> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/ithaca-app/trading/stories/bonus-or-twin-win.md).

# Bonus | Twin-Win

## Bonus Overview

Pay a premium to be long the underlying while protecting downside up to a barrier below the strike. 

In the case of bonus order, the protection consists of being protected at the reference price level at expiry up to the knockout barrier.

In the case of twin win order, the protection consists of not only being protected, but effectively flipping one’s exposure to short ETH up to the reference price; therefore one wins on both the upside post the breakeven price reference and makes money equivalent to having shorted ETH down to the knockout price.

## Placing Bonus | Twin-Win Orders

<figure><img src="/files/3FWLhdH1gKHiT2mClhRm" alt=""><figcaption></figcaption></figure>

* In the **Stories** tab, select Bonus | Twin-Win
* Enter your order parameters
  * **Type:** Select "Bonus" or "Twin-Win"
  * **Price Reference:** Select WETH price reference. All outcomes will be defined around this initial price reference.
  * **KO Barrier:**  Level at which the protection is extinguished.
  * **Protection Cost Inclusive Price:** Level at which the user starts enjoying the net ETH upside&#x20;
  * Size: Multiplier
* Verity Order Summary
  * Order limit: Order price
  * Collateral requirement: The amount required to be locked so as to ensure that the order enters the auction.&#x20;
  * Platform fee: Fee to be paid in case of execution.&#x20;
  * Total premium: The total to be paid net of fees.&#x20;
* "Submit to Auction" and approve your transaction in your wallet

## Bonus | Twin-Win Contract

<table><thead><tr><th width="202">Item</th><th>Description</th></tr></thead><tbody><tr><td>Payout Formula</td><td><p>BONUS</p><p>At expiry </p><p>if reference price > strike: Underlying WETH</p><p>If strike > reference price > Barrier : strike in USDC</p><p>If reference &#x3C; strike : underlying WETH</p><p><br>TWIN-WIN <br>At expiry </p><p>if reference price > strike: Underlying WETH</p><p>If strike > reference price > Barrier : 2 x strike - WETH</p><p>If reference &#x3C; strike : underlying WETH<br><br></p><p>Ithaca strikes</p><p>Ithaca expiries</p><p>Ithaca settlement<br><br>Collateral: strike + premium in USDC  </p></td></tr><tr><td>Settlement Style</td><td>Cash or WETH</td></tr><tr><td>Exercise Style</td><td>European, auto-exercised</td></tr><tr><td>Premium Currency</td><td>USDC</td></tr><tr><td>Settlement Currency</td><td>USDC or WETH</td></tr><tr><td>Strike Currency</td><td>USDC</td></tr><tr><td>Collateral Currency</td><td>USDC</td></tr><tr><td>Collateral Amount</td><td>Risk amount = Strike + Premium</td></tr><tr><td>Collateral Management</td><td>Fully collateralized, pre-funded</td></tr><tr><td>Multiplier</td><td>1</td></tr><tr><td>Reference Price</td><td>ITHACA Reference Fixing</td></tr><tr><td>Expiry Time</td><td>1st focal auction on relevant expiry Friday</td></tr></tbody></table>


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