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, slippage).

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).

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
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
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.

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 currently requests leg-by-leg offers (legByLegOnly). Makers can still price each intent or a package premium when the quote allows it. 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.