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XAU options configuration

The reference configuration for the XAU Dated Options contract:

ParameterValue
Product typeDated European Option
Symbol formatXAU-USD-{Expiry}-{Strike}-{Type}
Base currencyXAU
Quote currencyUSD
Settlement currencyUSDC
Price tick size0.01 USD
Order size increment0.1 XAU
Minimum order value20 USD
Maximum order size100 XAU
Maximum open orders150
Position limit1,000 XAU
Spot band factor30%
IV band factor30%

Index and settlement price

XAU options are priced off the Paradex XAU Spot Oracle Price, the same index used by the XAU-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 24/7 GOLD index124/7
StorkStork XAU oracle price2Open hours
HyperliquidHyperliquid GOLD index price124/7
LighterLighter XAU index price0.724/7
OKXOKX XAU index price124/7
BybitBybit XAU index price124/7
BinanceBinance XAU index price1Open hours
Closing PriceParadex XAU spot price at the market closing timestamp0.5Closing hours
Internal PriceEMA of the Paradex XAU-USD-PERP mark price with a 1-hour half-life, initialised at the Closing Price0.5Closing hours
SourceScoreWeight
Pyth112.99%
Stork225.97%
Hyperliquid112.99%
Lighter0.79.09%
OKX112.99%
Bybit112.99%
Binance112.99%
Total7.7100%

Market hours

XAU 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 7.7, so half is 3.85.

SourcePriceScoreCumulative score
Lighter3,651.800.70.7
Stork3,652.0022.7
Bybit3,652.2013.7
Pyth3,652.4014.7 ← first above half
OKX3,652.6015.7
Binance3,653.0016.7
Hyperliquid3,653.1017.7

The XAU Spot Oracle Price is 3,652.40 (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