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Buying protection means purchasing an exchange right for a chosen amount in a particular series. You pay the premium at purchase. You receive the collateral token only if you later exercise the right and provide the exercise payment. Complete Getting started first so the correct wallet, buyer approval and premium token are ready.

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Review the market and amount

Select the exact token pair, strike rate and expiry that fit your requirement. Enter the amount of the token you want the right to receive. For a 100,000 USDC position, the covered amount is 100,000 USDC, not the amount of cNGN you would pay when exercising. Each purchase must meet the series’ minimum amount. The chosen amount must also fit within available writer liquidity and the series’ remaining purchase capacity. Review the total premium for your amount. A percentage displayed for a small offer may not be the premium available for the whole purchase.

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Understand how offers are filled

The protocol uses the lowest eligible premium offers first. When several offers have the same premium, earlier offers are filled first. A single purchase can draw on several writers, so its average premium can change with its size. For example, consider these illustrative offers within one series: Both offers have the same strike and expiry. The buyer receives 100,000 USDC of rights and pays 1,400 USDC in total premium. Token precision and valid offer-size rules also apply to actual transactions.

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Set the purchase protections

Every purchase includes two protections:
  • Maximum total premium: the most premium you authorise for the complete purchase, in the premium token. The transaction fails if filling your amount would cost more.
  • Purchase deadline: the latest permitted execution time for that purchase request. This is separate from the option’s expiry.
The premium estimate can change while a transaction is pending because other participants may buy or cancel offers. Review the permitted maximum rather than treating an earlier estimate as a guaranteed price. A lower successful premium is charged at its actual amount.

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Approve, purchase and confirm

  1. Review the tokens, amount, fixed exchange rate, exact expiry, premium estimate and permitted maximum.
  2. Approve the required premium-token spending if the wallet requests it.
  3. Confirm the purchase transaction and its network cost.
  4. Wait for confirmation, then verify the purchased position and actual premium paid.
An approval confirmation alone does not mean you own an option. A submitted purchase is also not a completed purchase. Confirm its final transaction status before relying on the position.

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If the purchase fails

A purchase fills the complete requested amount in one transaction or fails as a whole. It does not leave part of the option purchased or a buyer order waiting for future liquidity. A failed purchase does not retain the premium transfer, although a transaction that executes unsuccessfully on the network can still incur a network fee. Possible causes include insufficient eligible liquidity, a premium above your maximum, an elapsed deadline, a paused or expired market, inadequate funds or approval, and offer-size constraints. A complex transaction involving many offers may also exceed execution limits. Refresh the market and inspect the reason before submitting again. Do not assume that a smaller number of visible offers guarantees success or that increasing the maximum premium resolves every failure.

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After purchase

Your option stays with the purchasing wallet and cannot be transferred or resold. The premium is spent, and using the option remains your responsibility. Continue to Exercising and expiry to understand partial exercise, payment requirements and the deadline.