Pricing and Greeks - Joyride Docs

Joyride publishes a model price, a mark implied volatility, and per-unit Greeks for every listed instrument. The app’s options chain, the Chance of Profit and Leverage columns, and the API all read the same values.

Where the numbers come from

The mark implied volatility comes from a continuously refreshed volatility surface for the underlying. The model price is the Black-76 value at that IV, with the forward equal to spot and a zero rate. These are reference values for comparing options. Market makers set executable RFQ prices with their own pricing systems. Collateral calculations do not use the display model price. They use a separate mark price that arrives with the same price feed and is read directly by the risk engine. The display model price and risk mark are separate values. The risk mark is not published by the market-quotes endpoint.

The fields

Field	Meaning
Mark IV	The implied volatility the mark is derived from
Model price	Theoretical option price in USDC at the mark IV
Delta	Change in option value per unit move in the underlying, from -1 to 1
Gamma	Change in delta per unit move in the underlying
Theta	Change in option value per day, negative for a long position; for a contract with under a day left, capped at its remaining time value
Vega	Change in option value per one-point change in IV
Chance of profit	Probability that the underlying finishes beyond the break-even, the strike plus the model price for a call or minus it for a put; the chance a position bought at the model price is profitable at expiry, which is lower than the chance it is in the money

Option price charts

The price chart on an instrument’s screen is a modeled series, not a record of past trades or past marks. Each point is the Black-76 value of the option at that moment’s spot price, the strike, the time then remaining to expiry, and the instrument’s current mark IV. Spot history comes from the underlying’s price feed; the IV is today’s, applied across the whole series. The line therefore shows how the option’s value would have tracked the underlying at the current volatility, and it is recomputed when the mark IV moves. Until an instrument has a mark IV, the chart falls back to the midpoint of any quotes it has received, or stays empty.

Missing or stale values

The API returns null for unavailable or stale Greek fields. Treat a missing value as unknown rather than zero. The app may display a dash until fresh data arrives. A model price, chart, or probability estimate does not commit a maker to trade. Request an RFQ to obtain an executable price.

​Where the numbers come from

​The fields

​Option price charts

​Missing or stale values

Where the numbers come from

The fields

Option price charts

Missing or stale values