👛Trade options
Rysk Beyond enables options trading, including Long Calls, Long Puts, Short Calls, Short Puts, Covered Calls and many other strategies to come. Learn more about options trading strategies.
Visit the Trade Options Page to start trading options.
Connect Wallet
To trade options the wallet should be connected. It can be connected by clicking the Connect button located on the top right.
Select Expiry
On the top of the options pages, it is possible to select different expiries and see all the options tradable for each expiry.
By clicking the settings icon on the top right it is possible to activate calendar mode which displays all the expiries on the trading page.
Options Chain
The options chain shows all the options tradable for each expiry. On the left part of the table, are the call options, whilst on the right side are the put options.
Each row represents a strike price and contains the following info:
Sell IV: represents the Implied Volatility that the DHV is pricing to the seller to sell one option;
Sell: represents the price the seller will pay to sell 1 contract/option to the DHV;
Buy: represents the price the buyer will pay to buy 1 contract/option from the DHV;
Buy IV: represents the Implied Volatility that the DHV is pricing to the buyer to buy one option;
Delta: represents the value of Delta of the option. Learn more about delta here;
Position: represents the size of the current trader position (if any). Positive means the trader is long, negative means the trader is short;
DHV: represents the total exposure value of the DHV for the option. A positive value means the DHV is long, a negative value means the DHV is short;
It is possible to hide some of the information for each by using the filter on the top left.
Buy Options (long calls or long puts)
To buy /long options, the buyer can click on the Buy cell of the selected option and strike price.
Calls are on the left side and puts on the right side of the table.
Once clicked, a modal will show up to complete the buy. The top of the modal will show the selected option with the following format:
Underlying Asset - Expiry Date - Strike Price - Type (put or call)
The dual-arrow icon in the top right of the modal can be used to switch from buy to sell for the selected option.
The buyer can input the number of contracts they are interested in buying and the modal will be updated with the following info:
Premium: amount/premium per contract that the buyer will pay to buy the option
Fee: fee per contract that the protocol will collect
Price impact: slippage (%) in case more than one contract is traded
Break even: ETH price at which the position will become profitable:
long calls: strike price + premium paid
long puts: strike price - premium paid
Total to pay: total amount in USDC that the buyer will pay to complete the transaction
Balance after: USDC balance in the buyer address after the transaction is completed
To execute the transaction the buyer can approve the spending for the USDC and then complete the trade with a second transaction.
Sell Options (short calls or puts)
To sell / short options, the seller can click on the Sell cell of the selected option and strike price.
Calls are on the left side and puts on the right side of the table.
Once clicked a modal will show up to complete the sell. The top of the modal will show the selected option with the following format:
Underlying Asset - Expiry Date - Strike Price - Type (put or call)
The dual-arrow icon on the top right of the modal can be used to switch from sell to buy for the selected option.
The seller can:
input the number of contracts interested in selling at the bottom of the modal
select the asset interested in using as collateral (USDC or WETH)
Decide the amount of collateral using the slider or by selecting fully collateralized. The seller can choose if use full collateral, available only with USDC for puts and WETH for calls, or use partial collateralisation with some predefined values. The lower the collateral amount the higher the risk of getting liquidated. Learn more about collateralisation and liquidation.
The modal will update with the following info:
Collateral required: amount of total collateral that will be required to sell the options and create a short positions
Liquidation Price: expected liquidation price at which the position will be liquidated. Learn more about collateralisation and liquidation.
Premium: amount/premium per contract that seller will receive to sell the option
Fee: fee per contract that protocol will collect
Price impact: slippage (%) in case more than one contract is traded
Premium received: total amount in USDC that the seller will receive for the trade
Break even: ETH price at which the position will stop being profitable and generate a loss:
short calls: strike price + premium paid
short puts: strike price - premium paid
Balance after: USDC and WETH balance in the seller address after the transaction is completed.
To execute the transaction the seller can approve the spending for the collateral and then complete the trade with a second transaction.
