Settling Options

An explanation of settling binary options and what takes place at the protocol level.

This is a risk-free opportunity to profit by helping the BIOPset protocol run smoothly.

Settling options is the process of closing trades by exercising them ITM or expiring them OTM. Both of these actions are completed with the press of one button and are the same kind of transaction.

To decide to settle an option a user views the currently open options on the "Settle" page. On this tab, they are able to view open options and settle them with the push of a button. Each open option shows the fee they will receive for completing that option. The fee (in the underlying asset, ETH by default) is predetermined.

By default the fee paid to option settlers is 0.02%

Utilization Rewards For Settling

While Utilization Rewards are active a BIOP reward is also given with every option settled. The amount of BIOP is determined based on the number of options currently awaiting settlement. When more options are pending the greater the amount of BIOP the user receives.