Markets

No end date

There is no fixed end date. It stays open while its funding is paid, and you can close it any time.

A small funding each hour

While you hold it you pay funding every hour. It is paid from your funding balance. If that is empty, it comes out of the position's value.

Close any time

You get what the option is worth at that moment, less any funding owed and a small spread, plus what is left in your funding balance.

The most you can lose

What you paid plus any funding you add. The leverage comes from the option itself, not a loan, so there are no margin calls and no liquidation.

The target price is the option's strike. A perpetual option is priced as a weighted mix of ordinary options from one hour to many days out, with funding charged hourly over the funding period you pick (1, 3 or 7 days), and zero rates. A day of funding is the gap between the option's value and what it would pay out now, divided by the period in days: all of the gap on 1 day, a third on 3 days, a seventh on 7 days. The volatility is Deribit's implied volatility for SOL at the target price one funding period out where Deribit lists SOL options, and 30-day realized volatility from Phoenix SOL daily closes where it does not; the Volatility figure names its source. The price now is the Phoenix SOL perp mark. Break-even is for a holder who hedges delta. Run times assume the price does not move and leave out the close spread. When the funding balance is empty and a position's value after funding falls to 5% of what was paid, it closes on its own. Market makers will price their own quotes, so real prices differ.