Say what you think. We build the strategy.

An option pays out on where a price ends on a set date. Traded on their own, options mean choosing strikes, sides and sizes. The MUTEX Options desk starts from the other end: you finish a sentence, such as I think Bitcoin will go up, and it answers with a strategy built from real options, priced live, in dollars.

Every strategy shows the same figures before you open it: its chance to win, what you put in, what you get back up to and the price it has to end beyond. The amount you choose is the most you can lose, fees included, and you never size contracts yourself.

The page holds two desks. Options run for days or months on BTC, ETH and SOL, currently. Binary Options run for minutes, on whether BTC or ETH closes up or down.

1. Move money in. USDC from your Funding balance to Options, with no fee. It lands in about 2 minutes and shows as what you have available.
2. Finish the sentence. Pick a market and one of six views, from go up to fall, so cover me.
3. Pick a timeframe and an amount. End dates run from 7 to 90 days away. The slider sets the most you can lose, as a share of what you have available.
4. Read the card. The desk pick comes first, with a chart of what you make at each end price and the chance of landing there. The other strategies sit under it, with the same figures.
5. Open, then confirm. Open asks for a live quote, and you have 60 seconds to confirm it. You get the numbers shown, within 1% of your amount, or nothing happens.

An example, not a live price: with BTC at $80,000, you put $50 into a call spread, fee included. It buys the $82,000 call and sells the $86,000 call, for 0.04 BTC. What it returns on its end date:

The card reads that as make up to $110, lose at most $50, and you profit if BTC ends above $83,250. Close before the end date and you get what the position is worth then, which can be more or less than the table says.

The Open tab lists each position with what it is worth now. Press Close any time up to the last hour before its end date: you get a live price and 60 seconds to confirm it, and you get back about the figure shown, within 1% of the amount, or nothing happens.

Otherwise the position runs to its end date and settles in USDC at 08:00 UTC, with nothing for you to do. The result lands in Options, ready for your next position or a move back to Funding. The History tab keeps every ended position, and you can share an open or an ended one as a card.

The card has a Margin strategies switch, off until you turn it on. These strategies sell options, so they pay more up front and can lose faster.

• Your amount is held on its own, so it is still the most you can lose.
• If the price moves too far against you, the desk closes the position early, at a loss, before its end date. You see that price before you open.
• In a very fast market the venue may close it first. It takes a fee, and you get back less.

Each window asks one question: will BTC or ETH end the window at or above the price it started at? If it does, Up wins. If not, Down wins. The desk currently runs 15-minute and 1-hour windows, one after another, and you can trade the one running now or the next one.

You buy shares. A share on the winning side pays $1, and one on the losing side pays nothing, so a share's price is the market's chance. Buy at the market, or set a limit that waits on the book until it fills, you cancel it or the window closes. Sell before the close, or hold to the result, which pays out with nothing to claim.

Binary Options trade from your Perps balance, so there is nothing to move first. The simple view is one order card and the window's clock. Advanced view is the full trading desk, with the order book, the trades and your open orders.

An example, not a live price: 100 Up shares at 52¢ cost $52.00, and the fee brings what you pay to $52.37.

A market order fills at the shown price or up to 3¢ worse if the book moves, and what it cannot fill there, it does not fill. An order starts at 5 shares, so a holding under 5 shares is held to the result.

• Opening an option strategy. One fee, on the card before you open, already inside your amount.
• Closing early. The confirm shows what you get back after fees.
• Moving money. A move into Options has no fee. A move back to Funding pays a $1 network fee.
• Binary Options. One fee on each fill: currently 1.5% taking from the book and 0.1% waiting on it, charged on P × (1 - P) per share, P being the price. So it is smallest near 1¢ and 99¢, and the order card shows it in dollars before you place the order.

The current house numbers. MUTEX can change them; the app always shows the live ones.

Opening a position and moving money into Options are not available in the US and its territories, Australia, Canada, Panama or the UK, nor in sanctioned countries and regions. Closing, settling and moving money back to Funding work everywhere. While MUTEX pauses the desk, opens and moves in stop, and the same exits stay open. The Terms carry the full list.

• A position can lose all of your amount. Being right about the direction is not always enough: the price has to get far enough by the end date.
• The chance to win is the market's guess, not a forecast MUTEX makes. A strategy that wins often can still lose more in one go than it makes in several wins.
• A margin strategy can close early at a loss, even if the price would have come back before its end date.
• A price is not always there. Without one, you cannot open or close until it returns, and a position cannot be closed at all in its last hour.
• Options money is held at an outside venue. If that venue is hacked, upgraded badly or spreads a loss across its users, money there can be lost, and MUTEX does not make it good.
• A Binary Options share on the losing side is worth nothing at the close, and a window can be over in minutes. A window can also be refunded, which pays 50¢ a share whatever you paid for it.

Anyone with a view on a coin who wants to know the most they can lose before they start. You do not need to know what a put credit spread is to open one, and if you do, the card shows the options it is built from. Binary Options are for a shorter view: where BTC or ETH closes in the next few minutes.