Non-custodial · 1inch Aqua JIT · Uniswap v4 Hooks · Chainlink CRE
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ETH/USD · 30d expiry
Options where the collateral never leaves your wallet until it has to.
Smile prices ETH options on-chain and pulls a writer's collateral just in timethrough 1inch Aqua — at the fill, not at deposit. EthOnline 2026 added three sibling vaults on the same registry: spreads that escrow only their true max loss, opt-in margin with a liquidation waterfall, and LP-signed RFQ quotes — plus a Graph subgraph and deployments on Sepolia and Circle's Arc. On Arc the whole venue runs in USDC — premiums, collateral, spreads, margin, gas — and ETH is only the price being traded.
You are on
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mock USDC / WETH, settable oracle — the full lifecycle runs here in minutes
What a writer locks for one $3,400 put
live from the connected chain · spot $3,420Naked put
the main vault · cash-secured
$3,400 USDC locked per unit
Credit spreadnew
SpreadVault · $3,400/$3,600
$200 USDC — the true max loss, 17× less
Margined putnew
MarginVault · opt-in, IM off the worst-of-hour mark
$1,710 USDC initial margin — 2.0× less, liquidation-backed
Signed quotenew
RfqVault · LP-signed price, same collateral rules
any price the LP signs — the custody model never changes
Same premium surface on every rung (the SwapVM opcode and its Uniswap v4 hook); only the collateral rule changes. Blue was there on Sept 5; green is the continuation track.
Ranges shipped
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across all vaults
Backstop pool
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stands behind margined puts
Naked notional / ceiling
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ceiling = 7 × backstop
Insurance fund
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50% of margin fees + penalties
Local Anvil. Every lifecycle runs here as real transactions in minutes — ./script/spread-lifecycle.sh, ./script/margin-lifecycle.sh (crash → margin call → auction → backstop → settle), ./script/rfq-lifecycle.sh. Switch to Sepolia or Arc Testnet in the network menu to see the recorded testnet receipts.