Every new coin gets options. One pool writes them all.
Launch a coin and it gets calls and puts from its first hour. Traders pay a premium, and that premium is the most they can lose. On the other side sits one shared pool. It sells every contract, earns every premium, and never takes more risk on a single coin than its cap allows.
- For traders: leverage on a fresh coin with a known downside. No margin, no liquidation, settled in ETH.
- For depositors: put ETH into the pool and take 75% of every premium paid on every market it writes.
- For launchers: your coin gets an options market with no liquidity to seed, plus 5% of the premiums it brings in.
Pool · epoch 01
SIMULATED UNTIL LAUNCHPick a coin, a strike and a clock. See the whole trade.
This is the same math the pool uses. The price comes from how hard the coin has actually been moving on-chain, plus a small edge for the pool. What you pay is the most you can lose, and the chart shows exactly where you start making money.
IN PLAIN WORDS
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From launch to settlement in four moves.
Nobody has to seed a market, find a counterparty or post margin. The pool is always the seller, and everything it can lose is decided before a contract is written.
A coin launches
Any coin on Robinhood Chain qualifies once it has a real pool and an hour of trading. Existing coins can be listed too, as long as they meet the same liquidity floor.
AUTOMATICThe market opens
The engine measures how violently the coin trades, sets its risk tier and starts quoting calls and puts from 1 hour to 7 days. Nobody has to sign up or seed anything.
THE ENGINETraders pay a premium
Pick a strike and an expiry, pay once in ETH. That premium is the whole risk. There is no margin to top up, and nothing can be liquidated out from under the position.
TRADERSThe pool settles and hedges
At expiry the contract pays out against a 30-minute on-chain average, so one wick decides nothing. While it is open, the pool buys spot to cover its call exposure as soon as a coin passes 70% of its cap.
THE POOLIF YOU TRADE
Known downside, open upside.
- Calls pay when the coin finishes above your strike. Payouts are capped at 10× spot, which is what lets the pool promise it can pay.
- Puts pay when the coin finishes below your strike. It is the only way to hedge a bag on a coin nobody will lend you.
- Close any time before expiry at the pool's current bid, or hold and let it settle in ETH.
IF YOU DEPOSIT
You are the house, with a ceiling.
- Deposit ETH into a 7-day epoch. Withdrawals queue to the end of the epoch, so the pool never sells options with money that is about to leave.
- You take 75% of every premium on every coin, across hundreds of small, capped positions.
- Losses hit a hedge reserve first, then staked $UNDR, and only then the pool.
Where the premium goes, and what a week can look like.
Options sellers win most weeks and lose some weeks, and the losing weeks are why caps and hedges exist. The calculator uses a sample of twelve weeks to show both sides, not just the good ones.
Caps first. Premiums second.
New coins can go up 40× or to zero within a day. A pool that sells options on them survives only if it knows its worst case in advance. These are the rules the contracts enforce, and the stress test beside them shows what they do.
A hard cap per coin, by age
The pool's worst-case payout on any single coin is limited to a slice of the pool. Younger coins get a smaller slice. When a coin hits its cap, new contracts wait until something expires or the hedge frees room.
Automatic hedge at 70%
When call exposure on a coin passes 70% of its cap, the pool buys the coin on the DEX until it is back near 60%. Puts are not hedged. Instead their caps are half the size, because a put can never pay more than its strike.
Capped payouts
Calls stop paying at 10× spot. This is the difference between a pool that can promise a payout and one that hopes to.
Averaged settlement
Every contract settles on a 30-minute time-weighted price from the coin's main pool. A single wick or sandwich at the last block moves the result by almost nothing.
Liquidity circuit breaker
If a coin's pool loses half its liquidity within an hour, its market stops selling new contracts. Open ones settle normally at the average price.
Loss waterfall
A losing coin is paid for by the hedge reserve first, then by up to 30% of staked $UNDR, and only then by depositors.
Result as a share of the whole pool, after premiums. The book is a sample position built to the coin's cap. Hedge cost includes 12% slippage on the DEX.
What the pool is writing right now.
Each coin gets its own tier and its own cap, and the table moves with the dashboard above. Click a row to price that coin in the quoter.
| Coin | Age | Realized vol | Cap | Risk used | Calls / puts OI | Status |
|---|
$UNDR is a share of the desk's income.
The token has one job: to be the second layer of protection behind the pool, and to be paid for it in ETH from every premium the desk collects.
of every premium on every coin goes to staked $UNDR, paid in ETH at each settlement.
Stake to back the pool
Staked $UNDR is the second layer after the hedge reserve. Up to 30% of it can be used in a bad week, and that risk is what the 10% pays for.
Vote on the risk tiers
Stakers set the cap per age tier, the hedge trigger and the liquidity floor for new listings. Changes take effect at the next epoch, never mid-week.
Pay less to trade
Wallets holding $UNDR pay a lower protocol fee on premiums. The pool edge stays the same, so depositors earn the same either way.
What exists, and what comes next.
The pool starts small on purpose. Limits go up only after the engine has settled real contracts, not before.
Pricing in the open
- Quoter with the pool's pricing model
- Risk rules and stress test published
- Wallet connection on Robinhood Chain
- Signed quotes and deposit reservations
Epoch 01
- $UNDR trades on Robinhood Chain
- Pool deposits open with a hard limit
- Markets on coins older than 24 hours
- 24H, 3D and 7D expiries
Wider book
- 1H and 4H expiries
- Coins from their first hour
- $UNDR staking and tier votes
- Listing of existing coins on request
Stop renting leverage. Price it.
Every new coin, a real options market. Every premium, back to the people who back the pool.