Options on real stocks · 17 markets live on Robinhood Chain
Saturn2022.
An option’s price hangs on one number: how much the stock moves. A chain has never had it, so onchain options have always imported someone else’s answer. It turns out the oracle knew all along. It only updates when the price has moved, so how often it speaks is how much the stock is moving.
Priced by no one.
An option that exists
nowhere else.
SpaceX is private. No exchange on earth lists an option on it. This chain carries the only tradable SpaceX exposure there is, and this contract prices a call on it, live, with no one quoting.
What SpaceX's price history says its volatility is
What the gaps between its oracle updates say, reading no prices
Market makers, quoters, or committees anywhere in the price path
Markets live on mainnet, one of them a company with no listed options
The premise
A Chainlink feed does not publish on a clock. It publishes when the price has moved about half a percent, and not before. So a feed that speaks every few minutes is watching something that will not sit still. SpaceX’s updated every 38 minutes on the day this was written. That spacing says 70% a year. Its own price history says 69%. Nobody told the contract SpaceX was volatile; it counted timestamps.
Quoted
vs computed.
Onchain options usually move the hard part off chain: someone runs a pricing server and the chain settles their answers. Here the pricing is the contract, so there is no answer to take on trust.
Seventeen markets.
One ordering.
The ordering is the argument. Nobody told the contract which stocks are calm and which are wild; that structure fell out of counting feed timestamps, and it matches what listed options markets charge.
The index sits at the bottom
A basket shakes less than anything in it. The estimator was never told which feed is an index; the timestamps said so.
- SPY24.3%
Big tech in the forties
The calm names cluster together, without a single price being read.
Nothing to watch.
Nothing to race.
Full collateral
0 liquidationsWriting a call escrows the whole share. There is no margin to watch, no liquidation engine to race, and no undercollateralized state the market can be forced into. A written option is always good for exactly what it promises.
Settlement is pinned
1 roundThe only feed read that moves money is settlement, and it reads the round that covered expiry rather than the price at call time. Waiting cannot improve it, a closed weekend cannot break it, and forcing it means moving Chainlink itself rather than the thin pool next door.
Listing binds the pair
17 bindingsA market is a stock bound to its feed and to that feed's own measured publish threshold. Listing is held by the deployer because a wrong binding prices one company's options off another's chart; everything after listing is permissionless.
A price is never negative
0 underflowsDeep out of the money, the two Black-Scholes terms cancel to within rounding. The price clamps at zero, and put-call parity is fuzzed rather than assumed.
Checked against
the prices themselves.
The honest test is not against a quoted options market, which prices the future and charges for the risk. It is against the volatility of the very same rounds. The estimator that looks correct for irregular samples, weighting each move by its own gap, was off by more than double on seventeen of eighteen feeds, because a deviation feed samples when the price moves and that weighting amplifies exactly those moments.
Someone has to
write them.
Writing a call means locking a whole share, so a market can price seventeen assets perfectly and still have nothing to sell. The vaults pool deposits instead: shares go in together, calls are written against the pool, and premiums come back in proportion to what each person put in.
sSPCX
SPCX covered calls0xc79Aa3ac7E… Live and empty. Nothing is deposited until someone deposits it.
sNVDA
NVDA covered calls0x379203E346… Live and empty. Nothing is deposited until someone deposits it.
sTSLA
TSLA covered calls0xf04a8f4D8D… Live and empty. Nothing is deposited until someone deposits it.
sAAPL
AAPL covered calls0x0c2bcFcC8A… Live and empty. Nothing is deposited until someone deposits it.
sMSFT
MSFT covered calls0x3920B88521… Live and empty. Nothing is deposited until someone deposits it.
sMETA
META covered calls0xC733DC6fE3… Live and empty. Nothing is deposited until someone deposits it.
sGOOGL
GOOGL covered calls0x74B7bd959E… Live and empty. Nothing is deposited until someone deposits it.
