Terms & risks

A Dotions contract is an agreement between you and the house wallet, 0xAc3C00e387eFb80C7F231df957688eBb48B34aef on Robinhood Chain. The house writes it; you buy it. Each one copies the terms of an option listed on a US exchange (stock, strike, call or put, expiry) and is priced from that option's quotes.

It is not an exchange-listed option. It isn't cleared by the OCC, can't be exercised for shares, can't be transferred to anyone else, and isn't held at any broker.

You can only buy positions whose worst case is what you pay: calls, puts, and debit verticals, butterflies and boxes. You never owe anything after paying.

Prices come from Cboe's public options data, delayed 15 minutes. Every leg you buy is priced at its ask and every leg you sell at its bid, as quoted, with no markup. When you press Buy, the house re-reads the chain and quotes a firm price, good for 60 seconds.

The premium is converted to ETH at the live ETH/USD price (Coinbase, Kraken as backup) and rounded up to a millionth of an ETH. A contract can only be opened 14+ days before expiry, while its mid is $2.25+ a share and it has a real bid and ask. One ticket carries at most $5,000 of premium and 50 contracts.

The house won't sell any position at or below what it's guaranteed to pay at expiry.

You sign the contract in your wallet (EIP-712, no gas), then send the premium in ETH on Robinhood Chain to the house wallet. The payment carries the ticket's number in its data. The position opens once the payment is confirmed on-chain, comes from the wallet that signed, covers the premium and lands within 2 minutes of the quote expiring.

A payment that can't open its position (late, short, unsigned, from another wallet, or a second payment for the same ticket) is refunded in full to the wallet that sent it. Overpayments come back too.

Selling back: on trading days from 9:45 a.m. to 4:00 p.m. ET (1:00 p.m. on early closes), you can sell any open position to the house at the bid for every leg you hold, less the ask for any leg you're short. You sign a sell order; the house then owes you that amount.

Expiry: European, cash-settled in ETH at the official close on the expiry date. The position is worth exactly its intrinsic value at the official closing price of the stock (Cboe, with Yahoo Finance as a backup). Worth nothing, it expires. Worth something, the house owes you that amount.

Everything the house owes (sell-backs, settlements, refunds) is converted to ETH at the ETH/USD price when it becomes owed, and sent from the house wallet to your wallet within 24 hours. Each payout and its transaction are shown under Payouts in the terminal and on the public house ledger.

You're trusting the house to pay. There's no escrow: premiums go straight to the house wallet, and payouts are sent from it. If the house can't or doesn't pay, there's no contract on-chain to force it. The public ledger is there so you can judge that for yourself.

Options. Options can lose all their value quickly, and most of what you can buy here expires worthless if the stock doesn't move your way. The most you can lose on any ticket is what you paid for it.

ETH. You pay in ETH and are paid in ETH, at the rate of the moment. The ETH price moving between the two changes what you end up with in dollars.

Delayed data. Quotes are 15 minutes old by design. The price you pay is the firm quote you sign, not the live market.

Law. Contracts like these may be restricted where you live. Don't use Dotions where it isn't allowed. Nothing here is financial, tax or legal advice.