pip / Positions

Positions

A position you can read at a glance.

No Greeks column, no chain, no ticker soup. Every contract you hold is a card that shows what you paid, what it's worth right now, and what has to happen for it to pay out.

Open my positionsRun a scenario

Anatomy

One card, six facts.

Everything a position needs to tell you fits on a card the size of a phone. Expand it for the full Greeks if you want them.

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NVDA $190 CALLSep 18 · 3 contracts · 7.0d left
Call
+59.5%+$750.00
Entry$4.20
Mark$6.70
Value$2,010.00
Spot / strike$194.80 / $190
View marketSell
The contract, in one lineTicker, strike, call or put, expiry. This is the only thing you need to identify a position. Contracts and days left sit underneath.
Direction pillLime for calls (you win if the token goes up), orange-red for puts (you win if it goes down). Same colours everywhere in pip.
Option price historyNot the stock chart: the chart of what your contract has been worth since you bought it, marked against the oracle every second.
P&LPercent and dollars, unrealised, relative to your entry premium. Turns orange-red the moment it goes negative.
Entry, mark, value, spot vs strikeThe four numbers behind the P&L. Spot vs strike tells you at a glance whether you are in the money.
Two actionsView market jumps to the chart with your strike drawn on it. Sell closes the position at the mark, any time before expiry, with a confirm step.

Lifecycle

From tap to settlement.

Five moments in the life of a position. You only have to act at the first one; everything else is automatic unless you decide to sell early.

Open

You confirm a ticket. USDG leaves your wallet, a contract is minted to your address on Robinhood Chain.

Marked live

Every second the protocol reprices your contract from the oracle spot and the vol surface. That is the "mark".

Sell anytime

Close into protocol liquidity at the mark, 24/7. The USDG hits your wallet in the same transaction.

Expiry

At 20:00 UTC on the expiry date the oracle print is frozen. Trading in that expiry stops.

Settlement

In the money pays automatically in USDG. Out of the money expires worthless. No exercise, no assignment.

Scenarios

What happens to my NVDA call?

Drag NVDA's price and the days remaining. The card reprices exactly the way the app does, with the same pricer and the same settlement rule at expiry.

Scenario
NVDA price$184.20
Days to expiry9 days

NVDA $190 CALL · Sep 18
+0.0%
Entry premium$4.20
Mark now$4.20
Value of 3 contracts$1,260
Unrealised P&L+$0.00
Probability in the money40%

Settlement rules

Exactly what pays, and when.

Every rule is enforced by the protocol contract. There is no discretion and nothing to request.

SituationAt expiry (20:00 UTC)You receiveExample · NVDA $190 CALL, entry $4.20
Call, spot above strikeIn the money(S − K) × 100 × contracts, in USDGSpot $205 → $15 × 100 = $1,500 per contract, +$1,080 vs premium
Call, spot below strikeOut of the moneyNothing. Contract expires worthless.Spot $185 → lose the $420 premium per contract
Put, spot below strikeIn the money(K − S) × 100 × contracts, in USDGNVDA $180 PUT, spot $170 → $1,000 per contract
Put, spot above strikeOut of the moneyNothing.Spot $190 → lose the premium
Sold before expiryN/AMark × 100 × contracts, minus 0.5% feeMark $6.70 → $670 per contract, +$250 vs premium
Oracle halted at expirySettlement delayedSettles on the first valid print after the halt clearsDeviation guard triggered, resolves within minutes

Risk

What you can actually lose.

Buying options on pip has one hard limit: the premium. That is the whole downside, and it is written on the ticket before you confirm.

Buying

Max loss = premium

A $50 ticket can never cost more than $50. Most out-of-the-money options expire worthless, so treat the premium as spent, not invested.

Time

Theta works against you

An option loses value every day the token doesn't move. The card shows theta per day when expanded. Short expiries decay fastest.

Writing

Different rules

Writing options on the protocol side can lose more than you collect. Covered calls cap it at your tokens; naked writing is margin-based. Read the protocol risk page.

Liquidity

Marks can gap

Outside US hours writer liquidity is thinner. The mark is still fair value from the oracle, but sell-back spreads are wider.

FAQ

Position questions.

Do I have to do anything at expiry?
No. In-the-money contracts pay out automatically in USDG to the wallet that holds them. Out-of-the-money contracts simply expire. There is no exercise button and nothing to remember.
Can I sell part of a position?
Yes. Contracts are fractional. The sell dialog lets you choose how many to close; the rest stay open with the same entry price.
Where do positions live?
Each position is a token on Robinhood Chain held by your wallet address. You can see it in any block explorer. Disconnecting from pip does not affect it.
What is the "mark" and who sets it?
The mark is the protocol's fair value for your contract right now: Black-Scholes on the oracle spot, the fitted vol for that token and expiry, and time remaining. It is computed on-chain from the same inputs every writer sees.
Why did my P&L drop when the stock didn't move?
Time decay and, sometimes, a drop in implied volatility. Both reduce an option's value without the underlying moving. The scenario tool above shows the effect of days passing.

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