How to Trade On-Chain Options Using Zeta Markets (Desktop)

Zeta (ΞΆ) is an under-collateralized and cross-margined DeFi derivatives platform on Solana.

This guide will show you how to open and close a put option on SOL. For a more comprehensive overview of Zeta’s trading platform, be sure to refer to their documentation. Here are their primers on options and futures as well.

Zeta lets you use USDC as collateral to trade a growing list of assets with leverage. Remember, if you’re leverage multiplier is over 1.0x, you’re borrowing money every time you place a trade!

Step 1

Your first deposit requires ~0.05 SOL to pay Solana network fees for account creation and you’ll want more SOL in your wallet to pay for future transaction fees (which are minuscule but they’re not zero).

Step 2

We’ll place a bid for a call with a $48 strike price.

Zeta only accepts limit orders, post-only orders, and fill-or-kill orders for options so you’ll have to wait until your order gets filled. Once the order is filled, you can either wait for the option to expire and follow Zeta’s procedures on that, or you can sell it before it expires for either a profit or a loss.

Closing your position

This will be another limit order.

You’re all set

Once the limit order is filled (as long as you don’t have any other open orders or trades), you’re account’s available balance will revert back to your total account balance meaning you have no open orders or trades.

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