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# Dated Options overview

> European-style options on Paradex with fixed expiration dates, settled in USDC.

Dated Options are European-style options with fixed expiration dates.

#### European exercise

Options settle at expiration time

#### USDC settled

All settlement is cash-settled in USDC based on the settlement price at expiry

#### Multiple expiries

Choose from daily, weekly, and monthly expiration cycles

## Settlement

All Dated Options settle at **08:00 UTC** on their expiration date.

The settlement price is determined by a **30-minute TWAP** (time-weighted average price) of the Paradex Spot Oracle Price ending at expiry. The payoff at settlement is:

* **Call:** max(0, Settlement Price - Strike Price)
* **Put:** max(0, Strike Price - Settlement Price)

> **Note**
>
> The delta of options gradually decays toward 0 during the 30-minute TWAP settlement period. As the TWAP forms, part of the settlement price becomes fixed, making the option progressively less sensitive to spot price movements.

## Symbol format

Dated Option symbols follow the format:

```
BTC-USD-{Expiry}-{Strike}-{Type}
```

For example, `BTC-USD-25FEB26-70000-C` represents a BTC call option with a \$70,000 strike expiring on February 25, 2026.