Covered Call
Covered calls are short call positions with full ETH collateral. To trade a covered call, a seller can follow the steps to sell calls on the modal:
Select WETH collateral
Toggle the Use Full Collateral
This process will effectively create a covered call position for the trader.
Manage Positions
Once options are traded, bought, or sold, they will be shown at the bottom of the page in the Active Positions table and traders can manage each position.
The table shows the following
Series: all the active positions of the traders. A green arrow means it is a long / buy position whilst a red arrow means it is a short / selling position. In addition, the name of the option is shown
Size: the current size of the position
Delta: the delta exposure of the position
P/L: the current Profit and Loss for each position. If the position is not expired yet the price is calculated based on the price the DHV is quoting to close the position. If the position is expired the payoff is calculated based on settlement (oracle price) at expiry
Entry: the average premium paid or received for the position
Mark: the current price of the option based on a single contract. This is a mid-point between the current buy and sell prices
Liq. Price (Coll): For shorts, the first value represents the price at which the position will be liquidated. The value in brackets shows how much collateral was provided for the position. To modify the collateral, a seller can click on these values
B/E: the current break-even price for the position
Action: The actions shown against each position display its current state. Where a position is:
Close Position
An open position can be closed by trading it back to DHV. Note: some positions might be untradeable meaning that DHV is currently not trading them.
To close a position a trader can click on the actions on the Active Positions table and a modal will show to proceed with the trade.
Close a long / buy position
Once the modal is open the trader can input the amount of the position that they would like to close. The trader can also click max to completely close the position or input a value manually for part of the position.
The modal will show:
Premium: the amount/ premium per contract that will be received to sell the position back to the DHV
Fee: the fee per contract that protocol will collect
Price impact: the slippage (%) in case more than one contract is traded
Premium Received: the total amount in USDC that will be received to close the position
Balance after: USDC balance in the buyer address after the transaction is completed
To close the position the trader can approve the spending for the option tokens and then complete the trade with a second transaction.
Close a short / sell position
Once the modal is open the trader can input the amount of the position that would like to close. The trader can also click max to completely close the position or input a value manually for part of the position.
The modal will show:
Premium: the amount/ premium per contract that will be paid to close the position
Fee: the fee per contract that protocol will collect
Price impact: the slippage (%) in case more than one contract is traded
Premium paid: the total amount in USDC that will be paid to close the position
Collateral released: the amount of collateral that will be released and sent back to the trader once the position will be closed
Collateral remaining: the amount of collateral that will remain in the short position in case the position will not be closed entirely
Balance after: USDC or WETH balance after the transaction will be completed
To close the position the trader can approve the spending for the USDC and then complete the trade with a second transaction.
Redeem Position
A long position can be redeemed once expired in order to receive the payout in case the options expired In The Money or burn the oToken in case it expired Out Of The Money. A position can be settled by clicking in the Active Positions table under the actions column.
Settle Position
A short position can be settled once expired in order to receive the collateral back. A position can be settled by clicking in the Active Positions table under the actions column.
Manage Collateral
For short positions, sellers can decide to manage the collateral in order to reduce or increase the amount of collateral provided. Collateral can be managed by clicking in the Active Positions table under the Liq. Price (Coll) column.
Increase Collateral
To add more collateral the seller can select Deposit from the top of the modal and input the amount of additional collateral to be added.
The modal will show:
Liquidation Price: the new liquidation price after the collateral is added
Collateral: The new total amount of the collateral
Balances after: USDC or WETH balance after the collateral will be added
To add more collateral the seller can approve the spending for the USDC or WETH and then complete the trade with a second transaction.
Reduce Collateral
To reduce the collateral the seller can select Withdraw from the top of the modal and input the amount of additional collateral to be removed.
The modal will show:
Liquidation Price: the new liquidation price after the collateral is removed
Collateral: The new total amount of the collateral
Balances after: USDC or WETH balance after the collateral will be removed
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