Open a DOWN position (put)

Going DOWN profits when ETH falls (it's a put under the hood). The flow matches UP: pick a leverage tile, confirm, sign once. The position settles against a USDC-collateralized pool.

Steps

1. Connect your wallet.
2. Pick a DOWN tile. Leverage, premium (max loss), and breakeven are shown, with strike under Advanced.
3. Confirm and sign once, the same gasless EIP-3009 flow as UP. PutN mints to your account.

The buy panel set to DOWN. Win below your breakeven, with max loss fixed to the premium.

For DOWN, breakeven is strike minus premium. ETH has to fall below that for the position to be in profit at expiry.

Liquidity on the put side

The put pool is USDC-collateralized. Every put contract locks its strike worth of USDC from the pool, so available short size is bounded by the pool free USDC.

WARNING

If your size is rejected with an inventory error, the pool cannot collateralize more puts than its available USDC allows. Try a smaller size or a different strike. Put-side liquidity grows over time.

Exiting a put

• Close early works for puts. You sell PutN back to the pool at the live bid, settled in USDC.
• Auto-exercise does not cover puts yet. Unlike calls, a put will not self-settle at expiry. Close a put before expiry to realize a win. See auto-exercise for the full coverage matrix.