README

Callput onchain options documentation, live market scope, and request-based trading mechanics.

Callput documentation

Callput is an onchain options protocol on Base. Live markets include BTC and ETH options, plus feed-listed synthetic stock and ETF option markets. Trading is request-based and asynchronous. Check the canonical feed before every trade, then track requests through PositionManager or settle expired positions 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.

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

2. OPTIONS EDUCATION

3. OPTIONS BASICS FOR CRYPTO TRADERS

4. CRYPTO OPTIONS CONTEXT

5. OPTION PAYOFFS, VALUE, AND THE GREEKS

6. LONG OPTION STRATEGIES

7. SHORT OPTION STRATEGIES

8. VERTICAL SPREAD STRATEGIES

9. OPTIONS STRATEGY CHEAT SHEET

10. CHOOSING STRIKES, EXPIRIES, AND TRADE PLANS

11. RISK MANAGEMENT AND COMMON MISTAKES

12. 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 August 3, 2026 (KST), live crypto markets are BTC and ETH. Synthetic TSLA, QQQ, SPY, EWY, NVDA, COIN, SKHY, SPCX, and MU markets are available only when the canonical feed lists active expiries and option rows.

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. The short version is:

• live crypto markets are BTC and ETH

• synthetic stock and ETF availability is feed-driven

• 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

Traders

1. WHY TRADE ON CALLPUT

2. LIVE SCOPE AND MARKETS

3. OPTIONS EDUCATION

4. INSTRUMENTS, STRATEGIES, AND COLLATERAL

5. PRICING AND EXECUTION

6. PRICING MECHANICS

7. POSITION LIFECYCLE

8. FEES, LIMITS, AND FAQ

Liquidity Providers

1. OLP OVERVIEW

2. VAULTS, RISK, AND EPOCH

Developers

1. PROTOCOL ARCHITECTURE

2. CONTRACTS, ADDRESSES, AND DATA SOURCES

3. OPTION TOKEN ID AND STATE MACHINE

4. REQUEST LIFECYCLE REFERENCE

5. INTEGRATION GUIDE

AI Agent Builders

1. AGENT QUICKSTART

2. TRADING LOOP AND RECOVERY

3. OPTION TOKEN ID AND STATE MACHINE

4. REQUEST LIFECYCLE REFERENCE

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

  • https://docs.callput.app/cn