Options Explainers (0→1)
Learn options by shapes, not jargon. Finish with a real, risk-defined trade on Hypercall.
Course Map
What You're Buying
Understand the contract itself: what an option is, how to read symbols, and the key difference between payoff and profit.
Why It Costs Money
Learn where option prices come from: time value, implied volatility, and how Greeks describe risk in four intuitive knobs.
How To Trade It
Put knowledge into practice: strategies, execution, Hypercall settlement, margin, and the mistakes to avoid.
What Makes Hypercall Different
Before you trade, understand these platform-specific rules:
| Feature | Hypercall Rule |
|---|---|
| Style | European-style (exercise at expiry only) |
| Settlement | Cash-settled (no asset delivery) |
| Expiry time | 08:00 UTC on expiry date |
| Settlement price | 30-minute TWAP ending at 08:00 UTC |
| Long options | Premium paid upfront, no margin required |
| Short options | Margin required, liquidation risk applies |
At expiry, trading stops immediately. Open orders are cancelled, and positions settle automatically based on intrinsic value using the TWAP price.
How To Use This Course
Each lesson follows a consistent structure:
- Core concept: The "one thing" you'll understand
- Key lines: Memorable phrases to anchor the idea
- Graphics: Visual diagrams designed for dark mode
- Common mistakes: What trips up beginners
- Self-check: 3 questions to test yourself
- Do it on Hypercall: A hands-on task using the API or app
Example: How self-check answers work
Each lesson has 3 self-check questions. Click to reveal answers:
💡 Tip: Try answering each question yourself before revealing the answer.
Prerequisites
- Wallet: A testnet wallet with some funds. See Testnet Faucet.
- API access (optional): For the "Do it on Hypercall" tasks. See API Trading.
- No prior options experience required.