Skip to navigation
Instruments GuideOptions

US100 options configuration

The reference configuration for the US100 Dated Options contract:

ParameterValue
Product typeDated European Option
Symbol formatUS100-USD-{Expiry}-{Strike}-{Type}
Base currencyUS100
Quote currencyUSD
Settlement currencyUSDC
Price tick size0.001 USD
Order size increment0.01 US100
Minimum order value20 USD
Maximum order size10 US100
Maximum open orders150
Position limit100 US100
Spot band factor40%
IV band factor40%

Index and settlement price

US100 options are priced off the Paradex US100 Spot Oracle Price, the same index used by the US100-USD-PERP perpetual, and settle at the 30-minute TWAP of that price ending at expiry. The Spot Oracle Price tracks the Nasdaq 100 equity index 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 US100 index124/7
HyperliquidHyperliquid XYZ100 index price124/7
LighterLighter US100 index price0.724/7
Closing PriceParadex US100 index price at the market closing timestamp0.5Closing hours
Internal PriceEMA of the Paradex US100-USD-PERP mark price with a 1-hour half-life, initialised at the Closing Price0.5Closing hours
SourceScoreWeight
Pyth137.04%
Hyperliquid137.04%
Lighter0.725.93%
Total2.7100%

Market hours

US100 options follow the CME equity index 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 2.7, so half is 1.35.

SourcePriceScoreCumulative score
Hyperliquid23,402.0011
Pyth23,410.0012 ← first above half
Lighter23,415.000.72.7

The US100 Spot Oracle Price is 23,410.00 (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