No Gain, No Payin’

No Gain, No Payin' Overview

Buy an option WITHOUT spending premium with limited downside amount to be lost if asset price ends up at the strike. If you do not get the direction right, you also get your collateral back.

Placing No Gain, No Payin' Orders

  • In the Stories tab, select No Gain, No Payin'

  • Enter your order parameters

    • Type: CALL or PUT (these products are described as contingent call and put respectively)

    • Price Reference: Select WETH price reference; the level from which upwards or downwards the user wishes to express a view from.

    • Min Upside: Maximum potential loss which corresponds to the minimum upside from price reference required to breakeven on the purchased long option; the breakeven price reflects the sum of price reference and minimum upside required / maximum potential loss on collateral posted.

  • 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

No Gain, No Payin’ Contract



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



Settlement Style

Cash or WETH

Exercise Style

European, auto-exercised

Premium Currency


Settlement Currency


Strike Currency


Collateral Currency


Collateral Amount

Trade Max Downside =

Expected min upside ( Call ) | Expected min downside (Put)

Collateral Management

Fully collateralized, pre-funded



Reference Price

ITHACA Reference Fixing

Expiry Time

1st focal auction on relevant expiry Friday

Expiry Dates

( Ithaca Expiry )

Last updated