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MEV_and_trading/derivatives/options.md
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### options
## options
<br>
#### thales
### tl; dr
<br>
* options can be thought of as "insurance-like" contracts where one pays a premium upfront. profits come from "disaster events", with **capped losses** and **unlimited upsides**.
* purchasers of options receive the **right** to buy or sell the underlying asset at a predetermined **strike price**. **option chains** list **calls** (ability to buy the asset) and **puts** (ability to sell the asset) for a given expiration across a variety of **strikes**.
* options also gives leverage by chasing cheaper premiums (e.g. shortening expirations).
<br>
---
### protocols
<br>
#### [thales](https://thalesmarket.io/)
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#### lyra
#### [lyra.finance](https://www.lyra.finance/)
* decentralized options trading protocol powered by a specialized AMM system.
* it uses Synthetix's sUSD stablecoin as its exclusive quote asset, so traders pay for opening long positions or closing short positions with sUSD.
* uses Synthetix as a one-stop protocol for getting long and short exposure on its markets' base assets (delta hedging).
* it uses synthetix's sUSD stablecoin as its exclusive quote asset, so traders pay for opening long positions or closing short positions with sUSD.
* uses synthetix as a one-stop protocol for getting long and short exposure on its markets' base assets (delta hedging).
<br>