Delta.theta — p2p options DEX. Review ( Update May 2022)

3 min readMay 30, 2022

Platform description is a decentralised (peer-to-peer, p2p) platform for trading options on crypto assets. It currently supports Ethereum, Binance Smart Chain, Polygon, and Aurora core network operations. The exchange’s smart contracts have undergone 3 audits — by Hacken and Cyber Unit Tech. Integrations into marketplace and Fireblocks, a crypto platform for institutional clients, have been made.

Over the past 30 days, trading volume was over USD 1.6 million (as of early May).

delta.theta uses the market order book mechanism with the ability to place and manage limit orders. The functionality of the platform includes:

1. the ability to create market and limit orders;

2. make changes to the orders before they are accepted;

3. sell and buy options oneself;

4. to sell options that have been sold;

5. pay network and platform fees with a native DLTA token;

6. create a deep-link to copy option trade patterns (analogous to auto-tracking);

7. use the collateral for orders placed in the Liquidity Incentive Programme — placing funds in deposits with the Compound and Venus decentralized services.

The benefit of using options

Over spot trading

  1. More tools for trading ideas.
  2. Greater flexibility in investment strategy.
  3. The possibility of additional profitability — by receiving a premium when placing ‘forward pending orders’ — selling put and call options.
  4. Limiting the size of potential losses when buying options.

DLTA token

The total emission is 100 000 000 with around 330 000 DLTA already burned. Supported networks are ETH, BNB Smart chain. bridge is used for transfer between networks.

The token is actively involved in the platform operation: in addition to a transaction fee discount (maximum 50% for 100 000 DLTAs), the token can be used to pay for blockchain network fees.

The advantages of delta.theta over other solutions:

  1. Decentralization — the non-custodial format of the platform allows you to work directly from your wallet. The platform cannot lose or confiscate funds.
  2. Quoting options on underlying assets that are not available on other platforms — AAVE, DOT, MATIC, BNB, and others.
  3. The possibility of efficiently using collateral capital when selling options — LIP program on the Venus / Compound protocol.
  4. Unique integration with regulated broker Just2trade in a hybrid decentralized exchange model. ESMA/CYSEC license compliance.

Terminal utilization

  1. Selecting a trading pair
  2. Current price of the underlying asset
  3. Terms of the deal
  4. Creating a limit order (reduced commission)
  5. Open position management
  6. Transaction history
  7. Selecting the terminal design mode — light/dark theme
  8. Selecting a blockchain
  9. Options execution date
  10. Creating a market order
  11. Market orders zone
  1. Purchase price
  2. Sale price
  3. Open interest level (number of transactions concluded)
  4. Expected volatility parameters
  5. Theoretical (reference, possible average) option price (premium size)
  6. Delta parameter
  7. Option strike price