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Cash-secured put

The vault sells puts backed by your USDC and takes delivery of the share if assigned.

1 minUpdated

A cash-secured put sells someone the right to sell you a share at the strike. You collect premium now. If the price closes below the strike, you buy the share at the strike, with the cash you already set aside.

Put strikeBreakevenProfitLoss0Price at expiry →Put strikeBreakevenProfitLoss0Price at expiry →
Payoff at expiry of one written put, secured by strike × size in USDC.
Written put

What the vault does

  • Holds your USDC. Collateral for each written put is strike × size in USDC, reserved in full.
  • Sells puts and streams the premium to you per second.
  • Takes delivery of the share if assigned, so you end up holding the tokenized stock.
  • Chooses strikes and expiries from on-chain rules published per vault, fixed for each epoch.

Outcomes at expiry

Price at expiryWhat happens
Above the strikeThe put expires. You keep your USDC and all premium streamed.
Below the strikeThe put is assigned. Your USDC buys the share at the strike, and you keep the premium.