Opyn

Turn volatility into a plan you control. Start by connecting your wallet, selecting ETH, and choosing a protection template. Set your floor with a strike, pick an expiration, and preview cost, breakeven, and payoff. Approve once, confirm the trade, and receive a tokenized position you can hold or unwind anytime on-chain. Positions settle trustlessly at expiration; you can also exit early by selling your option back into liquidity. The portfolio view helps you track unrealized PnL, time to expiry, and exposure so you always know where you stand.

If you’re safeguarding DeFi balances, align hedges to the risks you actually carry. Borrowing against ETH? Size puts to the collateral you want protected so a sharp drawdown doesn’t push you toward liquidation. Providing liquidity in an ETH pair? Match ETH units with downside coverage to offset drawdowns during market shocks. Running yield strategies in volatile conditions? Layer shorter-dated protection over longer-dated holdings to keep net exposure inside your risk budget. When options near expiry, roll in three steps: close the current series, choose the next strike/tenor based on your new targets, and redeploy with a clear view of premium spent versus protection gained.

To generate income without abandoning discipline, use covered calls and cash-secured puts. If you’re long ETH you don’t plan to sell, write calls above your target price: pick an out-of-the-money strike, select an expiry, lock collateral, and collect premium up front. Track assignment risk as price approaches your strike and roll if needed to maintain upside room. Sitting on stablecoins but want eventual ETH exposure? Sell puts at levels you’re happy to buy—premiums reduce your effective entry while you stay fully collateralized. Manage vault health, monitor mark-to-market, and maintain a roll schedule so yield does not turn into unintended leverage.

For teams and builders, compose strategies directly in smart contracts or via API. Options are tokenized, transferable, and tradable through integrated DEX liquidity, making it easy to automate hedging, route orders, or build structured products. Treasuries can formalize a playbook: define minimum hedge ratios, allowed expiries, approved strikes, and a review cadence. Use analytics to compare scenarios, stress test exposures, and standardize reports for stakeholders. Everything settles on-chain, with transparent pricing and collateral mechanics, so you can audit every step of your risk process and scale it reliably.