There is no standard strike. Public deals range from strikes only 5% and 15% above a reference spot price (TrueFi and Bastion Trading, 2025) to fixed prices set well above the market (Cryptex’s USD 9.75 strike for Wintermute in 2021) and fixed dollar values per tranche at 6 and 12 months (Olympus and GSR, 2021). Forgd Academy notes strikes are often set as multiples of the listing price or as dynamic benchmarks such as TWAPs. Higher, laddered strikes cost the project less if the token rises.
Strikes in public deals
| Deal | Strike structure |
|---|---|
| TrueFi / Bastion Trading (2025) | 55% of loan at +5% to reference spot; 35% at +15% |
| Cryptex / Wintermute (2021) | 500,000 CTX at USD 9.75 |
| Cryptex / GSR (2021) | 250,000 CTX for USD 2.5M at 6 months; 250,000 for USD 3.75M at 12 months |
| Olympus / GSR (2021) | 12,500 OHM for USD 15.625M at 6 months; 12,500 for USD 18.75M at 12 months |
How to negotiate
- Ladder the strikes (e.g. several tranches at rising prices) rather than one strike near spot.
- Prefer European exercise (only at expiry) over American (any time), which gives the firm more flexibility.
- Use a TWAP reference so a short spike cannot set a low strike.
- Pair the option with KPIs: spread, depth and uptime per venue.
Model the cost at several prices with the market making cost calculator. More: token loan terms.
Sources
- TrueFi forum: TFIP-25, Bastion Trading as additional MM for TRU (2025)
- Cryptex forum: CIP-5 Market Making Proposal (2021)
- OlympusDAO forum: Market Making Proposal from GSR (2021)
- Forgd Academy: How are loan plus call option engagements typically structured?
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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