for what each state means.

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How Settlement Works

At 08:00 UTC on the expiry date, trading stops and each contract settles against the underlying’s settlement price:
  • In-the-money positions pay out their intrinsic value (a call pays settlement − strike, a put pays strike − settlement).
  • Out-of-the-money positions expire worthless.
Your realized PnL nets the payoff against what you paid or received to open, and a small delivery fee applies to profitable long positions. See Settlement for the exact formulas.

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Tracking Settlements

Settlement is automatic — no action is required. Results for your account are delivered on the Settlements Stream, and the resulting balance changes are reflected in your Account Summary.