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Contracts

A Hypervolic option is a cash-settled, European call or put whose underlying is the price of one outcome on a prediction market. That price is a probability, between 0 and 1.

The underlying

Each underlying is one outcome contract on an external venue, and its price is what that venue's book says it is worth. The exchange observes the price and never reads the venue's resolution: when an outcome resolves, its price moves to 0 or 1, and that is the only way the resolution reaches an option.
How the exchange turns the venue's book into one price is on Settlement.

Terms

TermValue
RightsCall and put
ExerciseEuropean: settled at the expiry instant only, with no early exercise and no assignment
Multiplier M100 units of the underlying, for every contract
Strikes0.05 to 0.95 in steps of 0.05 (19 strikes), the same for every underlying
SettlementCash, in USDC
ExpiryAn instant, in UTC, to the second
Long and short are properties of a position, not of the contract. Each contract has one order book, and both buyers and sellers trade in it.

The payoff

At expiry, with S the settlement price and K the strike, both between 0 and 1:
RightLong position receivesMost it can pay
CallM × max(S − K, 0)M × (1 − K)
PutM × max(K − S, 0)M × K
A call at 0.60 settling at 0.85 pays 100 × 0.25 = $25.00 per contract. Every payoff is bounded, which is what lets every short be secured in full in advance (see Security).

Units

The API carries every number as an integer.
  • A price of the underlying, a strike or a reference value is an integer count of micros: millionths of 1, from 0 to 1000000. A strike of 0.45 is 450000.
  • Money is micro-USDC: millionths of one USDC. $1.00 is 1000000.
  • An option's price is quoted in micros of the underlying, like a strike. The premium of one contract is that price times M, so an option at 400000 (0.40) costs 400000 × 100 = 40000000 micro-USDC, or $40.00.
Because M and the scale are the whole of the conversion, an amount never needs rounding.

Expiries

An expiry is an instant, not a date. Each underlying lists up to eight live expiries at a time. At the expiry instant trading in that expiry ends and settlement begins.

Naming

Every instrument has a display symbol made of the venue (K or P), the underlying's root, the expiry, the right and the strike, for example PTRUMP000000261103160000C000004000100. The API names an instrument by its underlying key and specifier; Instruments has the encoding.