On chain Settlement Execution

IVX option markets are cash-settled automatically in USDC directly to the trader's portfolio, where the option's price at settlement is derived following the payoff formula:

P=max(0,SK) for a call option P=max(0,KS) for a put option. P = max(0, S - K) \text{ for a call option } \newline P = max(0, K - S) \text{ for a put option.}


  • PP is the Payoff

  • SS is the settlement price which is the average index price 30 minutes before the expiration

  • KK is the strike price

All options expire at 8:00 AM UTC every day