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

• 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

  • 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.

  • Platform fee: Fee to be paid in case of execution.

  • Total premium: The total to be paid net of fees.

• "Submit to Auction" and approve your transaction in your wallet

Bonus | Twin-Win Contract

Item	Description
Payout Formula	BONUS At expiry if reference price > strike: Underlying WETH If strike > reference price > Barrier : strike in USDC If reference < strike : underlying WETH TWIN-WIN At expiry if reference price > strike: Underlying WETH If strike > reference price > Barrier : 2 x strike - WETH If reference < strike : underlying WETH Ithaca strikes Ithaca expiries Ithaca settlement Collateral: strike + premium in 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	Risk amount = Strike + Premium
Collateral Management	Fully collateralized, pre-funded
Multiplier	1
Reference Price	ITHACA Reference Fixing
Expiry Time	1st focal auction on relevant expiry Friday