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:

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

Where:

• $P$ is the Payoff

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

• $K$ is the strike price

All options expire at 8:00 AM UTC every day