Bounds: vertical monotonicity and width, butterfly convexity, boxes, and put-call parity (parity rows need a perp hedge and carry funding risk). "Fair" is Black-76 at the vega-weighted quadratic smile fitted to that expiry's mark IVs — a model norm, not a guarantee. Sizes are top of book; fees = min(3 bp × index, 12.5% × mark) + $0.50 per leg at the shown size. Quotes move in milliseconds; treat everything here as a screen, not a signal.
Method. Premium per day = option premium ÷ days to expiry (fractional days from now until 08:00 UTC settlement). Time value only subtracts intrinsic value (max(spot − strike, 0) for calls, max(strike − spot, 0) for puts) so in-the-money strikes don't form a wall of intrinsic; untick it for full premium. % spot / day divides by the index; Annualized % is % spot / day × 365 — the gross yield a seller would collect if the option expired worthless, before fees and assignment. The surface interpolates linearly between listed strikes inside each expiry; dots are the actual instruments. Source: Derive v3 public API, read-only, assembled at the Cloudflare edge every 5 minutes. Not investment advice. Part of rvrs.ai.