ETH option spreads
waiting for the gateway
Every ticket this account holds, marked against the live index and the best whole-size quote.
| Instrument | Type | Side | Contracts | Cost | Mark (model) | Exit Value | Delta (Δ) | Unrealised P&L | Max Loss | Expiry | Action |
|---|
| Queue ID | Instrument | Side | Order Price | Contracts | Notional | Time in Force | Status | Action |
|---|
| Time | Instrument | Side | Contracts | Paid | Received | Net P&L | Settlement Reason |
|---|
Illustrative estimates only. These scenarios do not calculate portfolio risk across multiple assets.
| Shock Scenario | Simulated Spot | Projected Payoff | Estimated P&L | Liquidation Risk |
|---|
Live activity and pool metrics for the demo venue.
Derive-style open interest distribution across active strike bounds. Bars show active contracts reserved onchain.
Volume per second with sub-second rolling execution. Dashed blue line indicates Derive Protocol's daily average rate ($0.796/s).
| Dimension | Optionality (NEAR) | Derive Protocol (Lyra v2) | Architectural Difference |
|---|
Derive metrics reference published figures: $68.79M 24h volume, $43.09B lifetime, 5.23M lifetime trades. Optionality runs directly on NEAR with native 1-second block finality, 100% reserved pool collateral, and multi-oracle committee consensus.
| Time | Instrument | Type | Side | Contracts | Premium ($) | Notional ($) | Venue |
|---|
Every ticket on this screen is written by the pool, so putting money here is the only way to take the other side. What you can withdraw is what no open ticket still needs: the worst case of every contract the vault has written stays behind until it settles.
| In your wallet (token) | — |
| At the venue, ready to trade | — |
| Vault shares held | — |
| What those shares redeem | — |
| Vault equity | — |
| Free for new tickets | — |
| Committed to open worst cases | — |
| Margin earned, sweepable | — |
| Margin locked until tickets run off | — |
| Consolation pot | — |
| Open tickets against the pool | — |
| bucket | tokens |
|---|
The sum of these buckets is what the contract promises to hold; it is compared with the token balance on every read, and the footer says which of the two it agreed with.
The pool is the counterparty to every ticket, so there is no separate fee line to be billed: the venue's margin is already inside the price you pay to open, and the price you are offered to close early already has its haircut taken out. Both numbers are read from the contract, not typed into this page.
| line | rate | where it is charged |
|---|---|---|
| Entry margin | — | Inside the premium you pay to open. Nothing is billed afterwards. |
| Early-close haircut | — | Inside the price the pool pays you back. Holding to expiry pays no haircut. |
| Settlement | none | Permissionless: anyone can post the print and settle a ticket, and pays gas only. |
| Deposit / withdrawal | none | NEP-141 transfer with 1 yoctoNEAR attached; the network fee is the whole cost. |
Rounding is not neutral and is deliberately one-way: the entry premium rounds up and the exit value rounds down, so both of the cases someone could argue about favour the pool by at most one unit of the token, and never in a way a share price can drift on.
mark = put(high) − put(low), calls mirrored. Black-Scholes on the median of three venues with
a put-skew smile σ(K) = σ_atm · (1 + 0.35 · ln(S/K)), r = 0. The engine, not this page, does
the maths.
ceil(contracts · mark · (1 + margin) / scale) — what the ticket
costs. The buyer pays it once and it is never itemised on the ticket.
venue = floor(premium · margin ÷ (1 + margin)), the rest joins the pool's equity. So of a
margin uplift, of the premium is the
venue's and the remainder is the vault's own money — which is why it counts against what the vault can
afford to write.
floor(contracts · mark · (1 − haircut) / scale) — what the pool
pays to take the ticket back.
max payout = contracts · width. The pool keeps the premium it collected, so what it actually
risks is the worst case minus that; a ticket is only written while its reserve still fits inside equity.
At expiry the ticket pays clamp(high − S, 0, width) for a put and
clamp(S − low, 0, width) for a call, per contract, always rounded down.
| Margin on tickets still open (a void returns it, so nobody may spend it) | — |
| Margin earned, sweepable by the venue | — |
| Consolation pot | — |
| Vault equity behind the open tickets | — |
| Committed against worst cases | — |
The venue's slice on an open ticket is collateral against a refund, not revenue: sweeping it early would leave a void with nothing to pay from. It becomes sweepable only once the ticket has settled, closed or voided — and a sweep never touches equity, so collecting fees cannot dilute a share.
| 28d volume | maker | taker |
|---|---|---|
| ≥ $500M or ≥ 7.5% share | -0.005% | 0.0075% |
| ≥ $250M | -0.0013% | 0.0125% |
| ≥ $50M | 0.00% | 0.015% |
| < $50M | 0.01% | 0.03% |
Read from Derive's Fees page on 2026-10-28, on a maker-taker book. Its taker tiers are a fraction of a percent because a two-sided book earns the spread as well; a pool that is the only counterparty has to earn its whole cost of holding risk inside one number, which is why the entry margin above is two orders of magnitude larger than those rates.