Options markets on Premarket let you trade price ranges of an underlying asset over a defined time period. Rather than predicting a single direction, you are trading whether an asset will land within a specific price band at expiry.
> **Example:** ETH between $2,400 and $2,500 by expiry.
## Live Markets
The following options markets are currently live, all on MegaETH and paired against USDM:
| Market | Underlying | Type |
| ---------------- | ------------------ | ------------------ |
| BTC/USD Spreads | Bitcoin | Call and put bands |
| ETH/USD Spreads | Ether | Call and put bands |
| MEGA/USD Spreads | MEGA token | Call and put bands |
| XAU/USD | Gold (per ounce) | Call and put bands |
| XAG/USD | Silver (per ounce) | Call and put bands |
| CL/USD | Crude oil | Call and put bands |
Each market lists weekly expiries with multiple strike bands on both the call and put side.
## How Options Are Structured
Each option represents a price band. You are not buying the asset itself. You are buying a conditional payout token that pays out if the asset settles within your chosen range at expiry. Each band is an independent tradable instrument with its own orderbook and price.
## Minting a Position
Mint showing band selection and collateral input
To open a position in an options market you first mint PRM and oPRM tokens. Select the band you want to trade and click Mint. You deposit USDM as collateral and receive two tokens in return.
| Token | Role |
| ----- | ------------------------------------------------------------------------------- |
| PRM | Write position token. Represents your collateral claim. |
| oPRM | Outcome token. Represents your directional position. Tradable on the orderbook. |
Most users buy oPRM directly from the orderbook without minting. Minting is the path for users who want to write a position (provide the option and collect the premium).
## Trading on the Orderbook
Order Book
Once minted, you can sell your oPRM tokens on the orderbook via a limit order. Other users can then buy those tokens using USDM. Before placing a market order, check the orderbook to confirm there are active bids at your target price.
**Lifecycle:**
* **Mint:** deposit USDM as collateral. Receive PRM and oPRM tokens.
* **Sell:** list your oPRM tokens on the orderbook at your chosen price.
* **Buy:** purchase oPRM tokens from the orderbook using USDM.
* **Unwind:** return equal amounts of PRM and oPRM to recover your full collateral before expiry. Any profit or loss from trading oPRM along the way is separate.
## Settlement
Positions are auto expired and auto exercised at expiry. You do not need to take any manual action.
{% hint style="success" %}
If your band is in the money at expiry, the oPRM token holder receives the payout automatically. If it is out of the money, the oPRM expires worthless and the PRM token holder recovers their collateral.
{% endhint %}
## Fees
Options market fees: 0.15% maker, 0.40% taker.
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