Wraps of every size arrive through the day, long and short, each priced from the OKX book at its own size, at the terms a user would see: a hard floor 6% out, the cap as far out as the book still pays, cash credit either way, written to the nearest Friday expiry at least three days out. The collar runs to expiry: every gain up to the cap is the user's, gains above it this cycle pay for the floor, the full credit is theirs. A touch closes nothing. Each position is settled on the Hyperliquid price path and OKX's official delivery print, protected versus unprotected. Positions are simulated; prices, fees, candles and prints are real.
5
positions quoted
0
honest refusals
$144.64
cash credited
–
protection vs unprotected, settled
2026-09-21 to 2026-09-21 UTC
Nothing has expired yet; the first print settles the first positions.
We carry no outcome risk
–
our P&L, settled
–
take booked at quote
Starts with the first settled position.
The honest aggregate
protected notional$130,254.40
cash to users$144.64 11.1 bps of notional
market funded$251.40 gross, before OKX fees $70.60
our take$36.16
venue spread paid6.3 bps of notional, mid vs touch
funding at open0.125 bps / 8h Hyperliquid, average
basis at open7.1 bps HL mark vs OKX index
cap distance written4.2% from price, average
cap touched– nothing closed
ended past the cap– gains above the cap handed back
long / short4 / 1
rule comparison5 positions since 2026-09-21 also record the alternative terms report on request
Run as a book
about $2.0M of wraps a day in hourly batches; sizes lognormal around $15,000 (sigma 1.4), capped at $750,000; 70% long; 30% close early at live prices; every wrap priced at its own size by walking the book. Sizes, sides and arrival times are simulated; every price, fee and depth is the live OKX book at that second.
By size
small, under $25k3 $36,634.05 · none refused
medium, $25k to $150k2 $93,620.35 · none refused
large, over $150k0 $0.00 · none refused
Notional wrapped, by day
2026-09-21$130,254.40 5 wraps
Netting the book
open book5 wraps 4 instruments · 1 expiry
hedge legs, gross → net320 → 320 0% netted away
OKX fees saved$0.00 of $78.15 leg for leg
margin saved$0.00 of $14,684.14 leg for leg · OKX simple, est.
slippage saved$0.00 of $13.03 hedging each alone
last 24h, average0% netted fees $0.00 · margin $0.00 per snapshot
Netted by exact instrument: a long's cap leg and a short's floor leg at the same strike and expiry cancel, and every wrap at the same strike aggregates into one order. Portfolio margin across strikes would be lower still; these are floors on the saving.
Early closes, at live prices
scheduled / done1 / 0
Open, next to expire
Long 0.07 BTC at $81,409 small floor $76,500 · cap $85,000 · 09-21 04:38 UTC$7.70 cash · expires 09-25 08:00 UTC
Short 0.54 BTC at $81,409 medium floor $86,000 · cap $78,500 · 09-21 04:38 UTC$28.14 cash · expires 09-25 08:00 UTC
Long 0.18 BTC at $81,409 small floor $76,500 · cap $85,000 · 09-21 04:38 UTC$19.78 cash · expires 09-25 08:00 UTC
Long 0.20 BTC at $81,409 small floor $76,500 · cap $85,000 · 09-21 04:38 UTC$21.98 cash · expires 09-25 08:00 UTC
Long 0.61 BTC at $81,409 medium floor $76,500 · cap $85,000 · 09-21 04:38 UTC$67.04 cash · expires 09-25 08:00 UTC
How to read it
Protection vs unprotected is the user's P&L with the collar and credit minus the P&L of the bare position. The floor clamps the loss side; the cap clamps the gain side for the cycle (past the cap: the gains above it were handed back, they paid for the floor); the whole credit is theirs. Touched: price reached the cap on the Hyperliquid path; nothing closed. Our take is the published share of the net credit; both legs are hedged leg for leg on OKX and held to expiry, so the take is our whole side. Venue spread is what crossing the book costs versus mid; it is the number a better fill would shrink.