pip / Markets

Markets

Every Stock Token. Every direction. Every hour.

Each Robinhood Stock Token becomes two markets on pip: UP and DOWN. Pick one, pick a strike and an expiry, and the protocol prices it against the live oracle feed. No chain to scroll, no closing bell.

Open the marketsHow pricing works
0

Stock Tokens listed on Robinhood Chain and tradable on pip.

24/7

Markets price continuously, weekends and overnight included.

0

Rolling expiries per token: weekly, bi-weekly, monthly, quarterly.

$25

Minimum ticket. Fractional contracts, no round-lot rule.

Live markets

Pick a token, pick a side.

Prices, implied volatility and open interest refresh from the oracle. Tap a row to open that market in the app with the ticker pre-selected.

TokenSectorPrice24hRealised volOpen interest7dExpiries

Prices and volatility are measured live. Open interest fills in once the protocol contract is deployed.

Pricing

How a market gets its price.

You see a sentence and a premium. Underneath, three systems agree on that number every second.

01 · Oracle

Stock Token feed

Spot comes from the Robinhood Stock Token oracle on Robinhood Chain: a signed price every 1.2 seconds, with a deviation guard that pauses a market if the feed jumps more than 8% between updates.

  • Median of three signers
  • Stale after 10 seconds
  • Halts on deviation
02 · Volatility

Vol surface

Implied volatility per token and expiry is fitted from protocol fills and writer quotes, then smoothed. It is what makes a Tesla call cost more than an Apple call at the same distance from spot.

σ(K, T) = σ_atm(T) · skew(K / S) · term(T)
03 · Premium

Black-Scholes, then a spread

Fair value is computed with Black-Scholes on the oracle spot, fitted vol, and time to expiry. Buyers pay fair value plus a spread that widens with vol and shrinks with liquidity.

premium = BS(S, K, T, σ, r) + spread(σ, OI)
What you see

The sentence, not the spreadsheet.

"NVDA above $190 by Sep 18 → profit. Below → lose the premium." Strike, expiry, delta, theta, break-even and probability in the money are all there if you expand the card. The default view keeps them out of the way.

What settles

Cash-settled against the oracle.

At expiry every contract settles in USDG against the oracle print at 20:00 UTC. In the money pays max(0, S − K) per share for calls and max(0, K − S) for puts. Out of the money expires worthless. There is nothing to exercise and no assignment surprise.

Expiries

Four dates, always open.

Every token lists the same four expiries. When one settles, the next rolls on automatically. Settlement is 20:00 UTC on the expiry date.

Fees

Flat, visible, and small.

One fee per trade, shown on the ticket before you confirm. No payment for order flow, no exercise fee, no assignment fee.

ActionFeeMinimumNotes
Buy a call or put0.50% of premium$0.25Included in the quoted premium on the ticket.
Sell back to the protocol0.50% of proceeds$0.25Any time before expiry, at the mark.
Expiry settlement0%—Payouts are automatic, in USDG.
Write an option0.50% of premium$0.25Deducted from the premium you collect.
Collateral deposit / withdraw0%—Network gas only.
Liquidation (naked writers only)2% of collateral—Paid to the insurance fund. See risk parameters.

Listing

How a token gets a market.

Any Stock Token on Robinhood Chain can be listed. The protocol needs three things before the first contract is minted.

  • An oracle feed with at least 30 days of history and three independent signers.
  • Seed liquidity of $250K in writer collateral across the four expiries.
  • A vol fit that converges: the surface must stabilise within 5% over a 7-day window.
  • Governance sign-off on max open interest and margin tier.
Request a listing

FAQ

Market questions.

Are these real options on real stocks?
They are cash-settled options on Robinhood Stock Tokens, which track the underlying share price via the Robinhood Chain oracle. You never hold or receive shares. Payouts are in USDG.
Why is a Tesla call more expensive than an Apple call?
Implied volatility. Tesla moves more, so the probability of finishing far in the money is higher and the premium reflects that. The vol surface for each token is fitted from protocol fills and writer quotes.
What happens on weekends when the stock market is closed?
Stock Tokens trade 24/7 on Robinhood Chain, so the oracle keeps printing and pip keeps pricing. Spreads are typically wider outside US market hours because writer liquidity is thinner.
Can I choose any strike?
Each market lists eleven strikes around spot in fixed increments ($2.50, $5 or $10 depending on price). The slider in the app moves between them. Custom strikes are on the roadmap for the writer side first.
What is the smallest trade?
$25. Contracts are fractional, so a $25 ticket on a $4.20 premium buys 0.06 contracts, which is the equivalent of 6 shares of exposure.
Where does the price come from?
Spot is the Robinhood Stock Token oracle print. The protocol pricer applies the fitted vol surface and time to expiry, then adds a liquidity spread. Every input is onchain, so any two people looking at the same market at the same second see the same premium.

Six taps.
One position.

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