sAMZN
AMZN covered calls0x0C7287cC20… Live and empty. Nothing is deposited until someone deposits it.
sMU
MU covered calls0x917265B4Db… Live and empty. Nothing is deposited until someone deposits it.
sPLTR
PLTR covered calls0xE43f603b67… Live and empty. Nothing is deposited until someone deposits it.
sAMD
AMD covered calls0x7699a03c49… Live and empty. Nothing is deposited until someone deposits it.
sINTC
INTC covered calls0x089B8B8bC4… Live and empty. Nothing is deposited until someone deposits it.
sORCL
ORCL covered calls0x8c4E83bE14… Live and empty. Nothing is deposited until someone deposits it.
sSNDK
SNDK covered calls0xfB0030C212… Live and empty. Nothing is deposited until someone deposits it.
sCRWV
CRWV covered calls0x2db893D23b… Live and empty. Nothing is deposited until someone deposits it.
sUSAR
USAR covered calls0x059938c5f0… Live and empty. Nothing is deposited until someone deposits it.
sSPY
SPY covered calls0x4E7f659537… Live and empty. Nothing is deposited until someone deposits it.
Three pieces.
All public.
None of this is new infrastructure. The market is the part that lets what the chain already carries price an option, with nothing added in between.
Robinhood Chain
The only chain with real stocksTokenized equities with live feeds, tradable around the clock. The underlying this market prices exists here and nowhere else, SpaceX included.
Chainlink
One feed, two readingsThe feed’s answer is the spot. The feed’s timestamps are the volatility. Both were already on chain; nobody had read the second one.
Black-Scholes
1973, in fixed pointExp, ln, sqrt and the normal CDF, built in 1e18 arithmetic and checked against double-precision references. The arithmetic costs 45,747 gas, and the 290-round walk behind the volatility about nine cents more, paid only when someone buys.
Asked, and
answered.
Who sets the price?
Nobody. Spot is the stock’s Chainlink feed. Volatility is derived from how often that feed updates, which is public and countable. The premium is Black-Scholes computed on chain from those two inputs at the moment of purchase. There is no server to trust and no quote to take: the price path is a view function anyone can call.
How can a chain know volatility?
These feeds publish on deviation: a new round appears when the price has moved a fixed step, about half a percent, and not before. So the gaps between updates carry the volatility. A random walk crosses a barrier of width d in d²/σ² expected time; invert that, and counting timestamps gives σ. Run against nine live feeds it puts the index at 10%, big tech near 20% and the wild names above 40%, the same ordering listed options imply, without reading a single price.
Is this the Mango attack waiting to happen?
That attack pushed a thin market an oracle was reading. Here the pools are never read. The one feed read that moves money is settlement, and it reads Chainlink, which publishes off venues an attacker cannot move with a thin-pool trade. We measured the local pools anyway: pushing the SpaceX pool one percent costs about $291, which is exactly why nothing here reads it.
What if the writer walks away?
They cannot take anything with them. Writing a call escrows the whole share in the contract, so there is no margin call to miss and no liquidation to race. At expiry anyone can settle: the buyer’s share of the escrow is paid out at the feed price and the writer gets the rest, whether or not either of them shows up.
Why does the SpaceX option matter?
SpaceX is private, so no exchange anywhere lists an option on it. The only tradable SpaceX exposure on earth is the tokenized stock on this chain, and this market prices calls on it. The first one came out at $2.02 for thirty days, ten percent out of the money. Whatever that number should be, it now exists and can be argued with, which was never true before.
What is honestly unsolved?
Seller liquidity. Every options market lives or dies on people willing to write, and a computed premium does not conjure them. Writing also currently means one whole share per contract, a ticket between $140 and $930. Both are the next work, and neither is hidden.
Get started
Read the
board.
Seventeen live markets, quoted by a view function. Pick a strike and a tenor and the chain answers with the premium. No account, no key, nothing sent anywhere.