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Settlement

At expiry, every option settles automatically. You don't sign anything and you don't trigger anything.

What happens at expiry​

The app reads the BTC/USD price from an on-chain oracle and compares it to the option's strike.

  • BTC at or below strike: the writer's locked BTC unlocks back to their available balance. The buyer's option ends worthless.
  • BTC above strike: the buyer's profit, in BTC, is calculated from how much BTC moved above strike. The platform deducts the profit fee. The buyer receives the net payout. The remainder of the writer's BTC unlocks.

The buyer's payout is capped at the writer's collateral. The writer can never lose more than the BTC they committed.

When expiry lands​

Every option settles on the hour. The clock starts at the next full hour after the buyer accepts, so a 7-day option accepted at 12:01 expires at 13:00 seven days later.

What you'll see​

  • A position close to expiry shows a countdown in Portfolio → Active.
  • Once expired, it shows Expired: Now settling... until the payout completes.
  • Once settled, it disappears from Active and appears in History with the final result.