Options

Options are short rounds on the price of BTC. Every round lasts 5 minutes. You pick a side, Up or Down, and buy shares of it. When the round ends, every share of the winning side pays 1 USDC, every share of the losing side pays nothing.

Open Trade → Options (Predict) in the top menu.

Caution

You can lose your whole stake. If the round ends on the other side, your shares are worth 0. Options run on Orderly and settle on-chain. Like futures, they are not available in the Restricted Jurisdictions; see the risks in the Terms of Use.

How a round works

• Strike price: the BTC index price at the start of the round. It is drawn as a line on the chart.
• Up wins if the index price at the end is above the strike, Down wins if it is below. If it ends exactly on the strike, it’s a tie and every share pays 0.50 USDC.
• Prices run from 0.01 to 0.99 USDC per share. The price is what the market thinks the chance is: Up at 0.62 means traders see about a 62% chance that BTC ends above the strike. Up and Down always add up to about 1 USDC.
• Rounds are listed about one to two hours before they start, so you can also trade a round before it begins (its strike is set when it starts).
• The result is known a few seconds after the end. Orderly pays out the round about a minute later, straight into your account.

payout

Payout = Shares × 1 USDC (your side wins)
Payout = Shares × 0.50 USDC (tie)
Payout = 0 (your side loses)
Profit = Payout − Stake − Fees

Example: you buy Up at 0.40 with 20 USDC and get 50 shares. If BTC ends above the strike, you receive 50 USDC (30 USDC profit before fees). If it ends below, you lose the 20 USDC.

The Options page

Area	What it shows
Header	The round (for example Round 17:35 – 17:40), the strike, the current price, the change and the chance of Up.
Chart	The tick chart: the BTC index second by second, green above the strike and red below. The pills above it switch between the live round and the next ones; More lists all. Auto next to them follows the live round (see Pick the round).
Past results (left of the chart)	The latest results, newest on top. A light dot marks the rounds you traded. The clock button below opens All past rounds.
Split screen	The button next to full screen puts a candle chart of the same BTC index to the left of the tick chart (1m to 1h).
Ends in	Time left in the round, with a bar that fills as it runs.
Order book	Offers for Up in the round you’re looking at. Hide it with the Layout button: on a wide screen at the end of the header, on a phone or a narrower window next to Hide above the chart (there it can fold the chart away too).
Right column	Your account, the order panel, the Up or Down probability of the side you chose (live while the round runs, a dash once it ended) and, once a round you look at ended, its result. Drag a tile by its handle to rearrange.
Below	Positions, orders and history of your rounds, like on the futures page.

On a phone or a window narrower than 1,280 pixels the areas are stacked. Drag the line with the double arrow under the chart to make the chart taller or shorter; double click it to go back to the normal height.

Trading a round

1. Pick the round

   The live round opens by default. Click a pill above the chart for a coming round.

   With Auto on (the default, next to the round pills), you follow the live round: when the round you’re watching ends, its result stays for 3 seconds, then the next round opens by itself. It never switches while you’re entering an order. A past round you picked yourself stays open. Switch Auto off to stay on an ended round until you click Go to live market.

2. Choose Up or Down

   The price next to each side is what one share costs now.

3. Choose how to enter

   • Market: enter an amount in USDC and open at the best price in the book.
   • Urgent: one click on a saved amount opens at once, with no confirmation, like Urgent Entry on futures. It starts with $5, $10 and $20; Edit saves up to 6 amounts, smallest first; the number in the corner of each tile is its hotkey digit. The amounts are separate from the futures size slots.
   • Limit: set your own price. The order waits in the book until someone takes it. Only Limit can also Close shares you hold.

4. Check and open

   Before you open, the panel shows your shares, the odds (1 ÷ price) and what you get if you win. The minimum per order is 5 USDC.

Closing before the end

You don’t have to hold until the end. In Positions, Close sells your shares at the price you set, ⚡ Flash close sells all of them at once at the market price, without a window. What you get is the price at that moment, so you can take a profit early or cut a loss.

After the round ends, the position shows Settling until Orderly pays it out.

Your results

Position history lists every round you closed or held to the end. Hover the Net PnL to see its parts: the Realized PnL of the round and the Trading fee you paid (Net PnL = Realized PnL − Trading fee).

The share icon next to the PnL, in Positions and in Position history, opens a PnL card like the futures one: Up or Down, the round, your entry and exit or settlement price per share, and your result in USDC and as ROI on your stake. Download it or copy it to share.

Fees

Options have their own fee, charged on each fill when you open or close. The payout at the end is free.

options-fee

Fee = Shares × 3.000% × Up price × (1 − Up price) (taker)
Fee on your stake = 3.000% × (1 − your price) (taker)
Fee = 0 (maker, a limit order that waited in the book)

The 3.000% in the order panel is the most you can pay, shown as Max fees. The real fee is lower and depends on your price, the same way for Up and Down:

Your price	Fee per share	Fee on your stake
0.10	0.0027 USDC	2.700%
0.25	0.0056 USDC	2.250%
0.50	0.0075 USDC	1.500%
0.75	0.0056 USDC	0.750%
0.90	0.0027 USDC	0.300%

Per share the fee is highest near 0.50. On your stake it is higher the cheaper your shares are. VIP levels lower the futures fees, not the Options fee.

Sounds and messages

With Order sound on in the settings:

• Opening a round plays the entry sound.
• Closing before the end plays the win or the loss sound, depending on the result of that sale.
• At the end of a round you hold, the win or loss sound comes about 3 seconds after the end, with the message Round won or Round lost and the estimated result. It is worked out from your shares, your entry and the outcome, without fees. The payout a minute later plays nothing more.

Risk Controls

Your Risk Controls also work for Options: the same rules as futures, or a set of their own, plus a limit per round.

Sig² Points

Options trading counts for Sig² Points, next to futures.

Leaderboard

The Leaderboard has its own Options board: switch from Futures to Options to see the traders with the most Options volume or the highest realized PnL from their rounds.