Getting started
In one paragraph: Trion is a derivatives venue for compute-economy prices. Trade CMPT capped options and the CMPT-USD perpetual (open beta) on Robinhood Chain (chain id 4663), collateralized in USDG, traded on the desk at app.trion.market. CMPT is the USD price of one H100 SXM GPU-hour. A capped option gives a buyer a bounded cash payout at a stated expiry. On the Options V3 order book any trader can buy or write (sell) a listed call or put at their own price, and every short is backed in full on chain by the writer; the earlier V2 pool series, where a pooled sleeve issues options, stay live until their 2026-10-30 expiry. The CMPT-USD perpetual is in open beta, open to everyone from Oct 2, 2026 on the same desk. The contracts are not independently audited. The status page is the single list of what is live and what is not.
What you can do right now
| Goal | Available? | Notes |
|---|---|---|
| Read how the markets, options and risk work | Yes | This documentation |
| Watch the live CMPT index and its six constituents | Yes | The desk's Markets and Transparency pages; programmatically via GET https://api.trion.market/v1/oracle/v1/quote/CMPT and /v1/oracle/v1/daily/CMPT. See Prices and the API reference. The separate ten-venue CMPT-USD perp index (live since 2026-09-25 21:33 UTC) prices the perpetual beta; see Status |
| Buy a CMPT capped call or put | Yes, see the status page | V3 lists strikes $2.15 to $2.55 (step $0.05) with weekly expiries 2026-10-02, 10-09, 10-16, 10-23 and monthly 2026-10-30, 11-27, 12-25, all 08:00 UTC; each series stops trading 24 h before its expiry. The V2 call $2.35 → $2.85 and put $2.35 → $1.85 expire 2026-10-30. See Options |
| Write (sell) options | Yes | On V3, sell any listed series at your own price; $0.50 per short contract is locked in your exchange account until settlement and can be lost in full. See Options |
| Deposit into the V2 writer sleeve or a V2 secondary pool | Yes, until the 2026-10-30 expiry | The pooled V2 design: sleeve shares and per-series bins. See Option pool liquidity |
| Trade the CMPT-USD perpetual | Open beta | Trade at app.trion.market, open to everyone from Oct 2, 2026. In the pilot: 0% fees and funding off. Choose sizing leverage from 1x to 20x in 0.1 steps. Margin is tiered by position size. New open interest across all users is admitted up to $500, with an on-chain hard cap of $1,000 and a $2,000 notional cap per account. Caps may change. Trion’s matcher settles trades and Trion’s keeper liquidates into Trion’s receiver. See Perpetuals and status |
| Trade GRID, DRAM, NAND, HASH, DPIN or TOKN | No | No V2 contracts for them exist on 4663; TOKN derivatives are disabled by construction |
| Earn farming rewards or a reward token | Does not exist | Trion has no emissions, reward token or harvest step. Writers earn the premiums buyers pay (no maker rebate exists on the V3 book; the maker fee is 0), V2 pool LPs earn swap fees, all paid by counterparties |
| Trade V1 markets on 4663 | Outside this guide | V1 is a separate, older contract set; V2 does not migrate V1 positions |
Before you connect a wallet
- Check the chain. The desk works only on chain id 4663. When you connect, the app switches the wallet to Robinhood Chain; it refuses to sign or send when the wallet, the matcher and a fresh
eth_chainIddisagree. - Check the addresses. The shared-stack addresses are in
overdrive/deployments/v2/4663.json; the V3 exchange address and its listed series are in the verifiedoverdrive/deployments/v3/4663.options-v3.json; the V2 option-stack addresses are in the verifiedoverdrive/deployments/v2/4663.options.json. The desk's Transparency page reads the same manifests. Anything else claiming to be Trion is not this project. - Read the risks. Risk disclosures is short and specific: unaudited contracts, a Trion-held council, a single-address governance key, a finite (possibly zero) backstop, and no insurance.
A first option trade, step by step (V3)
New to the desk? Press How to trade in the Options header for an eight-step on-screen walkthrough of the same flow. Simple view shows a large order book (call Ask/Bid, Strike, put Bid/Ask, with the contracts available under each price) beside the ticket: tap any price to fill the ticket. Advanced adds the full chain with Greeks.
- Connect a wallet holding USDG on Robinhood Chain and open Options (venue Order book). Press Deposit in the account strip, enter an amount in Deposit USDG and confirm Approve and deposit; the strip then shows Cash, Locked, Reserved, Available, Account cap (5,000 USDG per account while the contracts are unaudited) and Total cash / cap. Withdraw returns available cash at any time.
- Pick a series. Choose an Expiry in the header; the chain shows CALLS on the left and PUTS on the right of the Strike column, each with Bid, Ask, Last, OI, Fair/Model and Greeks (Delta, Gamma, Theta/day, Vega/vol-pt). Bids and asks are what other traders have posted; Fair/Model and the Greeks are display-only Black-76 values, not prices anyone is offering. Click an Ask to buy or a Bid to sell, or use the ticket's Call/Put and Strike selectors.
- Buy or write. In the Order ticket choose Buy or Sell / Write, Limit or Market · IOC, a Quantity · whole CT (1 CT = 1 H100-hour) and, for a limit, a Limit price · USDG / CT on the $0.001 tick, at most $0.50. The preview shows the premium, fee bound, new collateral to lock, max loss, max profit, breakeven fixing and your available cash after reservation. Selling more than you are long opens a short and locks $0.50 per contract. Press Buy limit order / Sell / Write limit order (or at market) and sign in your wallet; nothing is sent to the chain by you.
