Buy a call

A call is the right to buy a token at a fixed strike. You pay a premium once. If the token rises, the call can be worth more than you paid. If it does not, the most you lose is that premium.

On the Leverage page this is LONG. LONG buys calls. Your first option walks through one trade. Buy a call or put is every control on the panel.

What the premium buys

A small premium can control a larger amount of the token. That ratio is the leverage the card shows before you sign. The same leverage is how fast the premium can go to zero. There is no liquidation and no funding payment: the premium was paid up front, and the writer already locked the tokens the call can demand.

The position never expires. It shrinks. Every half-life the size halves, so a correct view that arrives late pays less. A shorter half-life costs less and decays faster. A longer one costs more and is still there if the move takes longer. See The AmPO.

Getting out

Sell the call into the bids, or exercise it. Exercise pays the strike in USDC and receives the tokens. The desk can borrow the strike, exercise, and pay you in USDC, so you do not need the strike sitting in your account. See Close a position and Calls, puts and exercise.

The program never reads a token price. It will let you exercise a call below its strike, and you lose money if you do.