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Instruments GuideOptions

CL options configuration

The reference configuration for the CL Dated Options contract:

ParameterValue
Product typeDated European Option
Symbol formatCL-USD-{Expiry}-{Strike}-{Type}
Base currencyCL
Quote currencyUSD
Settlement currencyUSDC
Price tick size0.001 USD
Order size increment1 CL
Minimum order value20 USD
Maximum order size5,000 CL
Maximum open orders150
Position limit50,000 CL
Spot band factor50%
IV band factor50%

Index and settlement price

CL options are priced off the Paradex CL Spot Oracle Price, the same index used by the CL-USD-PERP perpetual, and settle at the 30-minute TWAP of that price ending at expiry. The Spot Oracle Price tracks the active front WTI Light Sweet Crude Oil future and is computed as a weighted median of the sources below. Each source has a score; its weight is that score divided by the total score of the sources available at the time, so weights differ between market open and closing hours.

SourceDescriptionScoreAvailability
PythPyth 24/7 PYTHOIL index124/7
HyperliquidHyperliquid WTIOIL index price124/7
LighterLighter WTI index price0.724/7
OKXOKX CL index price124/7
BybitBybit CL index price124/7
BinanceBinance CL index price1Open hours
Closing PriceParadex CL spot price at the market closing timestamp0.5Closing hours
Internal PriceEMA of the Paradex CL-USD-PERP mark price with a 1-hour half-life, initialised at the Closing Price0.5Closing hours
SourceScoreWeight
Pyth117.54%
Hyperliquid117.54%
Lighter0.712.28%
OKX117.54%
Bybit117.54%
Binance117.54%
Total5.7100%

Front future roll

The sources above track the active front-month WTI future. The active contract rolls to the next month between the 5th and 10th business day of each month; see Industrial Metals & Energy Commodities Pricing for the full contract schedule.

Market hours

CL options follow the CME commodity futures session: open 23/5 from Sunday 6:00 PM ET to Friday 5:00 PM ET, with a daily break from 5:00 PM to 6:00 PM ET and CME holiday closures. The daily break, weekends and holidays are closing hours.

Example

To find the Spot Oracle Price, sort the source prices from lowest to highest and add up their scores in that order. The Spot Oracle Price is the first price at which the running total goes above half of the total score. If the running total lands exactly on half, the price is the average of that source’s price and the next one. A source with no fresh price is left out, and the total is recomputed from the sources that remain.

The prices below are illustrative.

Total score is 5.7, so half is 2.85.

SourcePriceScoreCumulative score
Lighter64.800.70.7
Bybit64.8511.7
OKX64.8812.7
Pyth64.9013.7 ← first above half
Hyperliquid64.9314.7
Binance64.9515.7

The CL Spot Oracle Price is 64.90 (Pyth).

Mark and settlement price

  • Mark price: the Spot Oracle Price is the spot input SS to the synthetic forward used by the Black-76 mark price.
  • Settlement price: options settle at 08:00 UTC on the expiry date using a 30-minute TWAP of the Spot Oracle Price ending at expiry.

See TradFi Price Oracle for the methodology across all TradFi markets.

Margin Configuration