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MSTR options configuration

The reference configuration for the MSTR Dated Options contract:

ParameterValue
Product typeDated European Option
Symbol formatMSTR-USD-{Expiry}-{Strike}-{Type}
Base currencyMSTR
Quote currencyUSD
Settlement currencyUSDC
Price tick size0.001 USD
Order size increment1 MSTR
Minimum order value20 USD
Maximum order size2,500 MSTR
Maximum open orders150
Position limit25,000 MSTR
Spot band factor50%
IV band factor50%

Index and settlement price

MSTR options are priced off the Paradex MSTR Spot Oracle Price, the same index used by the MSTR-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 MSTR equity index3Open hours
StorkStork MSTR oracle price2Open hours
BinanceBinance MSTR index price1Open hours
BybitBybit MSTR index price124/7
HyperliquidHyperliquid MSTR index price124/7
OKXOKX MSTR index price124/7
LighterLighter MSTR index price0.724/7
Closing PriceParadex MSTR spot price at the market closing timestamp0.5Closing hours
Internal PriceEMA of the Paradex MSTR-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

MSTR 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
Lighter164.800.70.7
Bybit165.1011.7
OKX165.2512.7
Hyperliquid165.4013.7
Binance165.5514.7
Stork165.7026.7 ← first above half
Pyth166.0039.7

The MSTR Spot Oracle Price is 165.70 (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