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# Expiries and listing schedule

## Available expiries

Paradex lists Dated Options across three expiry cycles:

| Cycle   | Contracts listed   | Expiry day                            |
| ------- | ------------------ | ------------------------------------- |
| Daily   | 1, 2, 3 days out   | Daily at 08:00 UTC                    |
| Weekly  | 1, 2, 3 weeks out  | Friday at 08:00 UTC                   |
| Monthly | 1, 2, 3 months out | Last Friday of the month at 08:00 UTC |

## Listing schedule

New contracts are listed automatically on the following schedule:

#### Daily

Listed every day at **04:00 UTC**.

#### Weekly

Listed every **Thursday at 04:00 UTC**.

#### Monthly

Listed on the **last Thursday of each month** at 04:00 UTC.

These options expire on the last Friday of the following month.

## Strike listing

Strikes are dynamically classified based on call delta:

| Moneyness | Call delta range            |
| --------- | --------------------------- |
| ATM       | 0.40 - 0.60                 |
| Outer     | 0.20 - 0.40 and 0.60 - 0.80 |
| Wings     | \< 0.20 or > 0.80           |

Strikes are automatically listed for deltas between **0.10 and 0.90**, and the listing process runs every **8 hours** at 04:00, 12:00, and 20:00 UTC.

### Strike step sizes

Each moneyness bucket uses a different step size depending on the underlying asset:

#### BTC

| Time to Expiry | ATM     | Outer   | Wings    |
| -------------- | ------- | ------- | -------- |
| 8h–7d          | \$500   | \$500   | \$1,000  |
| 7d–1m          | \$1,000 | \$1,000 | \$2,000  |
| 1m–3m          | \$1,000 | \$2,000 | \$5,000  |
| > 3 months     | \$2,000 | \$5,000 | \$10,000 |

#### ETH

| Time to Expiry | ATM   | Outer | Wings   |
| -------------- | ----- | ----- | ------- |
| 8h–7d          | \$25  | \$50  | \$100   |
| 7d–1m          | \$50  | \$100 | \$200   |
| 1m–3m          | \$50  | \$100 | \$200   |
| > 3 months     | \$100 | \$200 | \$1,000 |

#### HYPE

| Time to Expiry | ATM   | Outer | Wings |
| -------------- | ----- | ----- | ----- |
| 8h–7d          | \$0.5 | \$1   | \$1   |
| 7d–1m          | \$1   | \$1   | \$2   |
| 1m–3m          | \$1   | \$2   | \$5   |
| > 3 months     | \$2   | \$5   | \$10  |

#### SOL

| Time to Expiry | ATM   | Outer | Wings |
| -------------- | ----- | ----- | ----- |
| 8h–7d          | \$0.5 | \$1   | \$1   |
| 7d–1m          | \$1   | \$1   | \$2   |
| 1m–3m          | \$1   | \$2   | \$5   |
| > 3 months     | \$2   | \$5   | \$10  |

#### US500

| Time to Expiry | ATM   | Outer | Wings |
| -------------- | ----- | ----- | ----- |
| 8h–7d          | \$25  | \$25  | \$50  |
| 7d–1m          | \$50  | \$50  | \$100 |
| 1m–3m          | \$50  | \$100 | \$250 |
| > 3 months     | \$100 | \$250 | \$500 |

#### CL

| Time to Expiry | ATM   | Outer | Wings |
| -------------- | ----- | ----- | ----- |
| 8h–7d          | \$0.5 | \$0.5 | \$1   |
| 7d–1m          | \$1   | \$1   | \$2   |
| 1m–3m          | \$1   | \$2   | \$5   |
| > 3 months     | \$2   | \$5   | \$10  |

#### META

| Time to Expiry | ATM   | Outer | Wings |
| -------------- | ----- | ----- | ----- |
| 8h–7d          | \$2.5 | \$2.5 | \$5   |
| 7d–1m          | \$5   | \$5   | \$10  |
| 1m–3m          | \$5   | \$10  | \$25  |
| > 3 months     | \$10  | \$25  | \$50  |

#### SPCX

| Time to Expiry | ATM   | Outer | Wings |
| -------------- | ----- | ----- | ----- |
| 8h–7d          | \$0.5 | \$0.5 | \$1   |
| 7d–1m          | \$1   | \$1   | \$2   |
| 1m–3m          | \$1   | \$2   | \$5   |
| > 3 months     | \$2   | \$5   | \$10  |