Buying calls
When calls are on sale
- Only on coins launched on POC.
- From launch, before bonding. The launch opens calls right after the coin is created
(
open_calls), so they are on sale while the coin is still on its pump.fun curve, and they keep selling after it migrates to PumpSwap. - Only while the coin's reference market cap is under $1M. Above that, no new calls are sold; calls you already hold are unaffected.
What a call is
A call gives you the right, until expiry, to buy a fixed number of tokens at the strike. The tokens are locked for you the moment you buy: the vault moves them from its stake into an escrow that only your position can release. You never depend on anyone to deliver later.
Strikes
Strikes are shown as market caps. A "$200K strike" is the price per token at which the coin is worth $200K (the supply is 1B, so $0.0002 per token).
| Tenor | Strikes on sale |
|---|---|
| Hourly | $100K and $150K, then the ladder from $200K |
| Daily | the ladder from $200K |
- The ladder: the lowest rung is 1.5 times the coin's reference market cap, but never less than $200K, rounded up to the next $100K; ten rungs, $100K apart. On a fresh coin that is $200K, $300K ... $1.1M.
- The $100K and $150K strikes are hourly only, and each must still be at least 1.5 times the reference market cap: the $100K strike disappears once the coin passes about $67K, the $150K strike once it passes $100K.
Premiums
Premiums are set so calls are never cheap, even on a coin worth a few thousand dollars on its curve: the price does not fall with the market cap. At the $200K strike the premium is 13.9% of the strike value; any other strike costs $200K / strike times that in dollars.
Per 1M tokens (premiums are set in dollars and paid in SOL at the live price):
| Strike | $100K (hourly) | $150K (hourly) | $200K | $300K | $500K | $1M |
|---|---|---|---|---|---|---|
| Premium | $55.60 | $37.07 | $27.80 | $18.53 | $11.12 | $5.56 |
The premium is paid in SOL at the Pyth SOL/USD price and includes POC's 0.5% fee. On a coin at a $35K market cap, the $100K hourly call costs about 1.6 times the token's own price per token.
How much one wallet can hold
Each wallet may hold at most 2M tokens of open calls per coin (across all strikes and expiries). Calls stop counting once they expire. See Size limits for the vault-wide limits.
Expiries
- Hourly: the next whole hour at least 30 minutes away (30 to 90 minutes).
- Daily: the next 20:00 UTC at least 12 hours away (12 to 36 hours).
A call bought before bonding can expire after the coin migrates; that is fine. If it expires in the few minutes between the curve completing and the pool opening, physical exercise still works but cash-out and auto-exercise need the pool.
The ticket
Pick a strike in the chain, enter an amount, and the ticket shows the premium in SOL and USD, the strike, the premium rate, the maximum payout (the full size delivered), what that is worth at 2x the strike market cap, and the payoff chart. The maximum size shown is what your wallet can still buy. Your wallet signs; the NFT arrives in your wallet.
Example
The most one wallet can hold: a $200K call on 2M tokens costs $55.60. At expiry it is worth, before price impact: $0 below a $200K market cap, $200 at $300K, $1,600 at $1M, $3,600 at $2M. These are the contract's payoffs, not predictions; most fresh coins never reach $200K.