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User Guide
A guide on how to bid in an auction for FLEX option contracts and mange your bids.
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  1. 1.
    Viewing Auctions: The Auctions table shows all the active auctions that you can view and place bids on. Simply click the auction to select, this will then allow you to view the auction and place bids. Auction Table Field Definitions:
    • Counterparty: This is the party auctioning off the options contracts.
    • Direction: This is the direction that the counterparty is trading - for example if it is sell - they are selling the option contracts. You would be buying if you were to bid.
    • Underlying: The asset referenced by the oracle.
    • Bid Currency: The currency in which bids are being submitted.
    • Instrument: The option type being auctions - either a Call or a Put.
    • Type: The type of option contracts- either European or American.
    • Strike: The strike price of the option at which the contract can be exercised.
    • Option Expiry: The time at which the option contract expires.
    • Option Quantity: The number of option contracts being auctioned.
    • Multiplier: The number of underlying asset represented by each option contract.
    • Size in Underlying: Is the total size of underlying exposure given the whole order.
    • Settlement Method: The method in which settlement occurs when exercised - physical or cash.
    • Settlement Currency: The currency that will be transferred on settlement.
    • Bid Time Remaining: Is a countdown of how much time is left to place bids on an auction. Note when an auction moves to its cooldown period - this column will display "Cooldown".
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Zeta's Auction Modal
2. Placing Bids Once you have selected an auction the bidding panel on the right hand side of the screen will be populated. You will then be able to see the auction details, the current orderbook and be able to place bids. To place a bid simply enter the total premium you are willing to pay for the entire order and click "Buy". The figures below this will also show you the price per option contract and underlying. Note you can only place bids for the full size of the auction, and you can only have 1 active bid per auction.
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3. Viewing and managing Open Bids There are 2 main actions you can take in the open bids sections:
  1. 1.
    Cancelling Open Bids - for an active auction that you have bid for you can cancel your bid in the case you wish to withdraw or submit a new bid.
  2. 2.
    Cancelling Expired Bids: If you lose an auction, your bid will remain in the "Open Bids" section. You will have to manually go and cancel this lost bid to claim back your capital.
Open Bids Table Field Definitions:
  • Direction: This is the direction that the counterparty is trading - for example if it is sell - they are selling the option contracts. You would be buying if you were to bid.
  • Underlying: Is the asset on which options are being sold.
  • Bid Currency: The currency in which bids are being submitted.
  • Total Premium Paid: Is the total premium you paid in your bid for the auctions.
  • Premium Per Underlying: Is the amount of premium paid per underlying token/currency according to your bid.
  • Type: The type of option contracts- either European or American.
  • Instrument: The option type being auctions - either a Call or a Put.
  • Strike: The strike price of the option at which the contract can be exercised.
  • Option Quantity: The number of option contracts being auctioned.
  • Multiplier: The number of underlying asset represented by each option contract.
  • Size in Underlying: Is the total size of underlying exposure given the whole order.
  • Counterparty: This is the party auctioning off the options contracts.
  • Option Expiry: The time at which the option contract expires.
  • Settlement Method: The method in which settlement occurs when exercised - physical or cash.
  • Settlement Currency: The currency that will be transferred on settlement.
  • Bid Time Remaining: Is a countdown of how much time is left to place bids on an auction. Note when an auction moves to its cooldown period - this column will display "Cooldown".
  • Best Bid: Is the current leading bid for this Auction (where the bid amount is the premium is for the whole size).
Zeta's Open Bid Management Tab
4. Viewing Positions: There are no actions that can be taken when viewing you positions - this section is to view the FLEX options that are currently in your connected wallet. Positions Table Field Definitions:
  • Direction: This is the direction that the counterparty is trading - for example if it is sell - they are selling the option contracts. You would be buying if you were to bid.
  • Underlying: Is the asset on which options are being sold.
  • Bid Currency: The currency in which bids are being submitted.
  • Total Premium Paid: Is the total premium you paid in your bid for the auctions.
  • Premium Per Underlying: Is the amount of premium paid per underlying token/currency according to your bid.
  • Type: The type of option contracts- either European or American.
  • Instrument: The option type being auctions - either a Call or a Put.
  • Strike: The strike price of the option at which the contract can be exercised.
  • Option Quantity: The number of option contracts being auctioned.
  • Multiplier: The number of underlying asset represented by each option contract.
  • Size in Underlying: Is the total size of underlying exposure given the whole order.
  • Counterparty: This is the party auctioning off the options contracts.
  • Option Expiry: The time at which the option contract expires.
  • Settlement Method: The method in which settlement occurs when exercised - physical or cash.
  • Settlement Currency: The currency that will be transferred on settlement.
Zeta's Position Management Interface
5. Managing Expired Positions When a position expired you will be able to see it in the "Expired" table. This table will show all your expired options contracts. You may use this section to exercise your options and claim your funds on exercise. Note: You will need to exercise options with 0 Profit too in order for it to disappear form this table.
Expired Table Field Definitions:
  • Direction: This is the direction that the counterparty is trading - for example if it is sell - they are selling the option contracts. You would be buying if you were to bid.
  • Underlying: Is the asset on which options are being sold.
  • Bid Currency: The currency in which bids are being submitted.
  • Total Premium Paid: Is the total premium you paid in your bid for the auctions.
  • Premium Per Underlying: Is the amount of premium paid per underlying token/currency according to your bid.
  • Type: The type of option contracts- either European or American.
  • Instrument: The option type being auctions - either a Call or a Put.
  • Strike: The strike price of the option at which the contract can be exercised.
  • Option Quantity: The number of option contracts being auctioned.
  • Multiplier: The number of underlying asset represented by each option contract.
  • Size in Underlying: Is the total size of underlying exposure given the whole order.
  • Counterparty: This is the party auctioning off the options contracts.
  • Option Expiry: The time at which the option contract expires.
  • Settlement Method: The method in which settlement occurs when exercised - physical or cash.
  • Settlement Currency: The currency that will be transferred on settlement.
  • Settlement Price: The settlement price used to settle the option contract.
Zeta's Expired Position Interface
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