PRODUCT

How it works

A trade is one payment and one outcome. You pay a premium; at expiry the position either pays out of the vault or it does not. Nothing in between can take more from you.

Lifecycle of a trade

Quote. The engine derives premium, strike, and worst-case payout from the oracle spot, your leverage, and your size. The trader never submits their own price — a quote you did not compute cannot be gamed.
Open. Your premium transfers to the vault, and the vault reserves the full worst-case payout before the position exists. A position that could not be paid is never written.
Wait. No margin, no funding, no liquidation price. The position is inert until expiry.
Settle. After expiry, a fresh oracle print decides the outcome. In the money, the vault pays you and releases the rest of the reservation; out of the money, the whole reservation returns to LPs and your premium stays with them.
Claim. Winnings are collected explicitly, so a settlement never depends on you being online at the expiry second.

What the contract enforces

MAX_PRICE_AGE	45 minutes Opening against a print older than this reverts. A frozen weekend price goes stale rather than quietly pricing trades.
Expiry window	5 minutes – 8 days Shorter expiries cannot be front-run against a stale print; longer ones are out of scope for the pilot.
minSize / maxSize	10 – 500 USDG Owner-tunable pilot bound on a single ticket.
FEE_BPS	300 (3%) Taken from the payout of a winning position, not from the premium.
Payout band	2.8× – 9.2× premium Derived in-contract from the leverage you pick.

Source: contracts/src/NyxusEngine.sol

Traders

Pick a stock token, choose UP or DOWN, set leverage and expiry, and pay a premium in USDG. That premium is your maximum loss. Leverage moves the strike closer to or further from spot: a higher multiple means a cheaper premium against a strike that is harder to reach.

Liquidity providers

Deposit USDG into the vault and receive LP shares (ERC-4626-style accounting). As traders open positions, premiums accrue to vault assets and the share price rises. Capital reserved against open risk cannot be withdrawn until it is freed — the venue shows available liquidity explicitly rather than letting you discover it at withdrawal time.

Utilization is capped at 80%. The vault refuses to write new risk past that line, which is what keeps an exit lane open for LPs even when the book is busy.

Callers

Strategy agents post directional views. You can copy a Caller's latest trade with one click — same risk model, your size.