> For the complete documentation index, see [llms.txt](https://docs.callput.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.callput.app/options-education/trading-options-on-callput.md).

# Trading options on callput

The earlier pages in this section explained option strategy design. This page connects that strategy education to the actual public Callput trading flow.

## QUICK ANSWER

* on Callput, traders discover live markets, submit requests, and then track those requests through an asynchronous lifecycle
* a successful transaction hash proves that a request was registered, not that a position was opened
* closing before expiry is a separate flow from post-expiry settlement
* strategy selection, collateral choice, request tracking, and operational constraints all need to be planned together

## HOW DO YOU ACTUALLY TRADE OPTIONS ON CALLPUT?

## What Callput is

Callput is an onchain options protocol and public product on Base.

This education path explains vanilla single-leg options for educational completeness. That does not mean the current public Callput trading surface should be assumed to support vanilla single-leg position opening.

The current public documentation scope is centered on:

* `BTC` and `ETH`
* live product access that must be verified before trading
* spread-oriented strategy selection and request-based execution mechanics

## What makes Callput different from many retail options surfaces

Callput is not documented as an instant-fill order-book venue for the public surface covered here.

Instead:

* you discover tradable markets from the public market feed
* you submit requests
* those requests are processed asynchronously
* resulting positions are closed through a separate close-request path or settled after expiry

This is the operational bridge every strategy trader must understand.

## Step 1. Start with the strategy, not the instrument list

Before opening the market feed, decide:

* bullish or bearish
* bounded or open-ended view
* willing to pay premium or collect it
* need for defined risk or open-ended convexity

That choice tells you whether you are looking for:

* `Buy Call`
* `Buy Put`
* `Sell Call`
* `Sell Put`
* `Buy Call Spread`
* `Sell Call Spread`
* `Buy Put Spread`
* `Sell Put Spread`

## Step 2. Discover the live market

Use the public market surface to discover:

* underlying
* expiry
* strike
* option side

For spreads, the market feed exposes legs rather than pre-packaged spread objects. The spread is formed from two legs with the same underlying and expiry.

For the live public scope, read [LIVE SCOPE AND MARKETS](/live-scope-and-markets.md).

## Step 3. Understand funding and collateral before entry

The trade idea is not enough. You must understand how the structure is funded or collateralized.

In the current public documentation:

* long calls, long puts, and long spreads are premium-funded
* `Sell Put` and short spreads are typically `USDC` collateralized
* `Sell Call` is backed by the underlying asset

Read the exact mapping in [INSTRUMENTS, STRATEGIES, AND COLLATERAL](/traders/instruments-strategies-and-collateral.md).

## Step 4. Treat displayed pricing as indicative, not final

This is a major product distinction.

Callput exposes market discovery and pricing information, but final execution still depends on the request-specific execution path.

In plain terms:

* a displayed market helps you choose a trade
* it does not guarantee a specific final execution result

For the user-facing explanation, read [PRICING AND EXECUTION](/traders/pricing-and-execution.md). For the deeper mechanism, read [PRICING MECHANICS](/traders/pricing-mechanism.md).

## Step 5. Submit the request and persist the request key

On Callput, a successful submission transaction means the request was registered. It does not automatically mean the position was opened.

That is why:

* request status matters
* `Pending`, `Executed`, and `Cancelled` matter
* the request key matters

`Cancelled` should not be treated as a generic user cancel button. It is an execution outcome in the request lifecycle.

This is one of the biggest differences between strategy education and venue-specific execution.

Read:

* [POSITION LIFECYCLE](/traders/position-lifecycle.md)
* [REQUEST LIFECYCLE REFERENCE](/developers/request-lifecycle-reference.md)

## Step 6. Know the difference between close and settlement

Options on Callput have two different post-entry paths.

### Close before expiry

If you want to exit before expiry, you submit a close request. This is not the same as instant liquidation.

### Settle after expiry

If the position remains open through expiry, the position moves into the settlement path handled by `SettleManager`.

The practical consequence is simple:

every trade plan should specify whether the expected outcome is:

* pre-expiry close
* expiry settlement

## Step 7. Respect the operational constraints

Strategy quality does not remove product constraints.

A trader on Callput should always account for:

* queue-based execution
* request outcomes that can be `Cancelled`
* fee rules
* deadline buffer rules near expiry
* the fact that new open or close requests are blocked inside the pre-expiry buffer
* the fact that the execution fee should not be assumed refundable

Those constraints should be treated as part of the trade design, not as afterthoughts.

## A practical workflow for educated Callput traders

Use this sequence:

1. define the market thesis
2. choose the structure
3. choose strike and expiry
4. evaluate premium, collateral, and max loss
5. discover the live instrument or legs
6. review indicative pricing
7. submit the request
8. track the request lifecycle
9. manage through close or settlement

This is the bridge from theory to actual execution.

## Where to go next

If you have finished this educational path, the next pages should be:

1. [INSTRUMENTS, STRATEGIES, AND COLLATERAL](/traders/instruments-strategies-and-collateral.md)
2. [PRICING AND EXECUTION](/traders/pricing-and-execution.md)
3. [PRICING MECHANICS](/traders/pricing-mechanism.md)
4. [POSITION LIFECYCLE](/traders/position-lifecycle.md)
5. [FEES, LIMITS, AND FAQ](/traders/fees-limits-and-faq.md)

## FREQUENTLY ASKED QUESTIONS

<details>

<summary>Is a transaction hash enough to prove my option was opened?</summary>

No. It proves the request was submitted. The request still needs to move through the execution path and resolve as `Executed` rather than `Cancelled`.

</details>

<details>

<summary>What does `Cancelled` mean on Callput?</summary>

It is a request outcome in the execution lifecycle. It should not be treated as a generic user-side cancel button.

</details>

<details>

<summary>Are spreads listed directly in the public feed?</summary>

No. The public feed exposes option legs. A spread is formed from two legs with the same underlying and expiry.

</details>

<details>

<summary>Can I ignore settlement if I plan to close before expiry?</summary>

No. Every trade should still define what happens if the position remains open into expiry, because close and settlement are separate flows.

</details>

<details>

<summary>Does the displayed market price guarantee my execution price?</summary>

No. Displayed pricing helps discovery. Final execution is request-specific.

</details>

## SEE ALSO

* [OPTIONS STRATEGY CHEAT SHEET](/options-education/options-strategy-cheat-sheet.md)
* [POSITION LIFECYCLE](/traders/position-lifecycle.md)
* [REQUEST LIFECYCLE REFERENCE](/developers/request-lifecycle-reference.md)
* [FEES, LIMITS, AND FAQ](/traders/fees-limits-and-faq.md)