How GUST works
A covered-call market for tokens you hold. Sellers lock tokens and earn premium up front; buyers pay that premium for the upside until expiry.
Sell upside
Lock tokens you hold, choose a strike price and an expiry, and set your premium. The tokens wait in a vault account owned by the GUST program.
When a buyer fills the offer, the premium, minus the fee, lands in your wallet at once.
Buy upside
Pick an offer from the option chain and pay its premium once. That premium is the most you can lose.
Until expiry you can exercise: pay the strike and the locked tokens are yours.
Follow your positions
Your offers, the upside you hold and your history in one place, each with its Solscan link. Exercise, cancel an unfilled offer or settle an expired one from here.
At expiry an unexercised contract settles by itself and the collateral goes back to the seller.
Earn from service fees
Deposit $GUST in the Revenue Vault to earn a time-weighted share of the service fees, paid in SOL.
A deposit earns from the next epoch. Withdraw any time; revenue already earned stays claimable.
Get $GUST for the vault
Buy the $GUST you want to deposit without leaving the app: you see the quote, and your wallet signs the purchase.
Check the record
The program, every vault and wallet, each recorded transaction and every dev buy of $GUST, all with Solscan links.
Costs
- Premium fee
of the premium
Taken from the premium the seller receives.
- Exercise fee
of the strike
Taken from the strike the seller receives when the buyer exercises.
- Smallest premium
The program accepts offers from this premium up, so every posted offer can be filled.
- Network fee
about 0.000005 SOL per transaction
Plus a small priority fee the app sets from recent network fees. Your wallet shows the total before you approve.
- Account rent
Returned
Posting an offer opens a contract account and a collateral vault; the seller pays their rent. The vault's rent comes back at settlement or cancel, and the contract account's rent can be reclaimed by the seller once it is settled. A Revenue Vault position (about 0.0018 SOL) comes back when you close it.
- Service fees go to
The current split, applied once a day: market fees go to depositors and buy $GUST every day. See the Revenue Vault.
Who holds what
- Your wallet signs every action. The app shows every term first and simulates the transaction before your wallet asks.
- The program holds the collateral, the server holds no funds. Locked tokens sit in a vault account owned by the GUST program, listed on Proof. The program's settlement moves them: to the buyer on exercise, back to the seller on expiry or cancel.
- Terms stay as posted. Strike, premium, expiry and fees are written into the contract account when the offer is posted, and the program has no instruction that edits them. A filled contract settles on the terms you saw.
- The server keeps time. It indexes the chain, settles contracts that reach expiry and runs the daily fee split. Anyone can send the expiry settlement.
Risks
- Selling. You give up the rise above the strike until expiry, and the locked tokens still carry their price risk: if the price falls they come back worth less. The premium is yours either way.
- Buying. The premium is paid up front and is not refunded. If the price stays below your breakeven (strike plus premium, per token) through expiry, the premium is the loss.
- Depositing $GUST. Deposited $GUST keeps its price risk while it is in the vault. Your SOL share grows with the fees the market collects.