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Instruments GuideOptions

META options configuration

The reference configuration for the META Dated Options contract:

ParameterValue
Product typeDated European Option
Symbol formatMETA-USD-{Expiry}-{Strike}-{Type}
Base currencyMETA
Quote currencyUSD
Settlement currencyUSDC
Price tick size0.01 USD
Order size increment0.1 META
Minimum order value20 USD
Maximum order size500 META
Maximum open orders150
Position limit5,000 META
Spot band factor50%
IV band factor50%

Index and settlement price

META options are priced off the Paradex META Spot Oracle Price, the same index used by the META-USD-PERP perpetual, and settle at the 30-minute TWAP of that price ending at expiry. The Spot Oracle Price 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 META equity index3Open hours
StorkStork META oracle price2Open hours
BinanceBinance META index price1Open hours
BybitBybit META index price124/7
HyperliquidHyperliquid META index price124/7
OKXOKX META index price124/7
LighterLighter META index price0.724/7
Closing PriceParadex META spot price at the market closing timestamp0.5Closing hours
Internal PriceEMA of the Paradex META-USD-PERP mark price with a 1-hour half-life, initialised at the Closing Price0.5Closing hours
SourceScoreWeight
Pyth330.93%
Stork220.62%
Binance110.31%
Bybit110.31%
Hyperliquid110.31%
OKX110.31%
Lighter0.77.22%
Total9.7100%

Market hours

META options follow the equities session: open 24/5 from Sunday 8:00 PM ET to Friday 8:00 PM ET, including pre-market, regular, post-market and overnight sessions. Weekends 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 9.7, so half is 4.85.

SourcePriceScoreCumulative score
Lighter612.400.70.7
Bybit612.8011.7
OKX613.0012.7
Hyperliquid613.2013.7
Binance613.4014.7
Stork613.6026.7 ← first above half
Pyth614.0039.7

The META Spot Oracle Price is 613.60 (Stork).

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