Pokestrike Docs

An on-chain options market for Pokémon cards. Trade calls and puts on the market's grail cards, cash-settled in USDG on Robinhood Chain. No shipping, no grading disputes, no vault fees.

Overview

Pokestrike lets you take a position on a Pokémon card's price without ever owning the card. Each contract is a standard call or put on a specific graded card at a fixed strike, expiring on a set date and settling in cash.

  • 55 listed cards across Base Set, Jungle, Fossil, Neo, Team Rocket, 151, Evolving Skies and more — from Pikachu (~$8) to Moonbreon (~$2,240) and Lugia (~$1,300).
  • Real prices. Each card's spot is its live TCGplayer market price, pushed on-chain to a price oracle.
  • Fully collateralized. A single vault is the counterparty on every trade and is backed 1:1, so it can always pay.
  • Cash-settled in USDG — a 6-decimal stablecoin on Robinhood Chain.
1 contract = 1 card. Buying an option only costs the premium. Writing (selling) one locks collateral sized to the position's risk.

The four trades

Every position is one of four building blocks. Two are long (you pay premium, defined risk), two are short (you collect premium, take on obligation).

Long · pay premium

Buy a call

The right to buy at the strike. If the card rips past it, upside is uncapped; your max loss is the premium.
You believe: the card is going up.

Short · earn premium

Sell a call

Collect premium up front. Keep it all as long as the card stays below the strike at expiry.
You believe: it won't rise past the strike.

Long · pay premium

Buy a put

The right to sell at the strike. Gains value fast when hype fades — or insures a copy you own.
You believe: the card is going down.

Short · earn premium

Sell a put

Get paid to name your entry. Keep the premium if the floor holds.
You believe: it won't fall below the strike.

How prices work

Two prices matter: the underlying (what the card is worth) and the premium (what the option costs).

Underlying — the card's spot

Each card's spot is its live TCGplayer market price from the Pokémon TCG API. An off-chain keeper pushes these to the on-chain PriceOracle so every quote and settlement references the same number. Prices refresh on a schedule; the oracle rejects stale data.

Premium — the option's price

Premiums are quoted by a Black-Scholes engine using the oracle spot, the strike, time to expiry, a risk-free rate, and a per-card implied volatility (collectibles are volatile, so IVs run high). The vault, being the counterparty, adds a house edge on top of fair value:

  • Buyers pay fair value +40%.
  • Writers receive fair value −40%.

That spread is what accrues to liquidity providers over time. It also means, on average, buyers pay up for convexity and the pool is compensated for taking the other side.

The options chain

Open the terminal, pick a card from the market list, and you'll see its chain: a ladder of strikes around the current spot, each with a call and a put. For every strike you get the live premium, implied volatility, and delta.

  • Pick a strike and an expiry, choose Buy/Sell and Call/Put.
  • The ticket shows premium, total cost, breakeven, max profit/loss, collateral required, and the position Greeks.
  • A payoff diagram previews your P/L at expiry before you place the order.

Settlement

Contracts are cash-settled against the oracle price. There is no physical exercise, no shipping, and no grading disputes.

  • Buyers may close (exercise) any time; anyone may settle a position once it has expired.
  • Payout = capped intrinsic value. A long's maximum loss is exactly the premium paid.
  • Writers post full collateral (their max loss) up front and receive the premium. At settlement the vault takes the capped intrinsic from that collateral; the writer keeps the rest.
Every short option is backed 1:1 by locked collateral in the contract. There is no margin call and no way for a writer to default on assignment.

Liquidity pool

The vault is the house, and its liquidity comes from LPs. Deposit USDG on the pool page and your share takes the other side of every option traded — collecting the premium spread (the +40% house edge) over time.

  • Deposits mint LP shares; the pool's USDG-per-share (NAV) rises as edge accrues.
  • Withdraw your share of pool equity any time. Only liquidity actively backing open options is temporarily locked.
  • Cards whose collateral exceeds the pool's free liquidity show as locked in the terminal and unlock automatically as liquidity grows.

Get started

  • 1. Connect a wallet. Any injected EVM wallet (MetaMask, Rabby, Coinbase, Trust). The terminal adds/switches to Robinhood Chain for you.
  • 2. Get USDG. On mainnet you need real USDG; on testnet use the faucet on the pool page.
  • 3. Trade. Pick a card, strike and expiry, review the ticket, and place the order.
  • 4. Or provide liquidity. Deposit USDG in the pool to earn the house edge instead of trading.
Open the terminal