Trading
Split is an options app with a perps and arbitrage desk. On the options side you take a view on a price, pay a fixed amount, and know the most you can win before you trade. The most you can lose is what you put in. Nothing is margined, so nothing is liquidated.
Where to trade
| Surface | What it is | Venues |
|---|---|---|
| Up/Down | Daily rounds on BTC and ETH. Pick Up or Down and a payout multiple. | Split, plus Paradex and Derive spreads for BTC and ETH |
| Compose | Write the view as a sentence ("BTC finishes above $87,914 by 8 PM"). Split finds the structure and the venue. | Split, Paradex, Derive |
| Options desk | A full chain, strategy builder and RFQ across venues | Split, Paradex, Derive |
| Perps | Perpetuals on connected venues | Hyperliquid, Lighter, RISEx and more |
| Arbitrage | Two-leg funding trades | Hyperliquid, Lighter, RISEx |
| Automate | Bots that trade a strategy for you | Lighter on Robinhood Chain, RISEx |
Every route shows what you pay and what you get back before you confirm. See Routing across venues.
Pages
- Place a trade: connect, fund, buy.
- Up/Down rounds
- Compose
- Options desk
- Routing across venues
- Practice mode
- Positions and closing
- Portfolio
- Settlement and claim
- Read a position
- Replays and share cards
- Live and leaderboard
Terms
| Term | Meaning |
|---|---|
| Stake | What you pay. Your maximum loss. |
| Payout | What your stake comes back as, stake included. On Split it is capped. |
| Multiple | Payout divided by stake. "5.2×" pays $52 on $10. |
| Chance | The chance of any payout, implied by option prices. An estimate. |
| Price to Beat | The line an Up/Down round is measured against. |
| Band / width | A Split position pays nothing below its strike, in full above its cap, and in between on a straight line. The width is cap minus strike. |
| Firm / est. | A firm price is a maker's quote you can fill now. An estimate is computed from the venue's mark and may change. |