# 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

<figure><img src="/files/koJPZVbfCBwW3NugTBq9" alt=""><figcaption></figcaption></figure>

* 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)&#x20;
  * **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.&#x20;
* 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

## No Gain, No Payin’ Contract

<table><thead><tr><th width="202">Item</th><th>Description</th></tr></thead><tbody><tr><td>Products</td><td><p>Contingent Call</p><p>Contingent Put</p></td></tr><tr><td>Payout Formula</td><td><p>Pick Strike </p><p>Collateral : maximum desired downside </p><p>Payout Formula: </p><p>If reference price above strike </p><p>Reference price - strike - collateral</p><p>If reference price below strike</p><p>0, collateral gets returned</p></td></tr><tr><td>Underlying</td><td>WETH/USDC</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><p>Trade Max Downside =</p><p>Expected min upside ( Call ) | Expected min downside (Put)</p></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><tr><td>Expiry Dates</td><td>( Ithaca Expiry )</td></tr></tbody></table>


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