ApertideThe buyer has no claim.
The buyer receives no stock claim. The seller keeps the stock exposure and premium after normal settlement; stock losses remain possible.
Illustrative price path
Stock tokens
Mainnet referencesAsset references, separate from funded offers.
Follow the fundsInside the vault
Try a strategy
Editable assumptions. Each starts with a $2 total premium, not a buyer’s quote.
Trade the upside.
Buy a funded agreement. Or create an offer from the stock tokens you hold.
Robinhood Chain · MainnetChecking the market contract…
Funded offers
Checking chain data…Explore stock-token references Asset information, separate from funded offers
The asset universe
Loading assets…Loading official asset metadata…
Mainnet asset metadata. Selecting a token opens its reference information; it does not place an order.
Agreement checks
- Verify the underlying token and network.
- Compare the premium with the maximum claim.
- Check expiry, price source and settlement rules.
Only enabled assets and funded onchain offers appear in the trading market.
Quick reference prices · AAPL, NVDA, TSLA & MSFT
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Set your terms.
Move the expiry price. Compare both sides.
Choose your side.
Buy an offer or use your terms to sell.
Your outcome at expiry
AAPL · assumptionMost upside you sell—
Assumed premium—
Uncovered holding—
See the exact numbers
| Expiry price | Simply holding | Your strategy | Difference |
|---|
Scenarios stay local.
No funds move when you calculate or save.
One band.
Three outcomes.
Choose the interval. Set the coverage. Settle at expiry.
The covered rise is exchanged.
The claim grows with the covered rise inside your chosen interval.
The claim reaches its limit.
The buyer’s claim value is capped. Further rises stay with the seller; the sold slice is not returned.
Compare strategies
Three ways to
carry a price view.
The important difference is what happens after a strong rise. The comparison below describes expiry economics before fees and taxes; it does not imply equal premiums or available market quotes.
| At expiry | Simply holding | Covered call | Defined upside band |
|---|---|---|---|
| Premium received | None | Agreed call premium | Agreed band premium |
| Gains given up | None | Above the call strike | Within the chosen interval |
| Far above the strike / band | Continue with the stock | Covered upside stays capped | Further gains resume for the seller |
| If the stock falls | Stock downside remains | Downside remains, offset by premium | Downside remains, offset by premium |
| Buyer exposure | Owns stock exposure | Call payoff grows above the strike | Claim grows only within the band |
See a settlement example
One expiry price.
Two sides of the same agreement.
The model settles the buyer's claim in stock-token units. Its economic value is calculated at the expiry price, then divided by that price to determine the token amount.
Follow one illustrative outcome
Assume 1 stock token, 100% coverage, a $110–$120 band and a $2 total premium. At an expiry price of $125:
- Buyer's claim value
- $10 The full $10-wide band
- Stock paid to buyer
- 0.08 $10 ÷ $125 per token
- Seller's total value
- $117 0.92 × $125 + $2 premium
- Buyer's net result
- +$8 $10 claim − $2 premium
Simply holding would be worth $125. The seller's $8 difference is the exchanged $10 claim less the $2 premium. Prices and premium here are assumptions.
The details.
What is the exact calculation?
For quantity q, covered fraction c, expiry price S, lower strike L, upper strike U and total net premium P:
Seller value = q × S − q × c × min(max(S − L, 0), U − L) + P
The buyer's gross claim is q × c × min(max(S − L, 0), U − L). Subtract P for the buyer's net result. These are USD-equivalent expiry economics. In a stock-settled agreement, the claim is divided by S to obtain stock-token units; the seller's remaining token quantity can decrease.
Does touching a strike trigger a sale?
No. The modeled outcome uses the agreed price at expiry. Touching either strike before then does not trigger the payoff. A scenario expiry is a planning input, not a booked market expiry.
What makes the band different from a covered call?
A covered call exchanges gains above one strike for a premium. A defined band limits the gains exchanged to an interval. Above the upper strike, the seller participates in further increases again. The slice already sold remains the buyer's claim; it is not returned.
Can either side lose money?
Yes. The seller retains the stock's downside exposure; the premium does not protect principal. The buyer can lose the entire premium if the claim is worth less than the amount paid. A capped claim also limits the buyer's maximum payoff.
Is a reference price an executable quote?
No. Asset prices are observations from the displayed source and timestamp. They are separate from the premium for an upside agreement. The strategy builder uses your premium assumption; it does not match you with a counterparty.
What should I check about a tokenized stock?
Inspect the mainnet contract address, decimals, issuer terms and the rights represented by the token. Tokenized exposure is not automatically the same as directly holding a registered share. Transfer restrictions, issuer risk, corporate actions and market hours may affect the asset.
How are price and settlement terms chosen?
A complete agreement needs a specified expiry, an accepted price source and rules for unavailable or disputed prices. Those terms must be known before funds are committed. The explorer shows the economic mechanism; saved scenarios do not establish those contractual terms.
What does connecting a wallet do?
It reads the account and network you choose to share. Connection alone does not request token approval, transfer assets or place an order. Your watchlist and scenarios remain stored in this browser.
Follow the assets.
One shared escrow. Your agreement. Your claims.
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Follow your side
Select a stage to trace the assets.
Contract details
One market contract holds all stock collateral and premiums, with a separate ledger for each agreement.
Risks & withdrawal rules
Full collateral. Exact approvals.
The full listed stock quantity enters escrow. Coverage changes the buyer’s claim, not the deposit. New approvals request only the required amount; existing allowances may be reused.
Settlement needs a valid price.
The first eligible completed oracle round at or after expiry is checked against its preceding round. Token, oracle and network dependencies still matter.
Unsettled agreements have a deadline.
After the settlement deadline, anyone can enable refunds. Stock is assigned back to the seller and the premium to the buyer. Each must then claim.
The mechanism does not protect principal.
The seller retains stock downside. The buyer can lose the entire premium. Token transfer restrictions and network conditions can affect withdrawals.
Your positions.
Funded offers, matched agreements and claimable assets.
Browse the market ↗Onchain offers & positions
Keep your next idea.
Watchlists follow assets. Scenarios save assumptions. Neither represents funded positions.
Open saved scenarios ↗Saved scenarios.
Saved on this browser only. These are drafts, not funded or onchain positions.