Levr Documentation

Overview

Levr is building an options market for assets available on Robinhood Chain. The current public beta demonstrates the intended trading workflow; executable options markets are not yet live.

Beta Status

The public beta is non-executable. Underlying/reference asset data may be sourced from current developer interfaces, while option premiums, implied volatility and Greeks can be generated by an indicative pricing model. No displayed option bid or ask should be treated as available liquidity.

Markets

Each market is defined by an underlying, expiry, strike and option type. The initial protocol design targets European calls and puts with a deliberately narrow set of supported underlyings and expiries. Final contract specifications will be published before testnet execution.

Options Contracts

Contracts in the beta are identified by underlying, expiry date and time, strike and type, for example NVDA-20260918-185-C. The beta convention is 1 contract = 1.00 unit of underlying exposure; this is a display convention, not a published contract specification.

Target design properties are listed below. Each is subject to change before executable markets open.

• Exercise style: European (target design).
• Expiry: standardized dates with an explicit time and timezone shown in the interface.
• Quote currency: the ticket displays USDG as the intended quote and settlement asset; this is a design target, not a live claim.
• Strikes: generated around the underlying reference price at increments that scale with price level.

Pricing & Data

The beta keeps underlying/reference data and option-market data as separate sources. Where Robinhood read-only REST data is used, the app treats it as underlying-market reference data. Indicative option premiums and Greeks are generated separately and are clearly marked non-executable.

• Underlying reference data: raw underlying-equity bid/ask from Robinhood read-only REST endpoints, cached for a short window, with the source timestamp and any trading-halt flag shown in the market header. For Ether (the chain's gas asset, not a Stock Token) the reference bid/ask come from the public Coinbase Exchange ETH-USD ticker and are labelled as such. When unavailable, the app shows an explicit Demo data state.
• Indicative option data (Stock Tokens): a Black-Scholes European model with a per-underlying volatility assumption, mild skew and term structure, a 4% risk-free rate and no dividend yield. Synthetic bid/ask spreads are deterministic. Delta, Gamma, Theta (per day), Vega and IV are model outputs and are labeled Indicative model.
• Venue option data (Ether): the ETH chain is read from Derive's public market-data API — listed expiries and strikes, best bid/ask with resting size, mark price, mark/bid/ask IV, Greeks, open interest and 24h volume, each as the venue reports it — and labelled Derive. It refreshes every few seconds; the footer shows the venue's print time. If the venue is unreachable the last print is held for two minutes with a Holding label, after which the chain steps down to the indicative model behind a visible 'Derive unavailable' band. Nothing is routed to Derive. Levr is not affiliated with Derive.
• Never invented: open interest, volume, depth, fills, balances, positions, PnL, margin. Where such a figure appears (the Ether chain) it is the venue's own number with its source named; the model never shows one.
• Raw REST prices are not multiplier-adjusted. Onchain Chainlink values are multiplier-adjusted and are now read on Robinhood Chain (block head, per-token feed, ERC-20 supply) and labelled REAL_ONCHAIN. The two surfaces stay separate types.

Proposed Settlement Design

The target protocol design uses oracle-based expiry settlement on Robinhood Chain. Exact settlement windows, reference feeds, fallback rules, treatment of market halts and corporate actions are design requirements that must be finalized and tested before executable options markets open.

Collateral & Margin (target design)

The venue will be fully collateralised in the quote asset (USDG) plus selected Stock Tokens and ETH. Long options lock the premium. Short puts lock a fraction of strike; short calls remain theoretically uncapped and will require a published initial-margin schedule before they are executable.

The public beta does not compute live margin. The /app/margin simulator is an illustrative sketch labelled as such. No figure on that page is a requirement.

• Quote and settlement asset: USDG (design target).
• Eligible collateral: USDG, ETH, and listed Stock Tokens.
• Portfolio margin: net Greeks of a book, with a floor per short put. Exact coefficients will be published before testnet.
• Partial collateralisation of short options is a design goal, not a live feature.

Settlement & Oracle (target design)

Expiry settlement is intended to use the Chainlink per-token feed on Robinhood Chain (multiplier-adjusted token price), not the raw REST equity print. The two surfaces are already typed separately. Corporate-action pauses (`oraclePaused` on the token) will halt settlement rather than print a stale or zero price.

The beta already reads the latest block, the feed (where a published proxy exists) and ERC-20 total supply. Those reads are REAL_ONCHAIN and fail closed.

Liquidation Auctions (target design)

Short options that breach maintenance margin will be offered in a Dutch-style auction. The History tab already reserves a Liquidations ledger; it stays empty until positions exist. Auction parameters (duration, discount steps, closer) will be published before testnet. Nothing is liquidated in the public beta.

Fee Schedule (target design)

A per-contract fee on executed options orders is the planned fee source. Maker/taker splits and any rebate are not decided. The public beta charges nothing because nothing executes. The Stake page describes revenue sharing as a design under consideration; no percentage is asserted.

Expiry Conventions

Weekly Fridays and monthly third Fridays, 16:00 America/New_York, always in the future of render time. The /app/calendar page lists the rolling set. Exercise style is European. 1 contract = 1.00 unit of underlying exposure in the beta display convention.

Robinhood Chain Integration

Levr is an independent project building on Robinhood Chain (chain id 4663, an Arbitrum-based Layer 2 using ETH for gas). It is not operated, sponsored or endorsed by Robinhood.

Stock Tokens on Robinhood Chain are ERC-20 tokens that provide economic exposure to an underlying equity or ETF; they are not shares and confer no ownership in the underlying security. Corporate actions such as splits and dividends are reflected through an onchain multiplier. Underlyings can be halted, and underlying market sessions matter; the beta surfaces halt status and never claims round-the-clock options markets.

In the beta, wallet connection reads the connected address and detects the network. The only signature ever requested is an optional Sign-In with Ethereum (EIP-4361) message for the early-access profile — plain text, bound to levr.money, no transaction, no token approval. No transaction is ever requested.

Risks & Disclosures

The public beta is a product preview. Displayed option premiums, implied volatility and Greeks are model-generated and are not live executable quotes. Underlying reference data can differ from executable market prices and may be delayed or unavailable.

Options involve significant risk and are not suitable for all participants. Nothing on this site constitutes investment, legal, tax or financial advice, or an offer or solicitation to enter into any transaction. The protocol design described here is prospective and may change materially before, or as a condition of, any executable market opening.

FAQ

• Can I trade options in the beta? No. The beta is non-executable. Review Beta Order never signs or submits anything.
• Are the bids and asks real? For Stock Tokens, no — they are generated by an indicative pricing model and labeled as such; they are not liquidity. For Ether, yes — they are Derive's resting orders, read from its public API and labelled Derive; they are real quotes on another venue, and nothing here can trade against them.
• Is Levr affiliated with Derive? No. Derive market data is displayed with attribution under its public API; Levr does not route orders to Derive, hold funds there, or act for it.
• Where does the underlying price come from? Stock Tokens: Robinhood REST bid/ask (raw equity, REAL_OFFCHAIN) and, separately, the Chainlink on-chain token feed (multiplier-adjusted, REAL_ONCHAIN). Ether: Coinbase Exchange ETH-USD. If a source fails, that surface shows Demo data or On-chain unavailable — never a silent swap.
• Is Levr affiliated with Robinhood? No. Levr is an independent project building on Robinhood Chain.
• When will testnet open? No date is published. Join early access to be contacted when the next testing phase is ready.
• Is there a token? Nothing about a token is part of the public beta.
• Can I share a book? Yes. The address bar updates as you stage a strategy, and Copy link on the ticket copies that URL. Quotes remain indicative.