# README Callput is an onchain options protocol and public product on Base. Users do not trade through an instant-fill order book. Instead, they submit requests, those requests are processed asynchronously by the execution layer, and positions are later closed through a separate close request flow or settled after expiry through `SettleManager`. This documentation is written so that traders, developers, and AI agents can understand the current mechanism and use the product safely. ## Why traders use Callput Callput is built for traders who want: * more capital-efficient BTC and ETH option exposure than outright spot positions * high effective leverage through premium-funded longs and defined-risk spreads * option pricing derived from IV, futures, spot, rates, and protocol-side risk adjustments For the full positioning page, read [WHY TRADE ON CALLPUT](https://docs.callput.app/start-here/why-trade-on-callput). ## OPTIONS EDUCATION If you are comfortable with crypto markets but want deeper option strategy training before using the product, first anchor on the live public scope, then follow the education path: 1. [LIVE SCOPE AND MARKETS](https://docs.callput.app/live-scope-and-markets) 2. [OPTIONS EDUCATION](https://docs.callput.app/options-education/readme) 3. [OPTIONS BASICS FOR CRYPTO TRADERS](https://docs.callput.app/options-education/options-basics-for-crypto-traders) 4. [CRYPTO OPTIONS CONTEXT](https://docs.callput.app/crypto-options-context) 5. [OPTION PAYOFFS, VALUE, AND THE GREEKS](https://docs.callput.app/options-education/option-payoffs-value-and-the-greeks) 6. [LONG OPTION STRATEGIES](https://docs.callput.app/options-education/long-option-strategies) 7. [SHORT OPTION STRATEGIES](https://docs.callput.app/options-education/short-option-strategies) 8. [VERTICAL SPREAD STRATEGIES](https://docs.callput.app/options-education/vertical-spread-strategies) 9. [OPTIONS STRATEGY CHEAT SHEET](https://docs.callput.app/options-education/options-strategy-cheat-sheet) 10. [CHOOSING STRIKES, EXPIRIES, AND TRADE PLANS](https://docs.callput.app/options-education/choosing-strikes-expiries-and-trade-plans) 11. [RISK MANAGEMENT AND COMMON MISTAKES](https://docs.callput.app/options-education/risk-management-and-common-mistakes) 12. [TRADING OPTIONS ON CALLPUT](https://docs.callput.app/options-education/trading-options-on-callput) ## Understand the three layers ### Protocol truth These are the rules enforced by the contracts. * positions are opened and closed through `PositionManager` * requests are tracked as `Pending`, `Cancelled`, or `Executed` * new open and close requests are blocked inside the pre-expiry deadline buffer * post-expiry settlement is handled separately through `SettleManager` ### Public product This is the public surface exposed to users today. As of March 25, 2026 (KST), the publicly verified market scope is Base BTC and ETH options. ### Integration surface This is how external builders interact with the system. * public market feed * frontend-facing market data * MCP or other agent wrappers * address bundles, ABIs, and indexed events ## What is live today For the detailed scope, read [LIVE SCOPE AND MARKETS](https://docs.callput.app/live-scope-and-markets). The short version is: * the currently verified public underlyings are `BTC` and `ETH` * trading is request-based and asynchronous * closing before expiry requires a separate close request * settlement after expiry uses `SettleManager` * LP documentation in this public package is centered on `sVault` ## Choose your path {% tabs %} {% tab title="Traders" %} 1. [WHY TRADE ON CALLPUT](https://docs.callput.app/start-here/why-trade-on-callput) 2. [LIVE SCOPE AND MARKETS](https://docs.callput.app/live-scope-and-markets) 3. [OPTIONS EDUCATION](https://docs.callput.app/options-education/readme) 4. [INSTRUMENTS, STRATEGIES, AND COLLATERAL](https://docs.callput.app/traders/instruments-strategies-and-collateral) 5. [PRICING AND EXECUTION](https://docs.callput.app/traders/pricing-and-execution) 6. [PRICING MECHANICS](https://docs.callput.app/traders/pricing-mechanism) 7. [POSITION LIFECYCLE](https://docs.callput.app/traders/position-lifecycle) 8. [FEES, LIMITS, AND FAQ](https://docs.callput.app/traders/fees-limits-and-faq) {% endtab %} {% tab title="Liquidity Providers" %} 1. [OLP OVERVIEW](https://docs.callput.app/liquidity-providers/olp-overview) 2. [VAULTS, RISK, AND EPOCH](https://docs.callput.app/liquidity-providers/vaults-risk-and-epoch) {% endtab %} {% tab title="Developers" %} 1. [PROTOCOL ARCHITECTURE](https://docs.callput.app/developers/protocol-architecture) 2. [CONTRACTS, ADDRESSES, AND DATA SOURCES](https://docs.callput.app/developers/contracts-addresses-and-data-sources) 3. [OPTION TOKEN ID AND STATE MACHINE](https://docs.callput.app/developers/option-token-id-and-state-machine) 4. [REQUEST LIFECYCLE REFERENCE](https://docs.callput.app/developers/request-lifecycle-reference) 5. [INTEGRATION GUIDE](https://docs.callput.app/developers/integration-guide) {% endtab %} {% tab title="AI Agent Builders" %} 1. [AGENT QUICKSTART](https://docs.callput.app/ai-agents/agent-quickstart) 2. [TRADING LOOP AND RECOVERY](https://docs.callput.app/ai-agents/trading-loop-and-recovery) 3. [OPTION TOKEN ID AND STATE MACHINE](https://docs.callput.app/developers/option-token-id-and-state-machine) 4. [REQUEST LIFECYCLE REFERENCE](https://docs.callput.app/developers/request-lifecycle-reference) {% endtab %} {% endtabs %} ## How Callput works At a high level: 1. a user discovers a tradable market from the public market feed 2. the user submits an open request to `PositionManager` 3. the request enters a queue instead of executing immediately 4. the execution layer marks the request `Executed` or `Cancelled` 5. if executed, the user receives an ERC-1155 option position token 6. before expiry, the user can submit a close request 7. after expiry, the user must use `SettleManager` The operational consequence is simple: a successful transaction hash only proves that a request was registered. It does not prove that a position was opened. ## Other languages * Chinese *