Protect with puts
A put pays when XLM falls below the strike. Your option loss is limited to the premium you pay, plus network fees.
Explore putsOPTIONS ON STELLARThe market moves.
The market moves.
Make your
next move.
Protect your downside. Take a view on upside.
Explore a new way to trade XLM with options
backed by collateral, from the start.
X
XLM / USDCPut option · European settlement
AN EXAMPLE POSITIONRoom to move.
Room to move.
A defined downside.
Net option payoffUSDC / lot
Underlying XLM price in USDCIllustrative
Strike0.20 USDC
Premium / max loss0.01 USDC
Contract size1 XLM
Example excludes network fees. Not a live market quote.
BUILT ON STELLARFully collateralizedFixed premiumsEuropean settlementUSDC denominated
THE PROTOCOLMore ways to position.
More ways to position.
Clear terms from day one.
Steption brings financial options to Stellar. Start with one pair, choose your direction, and see the terms before you commit.
Take a view with calls
A capped call gives you exposure above the strike, up to a stated price cap. See your maximum payout before buying.
Explore capped callsWrite on your terms
Set the premium and reserve the collateral. Sell to buyers at your price and recover unfilled inventory when you choose.
Start writingFROM POSITION TO PAYOUTA complete view.
Read the mechanics A complete view.
At every step.
01
Find your market
Compare puts and capped calls by strike, expiry, premium and available inventory.
02
Review your position
Inspect the payoff, quantity, exact price terms and maximum loss. Your wallet authorizes the trade.
03
Track and settle
Follow your positions in Portfolio. After expiry, finalize settlement and claim any payout.
Terms stay fixed. Buying closes before the settlement observation window. The price uses three fixed historical XLM/USDC observations, so a late settlement call does not choose a new market price.
THE PEOPLE BEHIND STEPTIONBuilt by Decenzio.
Built by Decenzio.
Started at HackPera.
Steption began at the HackPera Istanbul hackathon. We bring together experience in Web3, product interfaces and Stellar smart contracts.
What is Steption?
Steption is an options protocol built on Stellar. The current development release supports XLM/USDC puts and capped calls, backed by collateral deposited before buyers enter a position.
What can I do in the app?
Explore option markets, inspect the payoff, buy an option, write a fully collateralized offer, and track positions through settlement. Preview mode lets you save paper trades without using funds.
How do writers earn premiums?
Writers choose a fixed premium and reserve the maximum possible payout. When a buyer purchases their option, the premium goes directly to the writer. The writer’s final result depends on the option’s settlement payout; premiums are not guaranteed profit.
Why are calls capped?
A capped call pays when XLM rises above its strike, up to an explicit upper price cap. That cap makes its maximum USDC payout finite, so writers can reserve the full amount before a trade.
When can I settle my option?
These are European options. Settlement becomes available after expiry and the oracle publication delay. It uses fixed historical observations rather than the price when someone eventually submits settlement. Positions cannot be transferred or exercised early.
Is this available on Mainnet?
This is a Testnet development release. The contracts have automated tests but have not received a professional audit. Preview data is illustrative; live Testnet trading requires a configured deployment.
STAY IN THE LOOPThe next chapter
The next chapter
starts on Stellar.
Get Steption updates and testnet milestones.