- Fees. A resting order pays nothing; an order that takes a resting one pays 1% of the premium.
- Close before the cutoff, or hold to expiry. Close in the Positions tab prepares a reduce-only market (IOC) order for the whole position; Share card beside it draws a picture of the position (contracts, entry, mark and unrealized P&L at the book mid, excluding fees) that you can download or copy into a post on X. Open orders has Cancel and Cancel all open orders; Fills shows each fill's status and transaction. Trading closes 24 h before expiry; after that you hold to settlement.
- Settlement. X is the 24 h time-weighted average of the published CMPT index sampled every five minutes. Once the fixing is final, the series settles and every account is credited or debited
max(0, min(X − K, 0.50))per call contract, ormax(0, min(K − X, 0.50))per put, in USDG; shorts have their $0.50 per contract unlocked at the same time. The service does this for every account; the Settlement tab also offers Settle account if you prefer to send it yourself.
Options explains the product in full; How to trade Trion is the illustrated walkthrough of the V2 pool desk that remains live until 2026-10-30.
The perpetual desk (open beta)
The CMPT-USD perpetual beta is open to everyone. The same desk gives you:
- 1-click trading. Press Enable trading and sign once to create a trading session; orders and cancels then sign without wallet prompts. No-confirmation order entry is on by default; you can turn confirmations back on. Placing and cancelling orders costs no gas; deposits and withdrawals of USDG are on-chain transactions that need a little ETH on Robinhood Chain.
- The contract. 1 contract = 1 H100 GPU-hour at the index price; 730 contracts ≈ 1 GPU-month (the ticket has a 730 preset). Lot 1 contract, tick $0.001, no expiry. Choose sizing leverage from 1x to 20x in 0.1 steps. Margin uses marginal tranches, like tax brackets: the first $100 of notional requires 5% initial (20x) / 3.5% maintenance; the next $100 requires 20% initial (5x) / 12% maintenance; above $200 requires 50% initial (2x) / 30% maintenance. At 20x, about a 1.5% adverse move from entry can bring the position to maintenance and trigger liquidation. Gaps can liquidate at worse prices. If the index feed degrades, new risk pauses and liquidations wait for a fresh normal price. Fees are 0% and funding is off in the beta, so the mark price equals the index. An order that would trade immediately must be within ±3% of the index.
- Order types. Limit, market, stop-market, stop-limit, take-profit, TWAP and Swarm (a spread of limit orders across a price range), with GTC / IOC / FOK, post-only and reduce-only, plus take-profit / stop-loss on a position. Cancel All and full or partial Close are one press.
- Chart. Two chart engines, Vela (default) and TradingView. Right-click the chart to place a buy or sell limit at that price, or to set a price alert there; drag an order line to move the order. Orders, your position, TP/SL and alerts are drawn on the chart.
- Price alerts on mark, index or last price (above / below / crosses), delivered in-app and as browser push notifications; delete one with × on the chart, the header chip or the alerts list.
- AI Chat (button at the top right). Sign in once with your own OpenRouter account, pick Claude, GPT or Gemini, and type requests in plain English, for example "buy 10 contracts with limit orders from 260 to 250" (prices said in cents are read as dollars; a range becomes a ladder of limit orders). Every order, cancel or close appears as a confirmation card and is sent only after you click Confirm. Your OpenRouter key is stored encrypted on your device and is never sent to Trion's servers. Prefer your own AI app? The MCP connector at
https://api.trion.market/mcpis open to any wallet; see Connect an AI.
The beta is operator-cleared: Trion's matcher settles trades on chain and Trion's keeper runs liquidations, closing a liquidated position in full. Losses and profits are real. Read Perpetuals, Margin and liquidation and the risk disclosures first.
What the desk shows you
The Markets page shows the CMPT index and its constituents. The Options page shows the V3 chain with bid, ask, last, open interest and model Fair value and Greeks per series, your cash, locked and available collateral, and your V3 positions, open orders, fills and settlements underneath; a venue control on the same page switches to the remaining V2 pool series with their model quote and executable secondary-pool ask. The Portfolio page shows your V2 option tokens, writer shares and pool positions. The Transparency page reads solvency by series, open interest, the backstop balance, the index inputs and settlement records directly from the chain and the oracle. When the accepted price snapshot is missing or expired, the desk says Unavailable rather than showing an old number.
What activation does not prove
- Activation is not an audit. See Risks and security.
- Trion runs the V3 order book and its own market maker quotes on it, as one participant among others. Exit liquidity is whatever bids and asks are resting when you look; a displayed price is not a fill.
- The listed chain is fixed by governance. Nothing here is a promise of future series, other markets, or a return.
Source trail: overdrive/shared/v3/OPTIONS_V3.md §§1–2; overdrive/deployments/v3/reviewed/4663.chain.json; overdrive/deployments/v2/4663.json; overdrive/deployments/v2/reviewed/4663.cmpt-options-approval.md, 4663.options-series.json; docs/spec/FIXING_ORACLE_V2.md §2.1; overdrive/exchange/web/src/v2-config.ts (getV2PerpsDeployment, getV2OptionsDeployment), wallet.ts (requireV2Chain), trading-main.ts (routes), pages/transparency.ts; overdrive/exchange/matcher/src/server.ts (/v1/oracle/*); overdrive/exchange/oracle/src/server.ts (/v1/quote/, /v1/daily/).
Repository-owned documentation · October 2026 · Educational material, not investment advice and not an audit.