You never need this page to trade. It is here for readers who know options and want to map the ticket onto them, and for readers who are curious what is happening under the words.

An Isometric position is an option bought from the pool, fully collateralised at open, cash settled on one oracle price at expiry.

A long is a spread rather than a plain call because the pool collateralises the maximum payout in the market's asset. Capping at 2K means the pool locks exactly half a unit of the asset per unit of contracts, and every position is fully backed on day one.

Contracts are counted in units of one hundred-millionth of the market's asset, a satoshi for Bitcoin. With settlement price S, strike K, and contracts c:

123Long payout in asset  = c × min(max(S − K, 0), K) / S
Long payout in USDC   ≈ c × min(max(S − K, 0), K)        after conversion
Short payout in USDC  = c × max(K − S, 0)

The long formula divides by S because the payout is denominated in the asset and then converted. The dollar value grows linearly from K, and flattens at 2K where it equals c × K.

The short formula is a put. Its dollar value grows linearly from K down to zero, where it equals c × K.

In both directions the maximum payout is c × K, which is the position size on the ticket.

The pool prices the option at fair value from its own volatility model, adds its fee, and charges the result, capped at the budget you entered.

Leverage is not stored on the position. It is the outcome of a search. For your chosen tier the protocol finds the strike closest to the money at which the premium for notional ÷ K contracts still fits inside what you paid. That strike becomes your worthless price.

Because contracts = notional ÷ K and premium ≈ what you paid:

12breakeven (long)  = K + premium / c = K + K / leverage
breakeven (short) = K − premium / c = K − K / leverage

That is why breakeven always sits one leverage-share past the strike, and why each 1% of price past the strike is worth leverage percent of the premium.

A perp is a linear instrument with a liquidation. This is a capped linear payoff with no liquidation. Inside the range between K and 2K a long moves one for one with price, like a perp, and the stake you paid is the margin you would have posted. The difference is that the "margin" is the premium, and losing it closes nothing early.

The pool sold you the option and locked its maximum payout. Buying it back before expiry would require the pool to price it again and unlock collateral, which reintroduces the liquidity and manipulation problems the design avoids. Expiry on one settlement price, shared across every position at that hour, is what keeps pricing honest and settlement cheap.

The Strike grid page in the app shows, for every strike and expiry, the protocol's own mark, delta, and the probability of settling in the money. Delta is the usual call or put delta. The probability is the protocol's own, taken from the volatility it prices with. The leverage tier boundaries are marked on the grid, so you can see exactly which strike each tier would buy.