Auto-exercise at expiry

Hold a winning UP position (a call) to expiry and a keeper exercises it for you. Your profit lands in your account with no action from you, and without fronting the strike.

 buy UP   ──▶ ... hold ... ──▶ expiry window ──▶ keeper net-exercises ──▶ profit in account
 (enrolled)                    [maturity →        (flash strike, swap,    (no strike fronted,
                                exerciseEnd]        repay, pay you net)     no tx from you)

Why it matters

Exercising an option normally means paying the strike to claim the underlying, which is capital and a manual step you might miss. Split removes both:

• The keeper flash-borrows the strike, exercises your N, swaps to USDC, repays the loan, and sends you the net intrinsic value.
• You never front the strike and never click anything. The keeper holds zero custody. It can only settle your position, never divert funds.

How it gets enrolled

When you open an UP position, the buy batch includes a bounded approval of your N to the exerciser contract. That approval lets the keeper settle your position at expiry. It is self-clearing (never unlimited) and best effort (it never blocks your buy).

Coverage

Position	Auto-exercise
UP (call) on Base, enrolled at buy	Yes. Keeper net-exercises ITM at expiry
UP (call) on Base, bought before enrollment shipped	Not enrolled. Close it manually before expiry
UP (call) on Arbitrum	Not yet. The Arbitrum exerciser is pending, close before expiry
DOWN (put), any chain	No exerciser yet. Close before expiry or settle manually

Trading is live on Base and Arbitrum. Auto-exercise runs on Base today; the Arbitrum exerciser is on the way.

WARNING

DOWN positions do not auto-exercise. A winning DOWN left to expire will not self-settle. Always close a DOWN position early to realize the profit.

What you see

For a covered UP position that finishes in the money, the net profit is in your account after expiry. No transaction you had to send, no strike you had to pay.