> For the complete documentation index, see [llms.txt](https://docs.nondollar.life/autonomint/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nondollar.life/autonomint/options/options-on-nondollar.md).

# Options on Nondollar

Nondollar lets you trade options on ETH, BTC, long tail crypto tokens and tokenized US stocks — fully on-chain, settled in USDC, with no KYC.

There are two sides, and you can be either one:

**Buy options** if you want leveraged exposure to a price move. Pay a small premium today; if the price moves past your strike by expiry, you profit. Your maximum loss is always just the premium you paid — nothing more, no liquidations, ever.

**Sell options** if you hold assets and want to earn yield on them. Deposit into the dCDS pool and earn a share of every premium that buyers pay, continuously. Your deposit is what backs the buyers' potential payouts.

### Why premiums on Nondollar are cheaper

Options here have one deliberate difference from traditional venues: **payouts are capped**. When a call finishes in-the-money, the buyer's profit is capped at a fixed percentage above the strike (currently 5% of the strike price).

That cap is why the premium is at a slight discount of what the same option costs elsewhere. You're not paying for unlimited upside you'll statistically almost never collect — you're paying only for the high-probability payout zone. For short-dated options, the vast majority of in-the-money expiries land *below* the cap anyway, so most winning trades pay out exactly the same as they would on an uncapped venue, for a much smaller premium.

→ Read Payout Caps Explained for the exact math and a worked example.

### Where to go next

* Buying Options — strikes, expiries, premiums, and what happens at expiry
* Selling Options via dCDS — deposit ETH or stables, earn premiums
* Settlement & Expiry — how and when funds move
* Risks — read this before depositing

Launch app: [stocks.nondollar.life](https://stocks.nondollar.life)