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Trading

Greek options are plain ERC20 tokens. You can move them through any DEX/AMM/CLOB that speaks ERC20 — but for real price discovery on options, RFQ (request-for-quote) against a professional market maker is the right tool. Greek has partnered with Bebop for the production trading path.

Bebop's docs are the source of truth for the swap mechanics. Start here:

Why RFQ (and not an AMM)​

Options have high dimensionality — strike × expiry × underlying × call/put — and each series has vastly different liquidity needs. An AMM per series would fragment capital badly. RFQ lets one maker quote the entire book using their own risk engine, and Greek's auto-minting means they don't need to pre-inventory every strike × expiry: options are minted at the moment of sale.

How Greek + Bebop fit​

Bebop's settlement flow is entirely standard ERC20 — maker's tokens are pulled via transferFrom and delivered to the taker, atomically, in one tx. Because Greek's Option contract overrides transferFrom with an auto-mint hook, nothing special has to happen on Bebop's side:

Bebop settlement  ──▶  option.transferFrom(maker, taker, amount)
                             │
                             ▼
                  Greek auto-mint fires (if maker opted in):
                    pulls collateral → mints option+coll → transfers option

Net: the MM holds collateral, signs a quote, and the option materializes at the exact moment the taker pays for it.

Buy flow (taker's perspective)​

  1. GET /quote on Bebop → signed EIP-712 order from the maker.
  2. Approve cash to Bebop's approvalTarget (returned by the quote — don't hardcode).
  3. Call settlement with the received quote.
// After receiving a signed quote from the MM:
IBebopSettlement(bebopContract).swapSingle(order, makerSig, filledAmount);

Result: cash leaves you, option tokens arrive at receiver.

Sell / write flow (maker-side setup)​

One-time setup so your wallet can sell Greek options through Bebop with auto-mint:

// Approve collateral to the factory (ERC20 + factory's internal book)
IERC20(collateral).approve(address(factory), type(uint256).max);
factory.approve(collateral, type(uint256).max);

// Opt into auto-mint (one flag for all options from this factory)
factory.enableAutoMintRedeem(true);

// Let Bebop's settlement pull option tokens on your behalf
// (one operator approval covers every option in the factory)
factory.approveOperator(bebopApprovalTarget, true);

Now every RFQ sale signed by your wallet atomically:

  1. Pulls amount collateral from you,
  2. Mints amount Option + amount Collateral Tokens to you,
  3. Delivers the Options to the taker,
  4. Pays you the cash.

You end up short (holding Collateral tokens). The original collateral is locked in the Collateral contract backing that short — unwound by buying options back, or settled at expiry.

Pricing​

The Greek market maker may use a Black-Scholes formula to price their option. Most MMs use sophisticated strategies off-chain to price and deliver a quote when requested. Typically to price you need the following pieces of information.

  • Spot from Chainlink (primary) with Uniswap v3 TWAP as fallback.
  • Volatility from a per-underlying surface (ATM-anchored, quadratic skew optional).
  • Inventory skew — widens asks and tightens bids when the MM is net short, to pull back toward flat.
  • Base spread configurable per venue.