> 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/settlement-and-expiry.md).

# Settlement & Expiry

### When

Options expire at fixed, scheduled times shown on every contract before you trade. Settlement is automatic — neither buyers nor sellers need to take any action, be online, or hold anything in their wallet at expiry.

### How the settlement price is determined

At expiry, the settlement price is read from the protocol's price oracle (Alpaca/Chainlink/Pyth feeds for the underlying). This single print determines every contract's outcome at that expiry. The same price applies identically to buyers and sellers — there is no discretion in settlement.

### What moves where

* **Out-of-the-money:** nothing moves. Buyers' premiums (already paid at purchase) remain with the pool's depositors.
* **In-the-money:** the payout — intrinsic value up to the cap — is transferred from the dCDS pool to the buyer, denominated per the contract terms. Sellers' pool shares are unchanged; the pool balance backing each share adjusts.

### Timing of funds

Buyers: premium leaves your wallet at purchase; payouts arrive automatically shortly after expiry settlement. Sellers: premiums accrue to your position from the moment each option is sold; deposits and withdrawals settle at expiry boundaries as described in Selling Options via dCDS.