Docs

Trading

Perpetual options

Calls and puts with no expiry. The buyer pays a continuous funding rate to the writer instead of rolling.

1 minUpdated

A perpetual option is a call or a put with no expiry. Instead of rolling contracts every expiry, the buyer pays a continuous funding rate to the writer.

StrikeBreakevenProfitLoss0Price at expiry →StrikeBreakevenProfitLoss0Price at expiry →
The shape of a call at any moment: loss capped at what you've paid, upside above the strike.
Bought call

How it works

  • Funding instead of rollovers. The buyer pays a continuous funding rate to the writer.
  • Rate from value. The rate is derived from the option's value relative to its intrinsic value.
  • Fully collateralized. The writer's side stays fully collateralized throughout.

Why it streams natively

For a dated option, Pulsar streams premium by accounting for it per second. For a perpetual, the premium is a continuous funding stream, so the stream is native rather than accounted.

Holding a view without rolling

Pros can hold a view for as long as they want without the cost and timing risk of rolling at every expiry.