No Gain, No Payin’ Contract

Item	Description
Products	Contingent Call Contingent Put
Payout Formula	Pick Strike Collateral : maximum desired downside Payout Formula: If reference price above strike Reference price - strike - collateral If reference price below strike 0, collateral gets returned
Underlying	WETH/USDC
Settlement Style	Cash or WETH
Exercise Style	European, auto-exercised
Premium Currency	USDC
Settlement Currency	USDC or WETH
Strike Currency	USDC
Collateral Currency	USDC
Collateral Amount	Trade Max Downside = Expected min upside ( Call ) | Expected min downside (Put)
Collateral Management	Fully collateralized, pre-funded
Multiplier	1
Reference Price	ITHACA Reference Fixing
Expiry Time	1st focal auction on relevant expiry Friday
Expiry Dates	( Ithaca Expiry )