Key Concepts
2 min read
The vocabulary you need to use Raven Market confidently.
Digital Option
A contract that pays a fixed amount if a price condition is met at expiry, and zero if it isn't. On Raven, all payouts are denominated in CC. Also called a cash-or-nothing option. Always refer to these as digital options.
CALL
An option that pays out if the underlying asset settles above the strike price at expiry. Buy a CALL when you believe the price will go up.
PUT
An option that pays out if the underlying asset settles below the strike price at expiry. Buy a PUT when you believe the price will go down.
Strike Price
The reference price that determines the outcome. On Raven, strikes are set as percentage offsets around the current CC market price when a contract opens.
Cadence
The duration cycle of contracts. Raven offers Daily (settling at 12:00 GMT every day) and Weekly (settling at 12:00 GMT every Friday). The cadence toggle in the interface switches between the two.
Expiry
The fixed time at which the contract settles. At expiry, the Chainlink oracle delivers the final CC price and all positions resolve automatically.
Stake
The CC amount you put in to buy an option. This is your maximum possible loss — you cannot lose more than your stake under any circumstances.
Fixed Payout
The exact CC amount you receive if your option expires in-the-money. Always displayed on the order ticket before you confirm. No surprises.
Payout Odds
The ratio of your stake to the fixed payout, shown as a number between 0 and 1 in the options chain. Odds of 0.53 means the market-implied probability of that side winning is 53%. Odds update live as pool imbalance shifts.
ITM / OTM
In-the-Money (ITM) — the option expires with a payout. Out-of-the-Money (OTM) — the option expires worthless and the stake is lost.
ATM (At-the-Money)
The strike set at or very near the current market price. ATM options have the most balanced odds and highest open interest.
Protocol Pool
The on-chain vault acting as counterparty to all trades. At launch, seeded and managed by the protocol directly — no user LP deposits required.
Canton Coin (CC)
Canton Network's native digital asset. All Raven contracts at launch are denominated in CC.