FAQ

What is a call here?

The right to the rise of one share above a strike, at the 4 pm price today. If NVDAx ends at $218.04 and your strike is $216.00, each call pays $2.04 worth of NVDAx. If it ends at or under $216.00, it pays nothing.

Why does it end today?

Because the holders are paid every day, and nothing is left open overnight or over a weekend. Every day starts with an empty book and a fresh set of strikes.

Where does the premium go?

To everyone holding vault shares when the calls were sold, in proportion to their shares, claimable in USDC after the close.

Can the vault lose more than its shares?

No. It only sells calls it can cover from shares it holds. Its worst day is giving up the rise above the strikes it sold.

What is "the 4 pm price"?

The price the xStock actually traded at into the bell: the mean price of its Raydium pool against USDC over the 15 minutes before 4:00:00 pm New York time, read by the program from the pool's own on-chain price history. No oracle, no key, nobody to ask. It is NVDAx's price, not Nasdaq's print; on a weekday afternoon the two track within a few tenths of a percent.

What if no price arrives?

Then nobody can settle the day with a different one. If nobody settles within the hour, anyone can cancel the day and every buyer is refunded in full, premium and fee.

What happens on weekends and holidays?

Nothing. There is no session, so no day can be listed. On early-close days the bell is at 1 pm.

Can I withdraw during the day?

No. Deposits and withdrawals open again once the day settles, so every holder who backed the calls carries them to the close.

Where does the fee go?

All of it buys TAPER on the open market and burns it, through a crank anyone can call.

Is there a token?

Not yet. No contract address is published before launch.