Overview
Runner is an options exchange for Solana tokens. You buy the right to trade a token at a fixed price, pay for that right up front, and never owe more than you paid. Every option is fully backed by the tokens it delivers, and settlement moves the tokens themselves.
The product
Runner lists one kind of option, the Amortizing Perpetual Option (AmPO). It never expires, so there is no last day to act and nothing to roll. Instead, it shrinks. Each market has a half-life, and every half-life the size of every open option in that market halves. That shrinking is what holding costs.
A call is the right to buy the token at the strike, and gains when the token rises above it. A put is the right to sell at the strike, and gains when the token falls below it. You can exercise any time you hold one.
More: The AmPO, Calls, puts and exercise.
What you can do
| You want to | Start at |
|---|---|
| Protect tokens you hold | Hedge a position |
| Get upside with a call | Buy a call |
| Short a token | Short a token |
| Get leverage: buy calls and puts with a premium you name | Your first option, then Buy a call or put |
| Make markets: write options and collect premium | Write options |
| Understand how it works | The AmPO and the other concept pages |
| Look up a term | Glossary |