Protocol parameters
The protocol has two kinds of numbers. Fixed values live in the contract code and cannot change without a new deployment. Configurable values can be adjusted by governance, and every one of them is bounded by a ceiling that is itself fixed in the code.
Fixed
| Parameter | Value |
| Terms | 1, 3, 7, and 30 days |
| Leverage tiers | 5x, 10x, 25x, 50x, 100x |
| Settlement schedule | Whole-hour marks on a fixed cadence for each term |
| Long payout cap | Twice the strike |
| Strike grid | A fixed grid, spaced evenly in percentage terms |
| Payout batch size | A fixed number of positions per payout transaction |
| Volatility margin, skew, and bounds | Set in the code of the pricing module |
Configurable
| Parameter | What it controls |
| Utilisation cap | How much of a pool can be locked against open positions at once |
| Position, strike, expiry, and hourly limits | How much of a pool one position, one price, or one settlement hour can take |
| Minimum position | The smallest trade the protocol accepts |
| Minimum premium | The smallest premium the protocol accepts, relative to position size |
| Entry spread | How far the opening price is nudged against the trader |
| Busy-pool adjustment | How far a busy pool moves the trader's target |
| Fee and treasury share | What Isometric keeps of the premium |
| Volatility sample age | How stale a sample can be before quoting stops |
Every value in force is public state on Base. The app reads them directly, and the reasons on the confirm button, such as Exceeds current risk limits, come from the same checks the contract runs. Where this page and the chain disagree, the chain is right.
The share limits are checked with rounding against the trader, so a position exactly at a limit passes and one a hair over fails.
How a change happens
Risk and pricing live in replaceable modules. Governance can propose a new module, and it takes effect only after a 48-hour delay, during which the change is visible on chain. Replacing the pricing module replaces how volatility becomes a price, so the ceilings above do not constrain it; the delay and the on-chain record are the check. The market can also be paused, which stops new positions without touching open ones, and wound down, which is permanent.
Nothing in governance can move depositor funds, alter an open position, change a recorded settlement price, or take a funded payout. Those are outside its reach by construction.