> For clean Markdown of any page, append .md to the page URL. > For a complete documentation index, see https://docs.paradex.trade/trading/instruments-guide/options/cl-options/llms.txt. > For AI client integration (Claude Code, Cursor, etc.), connect to the MCP server at https://docs.paradex.trade/_mcp/server. # CL options configuration The reference configuration for the CL Dated Options contract: | Parameter | Value | | -------------------- | ---------------------------------- | | Product type | Dated European Option | | Symbol format | CL-USD-\{Expiry}-\{Strike}-\{Type} | | Base currency | CL | | Quote currency | USD | | Settlement currency | USDC | | Price tick size | 0.001 USD | | Order size increment | 1 CL | | Minimum order value | 20 USD | | Maximum order size | 5,000 CL | | Maximum open orders | 150 | | Position limit | 50,000 CL | | Spot band factor | 50% | | IV band factor | 50% | ## Index and settlement price CL options are priced off the **Paradex CL Spot Oracle Price**, the same index used by the [CL-USD-PERP](/trading/instruments-guide/futures/trad-fi/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. | Source | Description | Score | Availability | | -------------- | --------------------------------------------------------------------------------------------------- | :---: | :-----------: | | Pyth | [Pyth 24/7 PYTHOIL index](https://app.pyth.com/explore/Commodities.Index.PYTHOIL%2FUSD) | 1 | 24/7 | | Hyperliquid | [Hyperliquid WTIOIL index price](https://app.hyperliquid.xyz/trade/xyz:WTIOIL) | 1 | 24/7 | | Lighter | [Lighter WTI index price](https://app.lighter.xyz/trade/WTI) | 0.7 | 24/7 | | OKX | [OKX CL index price](https://www.okx.com/trade-swap/cl-usdt-swap) | 1 | 24/7 | | Bybit | [Bybit CL index price](https://www.bybit.com/en/trade/usdt/CLUSDT) | 1 | 24/7 | | Binance | [Binance CL index price](https://www.binance.com/en/futures/CLUSDT) | 1 | Open hours | | Closing Price | Paradex CL spot price at the market closing timestamp | 0.5 | Closing hours | | Internal Price | EMA of the Paradex CL-USD-PERP mark price with a 1-hour half-life, initialised at the Closing Price | 0.5 | Closing hours | #### Open hours | Source | Score | Weight | | ----------- | :-----: | :------: | | Pyth | 1 | 17.54% | | Hyperliquid | 1 | 17.54% | | Lighter | 0.7 | 12.28% | | OKX | 1 | 17.54% | | Bybit | 1 | 17.54% | | Binance | 1 | 17.54% | | **Total** | **5.7** | **100%** | #### Closing hours | Source | Score | Weight | | -------------- | :-----: | :------: | | Pyth | 1 | 17.54% | | Hyperliquid | 1 | 17.54% | | Lighter | 0.7 | 12.28% | | OKX | 1 | 17.54% | | Bybit | 1 | 17.54% | | Closing Price | 0.5 | 8.77% | | Internal Price | 0.5 | 8.77% | | **Total** | **5.7** | **100%** | ### 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](/trading/tradfi-markets#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. #### Open hours Total score is 5.7, so half is 2.85. | Source | Price | Score | Cumulative score | | ----------- | ----: | :---: | :--------------------: | | Lighter | 64.80 | 0.7 | 0.7 | | Bybit | 64.85 | 1 | 1.7 | | OKX | 64.88 | 1 | 2.7 | | **Pyth** | 64.90 | 1 | 3.7 ← first above half | | Hyperliquid | 64.93 | 1 | 4.7 | | Binance | 64.95 | 1 | 5.7 | The CL Spot Oracle Price is **64.90** (Pyth). #### Closing hours Total score is 5.7, so half is 2.85. | Source | Price | Score | Cumulative score | | -------------- | ----: | :---: | :--------------------: | | Closing Price | 64.60 | 0.5 | 0.5 | | Internal Price | 64.65 | 0.5 | 1 | | Lighter | 64.70 | 0.7 | 1.7 | | Bybit | 64.74 | 1 | 2.7 | | **OKX** | 64.78 | 1 | 3.7 ← first above half | | Pyth | 64.80 | 1 | 4.7 | | Hyperliquid | 64.82 | 1 | 5.7 | The CL Spot Oracle Price is **64.78** (OKX). ### Mark and settlement price * **Mark price**: the Spot Oracle Price is the spot input $S$ to the synthetic forward used by the [Black-76 mark price](/trading/dated-options/mark-price). * **Settlement price**: options settle at 08:00 UTC on the expiry date using a [30-minute TWAP](/trading/dated-options#settlement) of the Spot Oracle Price ending at expiry. See [TradFi Price Oracle](/trading/tradfi-markets) for the methodology across all TradFi markets. ## Margin Configuration * [Cross Margin Requirements](/trading/dated-options/margin-requirements) — cross-margin IMR/MMR parameters for trading options * [Portfolio Margin](/risk/portfolio-margin) — portfolio-level risk evaluation for reduced margin on hedged portfolios