THE DESK

A dollar in, two legs out.

Minting is never a trade: one USDG gives you one SPARK and one CALM, and handing both back gives you the dollar again, before settlement as much as after. What you do with the legs afterwards — sell one, keep the other, hold both — is where the position is.

SERIES

SPARK-AAPL-— / CALM-AAPL-—

OPEN

STRIKE

—

CAP

—

SO FAR

—

BELL

—

SPARK0.000

takes the part of the move above the strike, as a share of the band

worth this if the window settled now

CALM0.000

takes whatever the band leaves behind

worth this if the window settled now

USDG TO LOCK

USDG

you receive100.00 SPARK + 100.00 CALM

fee (10 bps)0.1000 USDG

of which the walker0.0500 USDG

you pay100.1000 USDG

The contracts are written and tested but not on chain yet. Everything above is computed from the live Chainlink tape, so the series, the strike, the band and what each leg is worth right now are all real — only the buttons are waiting.

market —

dollar 0x5fc5360d0400a0fd4f2af552add042d716f1d168