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  • Bonus Overview
  • Placing Bonus | Twin-Win Orders
  • Bonus | Twin-Win Contract

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  1. Ithaca App
  2. Trading
  3. Stories

Bonus | Twin-Win

PreviousNo Gain, No Payin’NextBarriers

Last updated 1 year ago

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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