Expiry
Understand what expiry means for buyers, writers, locked inventory, settlement checks, and post-expiry release or reclaim steps.
Expiry is the deadline after which an option can no longer be exercised under its original terms.
What happens at expiry
If an option reaches expiry without successful exercise, it may expire worthless for the buyer.
For a covered writer, expiry can eventually release the underlying skin or collateral from its option obligation, subject to custody and release checks.
Buyer outcome
If the option expires unexercised, the buyer typically loses the premium paid plus any applicable fees and network costs.
The buyer does not receive the skin or settlement benefit unless exercise was validly completed according to the option terms.
Writer outcome
When expiry passes without exercise, the writer usually keeps the premium.
The underlying skin or collateral may become withdrawable only after the lifecycle confirms expiry, release, and any required settlement checks.
Expiry is not always instant release
A skin or collateral balance may remain pending after expiry while systems confirm state, process release instructions, complete final checks, or resolve operational delays.
Some option types may have additional settlement, release, or reclaim steps after expiry.
Important timing reminders
Users should review expiry before entering a trade. Waiting until the final moments can increase the risk of failed signatures, network delays, or missed exercise windows.
Beta limitations
During controlled beta, expiry handling may include extra safeguards, operator review, or temporary pauses. Users should rely on the live option status shown in the app.