Settlement happens on Robinhood Chain, where the stocks, the vaults and the settlement currency all live.
The three rules
- Cash legs settle in USDC.
- Physically settled contracts deliver the tokenized share in the same block as exercise. See Instant exercise.
- Position NFTs. Every open option is an NFT, so it can be transferred, sold or gifted before expiry. See Position NFTs.
Perpetuals
Perpetual options have no expiry.