Trading

The Trade Panel

The trade panel appears for all option markets on SDX and is the main interface to place orders.

Users can toggle between Buy/Sell orders at the top of the panel.

Trade side panel for all option markets

Expiration Date

The available expiration dates for the option markets are displayed. All options traded on SDX are european options and expire at 0800 UTC on the displayed date. They automatically settle on expiration. Currently the settlement price is determined using best effort settlement price based on Pyth Oracles.

Strike Prices

All available strike and spread prices are displayed with their associated pricer per single contract in the trading panel. Keep in mind that spreads will include two strike prices. For example, when buying call spreads, the first strike price is a long option, the second strike is a short option. When selling call spreads the inverse is true.

The price per contract is displayed for a single option unit. Users can use the IV toggle to display the Implied Volatility (IV) alongside the options price as well.

Slippage

Advanced users may want to adjust their slippage when making trades. This can be adjusted by clicking on the gear icon next to Adj. Slippage on the trading panel.

Slippage can be selected from global settings

Keep in mind that slippage settings apply on all markets, and MAX is selected by default.

Greeks

Experienced option traders can click on the Greeks bar to display the greeks for the option of their choosing.

Greeks panel for a selected option market

Price of Option(s)

This is the price of the total number of options a user has input for a trade. Keep in mind that pricing is variable based on the trade direction and LP pool greeks. See pricing section of this guide for more details.

Implied Volatility

This is the implied volatility for the options a user has input for a trade. Keep in mind that IV is variable based on the trade direction and LP pool greeks. See pricing section of this guide for more details.

Break-Even Price

Price at which an asset needs to be in the market for an option holder to recover the premium paid for the option, resulting in neither profit nor loss.

Collateral Required (For Sell Trades)

Users that want to sell options will have an additional field called collateral required. This is the total required collateral required to open a short option position. The collateral is released at expiration, or when the position is closed.