Vyper OTC: Create page now live!

Vyper Protocol
3 min readDec 5, 2022

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Gm Snakes 🐍

Today we’re proud to announce that we released the create page of Vyper OTC. Since we announced Vyper OTC a few weeks ago, we hinted at the possibility for anyone to create new custom derivatives. From today this is now a real possibility🤑

The Create Page

If you head over to Vyper OTC you will see this new page.

These five sections allow you to customize in detail each part of your trade. Let’s have a quick look at each of them.

Payoff

First of all you should pick the payoff that you prefer. We currently support three different payoffs. The forward contract (also seen in the original Vyper OTC announcement), the vanilla option contract, and the digital option contract also known as binary option.

Underlying

After the payoff you should choose what’s the underlying of the trade. We provide a list of already pre-set oracles taken from Pyth and Switchboard. In devnet we also allow you to choose any valid oracle from Pyth or Switchboard. That means you can literally trade on everything! Check out our guide on how to add custom oracles here.

Contract Parameters

Each payoff has different contract parameters. For example for a forward you only need to input the strike price and the notional, while for an option you also have to specify whether you’re creating a call or a put.

Collateral

In the collateral section you have to specify which tokens the counterparties will have to deposit to collateralized the trade, as well as the amounts for each counterparty. Currently in mainnet we support only USDC, while in devnet you can also add your favorite token as collateral. Read more about how collateral is managed in Vyper OTC here.

Expiry

Finally you should select the expiries. The Deposit Window refers to the cutoff before which both counterparties will need to fund the trade. The Contract Expiry refers to when the contract will settle. After the contract has expired the counterparties will be able to claim back the collateral plus profits or losses. For both dates we recommend you choose one of the expiries indicated to increase the probability of trade.

Preview

After you selected all the parameters, connect you wallet and click Preview to see a summary of the trade you’re about to create. If everything looks good, click the Create button. You will be asked to confirm two transactions with your wallet and then the trade will be confirmed in a few seconds 😎

And now?

You’ve just created an entirely customized on-chain permissionless derivative, congrats 🥳

Now that the contract is live you can fund either side (e.g. Long) and then find a counterparty to trade with you. If you’re looking for traders join our Telegram chat and ask for a quote there!

Create contract tutorial video

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Vyper Protocol

A DeFi primitive allowing users to create, trade, and settle any kind of on-chain derivatives 🐍 vyperprotocol.io