Placing an Order

Discover how to place an order on DeVol, as well as the different order types.

Buy or sell orders can be placed up to 30 minutes before the expiration time. Trades are disallowed during this last 30 minute window (to prevent price manipulation).

Traders can choose to buy and sell from 95 strikes for each trading pair in an expiration. Orders can be placed on the Options Order Manager by clicking on the strike and selecting to buy/sell a call/put. A single order can contain up to 4 legs. Price is displayed for each strike (either as a % of the strike or as a $ amount).

The interface displays, for example for the BTC/USDC trading pair:

Total USDC	Total base currency (USDC) in the DeVol Trading account.
Avail. USDC	Total available base currency (USDC) in the DeVol Trading account. The difference between Total USDC and Avail. USDC is any locked collateral associated with previous existing unsettled short positions, if any.
Collateral	Traders selling options post collateral at the time an order is placed. This is the maximum option payoff, locked on their DeVol trading account and released after settlement.
Fees	Total trading fees (0.03% of the notional value of the trade) charged by the platform.
Cost	Net total cost (premia) associated with the order, including the cost impact.
Cost Impact	Deviation (or slippage) from estimated cost as a result of the size of the order relative to the total amount of trades in the expiration. In general, the higher the size of the order, the higher the price impact.
Cashflow	Cost + fees + collateral

After clicking on "Build Order", the order can be finalized in the Order Confirmation Window. Two types of orders can be placed, a Market Order and a Modified Limit order.

Market Order: By default, an order is a market order, unless a Maximum Cost is set. A Market Order ensures the order execution but does not guarantee a specified price. A trader will buy or sell an option at the final price determined by the DeVol Protocol. The final price of the market order can be different from the estimated cost if other orders (from other traders) are placed in the system after the estimated cost was initially computed and displayed.

Modified Limit Order: By using the “Max Cost Diff” button in the Order Confirmation Window, you can set the maximum amount you are willing to add to your cost. This ensures your cost does not exceed the maximum cost you set in the Order Confirmation Window. A Modified Limit order can either be executed at the final price, or rejected if the final price is higher than the maximum cost that has been set. Because an order book is not used, traditional limit orders do not exist on DeVol.

Market Order	By default, an order is a market order, unless a Maximum Cost is set.
Modified Limit Order	A modified limit order can be placed by switching on the “Max Cost Diff” button and setting a maximum cost.
Minimal Order Size	For BTC: 0.01 (underlier is 1 BTC) For ETH: 0.1 (underlier is 1 ETH) For SOL: 1 (underlier is 1 SOL)
Maximum Order Size	The notional value of each trade cannot exceed 2.5% of the size of the Liquidity Pool.
Closing Positions	Any position can be closed before expiry. However, if the blockchain (Solana bridging into Polygon) is down, it may not be possible to close a position before expiry, and a trader would have to wait until expiration for final settlement.

Note that if the Blockchain is down (Solana with Polygon bridge), it may not be possible to trade.