> ## Documentation Index
> Fetch the complete documentation index at: https://docs.joyride.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Contract specifications

> Daily option terms, settlement, contract size, and instrument naming.

Joyride lists European calls and puts that settle in USDC. One contract represents one unit of the underlying. You receive or pay the option's intrinsic value at expiry rather than delivery of the asset.

## Contract terms

| Term | Specification |
| - | - |
| Instruments | European calls and puts |
| Underlying | BTC |
| Strike and settlement currency | USDC |
| Contract size | 1 unit of the underlying |
| Expiry | Daily at 08:00 UTC |
| Settlement price | Oracle's rolling 30-minute TWAP recorded when expiry is processed |
| Call payout per contract | `max(settlement price − strike, 0)` |
| Put payout per contract | `max(strike − settlement price, 0)` |
| Package size | 1 to 13 legs on one underlying and one expiry |

Read the available contracts from the app's options chain or `public/get_instruments`. Listings change at each daily rollover; integrations should discover live symbols before requesting quotes.

[Trading hours](/exchange/trading-hours.md) explains rollover. [Settlement](/market-makers/settlement.md) covers timing, fees, records, and delayed processing.

## Instrument names

```text theme={"theme":"css-variables"}
{ASSET}_USDC-{DMMMYY}-{STRIKE}-{C|P}
```

For example, `BTC_USDC-16OCT26-100000-C` is a BTC call with a 100,000 USDC strike that expires on 16 October 2026 at 08:00 UTC.

| Part | Example | Meaning |
| - | - | - |
| Underlying and currency | `BTC_USDC` | BTC, quoted and settled in USDC |
| Expiry | `16OCT26` | Day, month, and year; days have no leading zero |
| Strike | `100000` | Strike price in USDC |
| Option type | `C` or `P` | Call or put |

The symbol above illustrates the format. Use a live listing in trading requests.

## Prices and quantities in the API

RFQ prices are totals for the whole package. Money and quantities use decimal strings with at most six fractional digits. For example, `"1.000000"` means one contract. Use decimal arithmetic when constructing requests and signatures.

[Quoting RFQs](/market-makers/rfq-quoting.md) defines package signs and prices. [Fees](/exchange/fees.md) explains charges on each leg.


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