Option spreads

The trading landing page quote box supports named option strategies (strategy picker with a payoff sketch). Each strategy changes which inputs appear and how the RFQ is built as one or more intents.

Shared on every strategy: amount (1× leg size), token (underlying), expiry (+ American/European), and settings (network, premium token).

What each spread is for

Single

A plain call or put. Use it when you have a clear directional view and want the simplest payoff: unlimited (or large) upside if you are right, with risk capped at the premium if you buy, or the reverse if you sell.

• Buy call: bullish; want upside with limited capital at risk.
• Buy put: bearish / hedge; profit if the underlying falls.
• Sell call / put: collect premium when you expect the move not to happen (or already hold the hedge elsewhere).

Capped

A same-type vertical (two strikes). Buying a capped call is long the lower strike and short the higher; buying a capped put is long the higher strike and short the lower. Max profit and max loss are both defined: cheaper than a naked option, with a hard cap on how much you can make.

• Buy capped call: bullish with a target zone; you give up upside above the high strike.
• Buy capped put: bearish with a floor; you give up extra profit below the low strike.
• Sell: flips both legs (credit vertical).

Straddle

Long call and long put at the same strike (usually ATM). Use it when you expect a big move but do not know the direction: earnings, governance votes, macro prints, listings.

• Buy: long volatility; profits if price runs far enough either way to cover both premiums.
• Sell: short volatility; profits if price stays near the strike through expiry (high risk if a large move hits).

Strangle

Same idea as a straddle, but the call and put use different OTM strikes. Cheaper than a straddle because both legs start out-of-the-money; you need a larger move to get paid.

Use it for the same “big event, unknown direction” view when you want a lower debit (or higher credit when short) and are willing to accept a wider break-even band.

Butterfly

Three strikes of the same type (all calls or all puts): long the wings, short 2× the body (when buying). Defined risk on both sides. Max profit if the underlying finishes near the middle strike.

Use it when you have a precise price target (or expect low realized vol around a level) and want a cheap, capped way to express that without the unlimited risk of a naked short option.

Condor

Four strikes of the same type: a wider butterfly. Long the outer wings, short the two inner strikes. Profit zone is a range between the inner strikes instead of a single point.

Use it when you expect the underlying to stay in a band (mean reversion / range trading) and want defined risk with a broader sweet spot than a butterfly.

Iron butterfly

Short an ATM straddle, hedged with long OTM put and call wings. Typically opened as a credit. Profit if price stays near the short strike; losses are capped by the wings.

Use it as a short-volatility / pin trade when you expect the market to sit near a level, but refuse naked short-straddle risk. Buying the iron butterfly is the debit (long-vol) mirror.

Iron condor

Short an OTM strangle, each side protected by a further OTM long. Credit trade with a wider profit range than an iron butterfly and usually a smaller credit.

Use it when you expect the underlying to chop inside a range and want defined-risk income. Common “set and manage” structure for range-bound markets.

Risk reversal

Long one side of the smile and short the other (bullish: long call + short put; bearish: long put + short call). Synthetic directional exposure: often near zero net premium.

Use it when you are strongly directional and willing to take short-option risk on the other side to finance the long. Also used to trade skew (rich put vs call premiums) without paying full outright premium.

Collar

Long put financed by a short call (classic collar), usually against a long underlying position. Caps upside in exchange for downside protection; often structured near zero cost.

Use it to hedge inventory or a long bag without paying full put premium: for example locking a floor under a treasury or LP position while selling a call at a level you are willing to exit.

Selling (or Short / Bearish) flips every leg’s buy/sell direction on any of the structures above.

Inputs by strategy

Strategy	Direction	Call / Put	Strike inputs	Legs (when buying / long / bullish)
Single	Buy / Sell	Yes	Strike	1 call or 1 put
Capped	Buy / Sell	Yes	Low, High	Call: long low + short high · Put: long high + short low
Straddle	Buy / Sell		Shared strike	Long call + long put @ same strike
Strangle	Buy / Sell		Put strike, Call strike	Long put + long call @ different strikes
Butterfly	Buy / Sell	Yes	Low, Mid, High	1× low long, 2× mid short, 1× high long (same type)
Condor	Buy / Sell	Yes	Outer low, Inner low, Inner high, Outer high	Long wings, short inners (same type)
Iron butterfly	Buy / Sell		Put wing, Body, Call wing	Long put wing + short ATM straddle + long call wing
Iron condor	Buy / Sell		Long put, Short put, Short call, Long call	Long wings + short inner strangle
Risk reversal	Bullish / Bearish		Put strike, Call strike	Bullish: long call + short put · Bearish: long put + short call
Collar	Long / Short		Put strike, Call strike	Long: long put + short call · Short: reverse

Strike ordering

Multi-strike strategies require ascending strikes:

Strategy	Order
Capped	Low < High
Strangle, risk reversal, collar	Put strike < Call strike
Butterfly	Low < Mid < High
Condor	Outer low < Inner low < Inner high < Outer high
Iron butterfly	Put wing < Body < Call wing
Iron condor	Long put < Short put < Short call < Long call

RFQ mapping

To post these from a script (no UI), use API-only option quotes. You send structure 0/1 per leg plus polarity; the API hashes the resulting directions with taker_address and referrer.

Quotes are still posted to POST /api/quote. Strategies expand into multiple intents on the same pair contract:

• Polarity: b_is_buy when buying the structure, a_is_buy when selling
• Structure: 0 follows polarity; 1 flips that leg (used for short legs inside a debit structure, and the reverse when selling)
• Amount: butterfly mid strike uses 2× the entered amount; all other legs use 1×

The trading UI posts package offers (packageOnly). The API stores every standard quote as package_only. See Fill options RFQ quotes.

If a single call or put gets no maker offers, the quote box can list it on the pair CLOB instead. Multi-leg spreads cannot use that fallback. Trading app.