Providing liquidity

In one paragraph: Every fill on Trion needs a user on the other side. On the Options V3 book that user is whoever rested the order: any account may write (sell) or bid for any listed series at its own price, and Trion's own market maker is one such account with no privileges. The older roles still exist for the V2 pool series until they expire on 2026-10-30: depositing into the writer sleeve (a sleeve writer) and placing option inventory and cash into secondary-market bins (a DLMM LP). Perp makers would rest orders on a perp book, but no perpetual is listed. Each role pays something and each carries a specific obligation you cannot walk away from mid-flight. None of them is a savings product, and none of them is a farm: there is no reward token, emission schedule or harvest step anywhere in Trion.

Availability: the status page lists what is live. The V3 book is on the desk's Options page; the V2 sleeve writer and DLMM LP roles are on the Writer and Provide pages until 2026-10-30. The perp maker role is not available: the CMPT perpetual is deployed but not listed, so there is no perp book to rest orders on. The owner-approved V2 launch seed was $1,437 for the writer sleeve, $300 for liquidity bins and $200 reserved for bonds; those are small allocations, not a guarantee of exit liquidity. See the risk disclosures.

Role 0: Options V3 writer or resting bidder

What you do. Deposit USDG into the V3 exchange (at most 5,000 USDG per account while unaudited) and rest sell orders (writing) or buy orders at prices you choose, in any listed series. A resting order pays no fee; when it is taken you fill at your price and, if you sold, $0.50 per new short contract moves from free to locked cash and the premium arrives in your cash immediately. There are no shares, no pooling and no separate claim step.

Your obligation. A short stays fully collateralized until the series settles or you buy it back. The locked $0.50 per contract is the most you can lose; premium received reduces the net loss. A resting order is a live authorization until it fills, expires, is cancelled (off chain with a signed cancel, or on chain with cancelOrder / advanceEpoch) and the book service reserves its worst case against your free cash. Adverse selection is yours to manage: if the index moves and your quote is stale, the taker who hits it is doing the rational thing. Details and the reservation formula: Options, Options order-book API.

Role 1: Perp maker

What you do. Sign GTC orders, usually post-only, at prices you are willing to trade. They rest on the book. When a taker crosses, you fill at your limit price and receive the maker rebate (candidate: 3 bps). The rebate is credited to your account cash at settlement, paid out of the taker's fee; it is not a separate reward you collect later.

Your obligation. A resting order is a live authorization until it fills, expires, is cancelled or is revoked. It is reserved against your free cash. If the index moves and your order is now a bad price, the taker who hits it is doing the rational thing; that is called adverse selection, and the rebate does not cover it.

Also true of makers.

• Your depth counts toward the mark price only if it is funded, unexpired, inside ±3% of I, and reaches the configured quote notional on both sides. Orders from the same controller are excluded so you cannot move the mark by quoting against yourself.
• Liquidations execute against makers. If you are the best bid during someone's closeout, you buy their position.
• Grid strategies work by cancelling and re-signing; a closed browser stops the automation, not the signed orders. Use strategy epochs to revoke a whole grid at once.

Role 2: V2 option writer (sleeve depositor, until 2026-10-30)

What you do. Deposit collateral into a market's WriterSleeveV2. The sleeve issues capped calls and puts to buyers and collects premiums. You hold internal shares in the pooled sleeve. They are a balance inside the contract, not a token: you cannot transfer or trade them, and there is no separate "FLAT" asset (the redemption function keeps the historical name redeemFlat).

Your obligation. Every option issued is fully collateralized by the sleeve. Cash equal to the maximum payout of every open series is locked until each series settles or is severed; the mark does not reduce it. You can redeem only free capital: cash minus reserves minus unpaid settled claims. Share value is cash minus unpaid settled claims, not a mark-to-market estimate, so a moving index changes nothing for you until a series settles. If the sleeve is fully reserved, your redemption waits, legitimately, until an expiry resolves. See Option liquidity.

Risk. A large index move before expiry pays buyers up to the full cap from your capital, and a missing fixing can pay the full cap even when the index did not move there. Writers never get liquidated, because they were never allowed to be under-collateralized in the first place; the loss is realized at settlement instead. No return is promised.

How you get paid. Premiums are not emissions. They arrive when a buyer purchases, sit in the sleeve as cash, and reach you only as share value when you redeem free capital. There is no claim or harvest step for premiums.

Role 3: V2 DLMM bin LP (until 2026-10-30)

What you do. Deposit option contracts and/or quote cash into discrete price bins of a series' secondary pool. Traders buy or sell options against your bins and pay a fee (30 bps base, up to 250 bps in volatile hours) that is added to the quote reserve of the bins they touched. Anyone may add liquidity; there is no writer-only lane.

Your obligation. Your inventory shifts with trades: as buyers take options you end up holding cash, as sellers offload you end up holding options. At expiry swaps freeze; your remaining options are settled at the fixing and you claim cash per bin. Fees mitigate but do not eliminate the loss from being on the wrong side of a move.

How you get paid. All of the swap fee goes to the LPs of the bin that traded; the protocol takes nothing. Fees are not paid out separately: they grow the bin's reserves, and you realise your share when you remove liquidity. There is no fee-claim or harvest function.

Comparison

Caveats

• No yield is promised. Every role can lose principal. No rate of return is published, and any "APY" you see quoted for Trion is not from this project.
• V2 limits, caps and fee slopes come from the reviewed, hash-committed launch configuration for CMPT (overdrive/deployments/v2/reviewed/4663.options-config.json); the V3 chain, width, tick, fees and deposit caps are in overdrive/shared/v3/OPTIONS_V3.md and overdrive/deployments/v3/reviewed/4663.chain.json. Nothing is calibrated for any other market.
• Only CMPT exists on 4663. The perp maker role has no listed market.
• The backstop vault is a fourth pool of capital, but not a liquidity role: anyone can fund it, nobody receives shares, withdrawals or income from it.

Source trail: docs/spec/V2_ARCHITECTURE.md §2.3 (qualified depth), §3.5 step 6 (post-only), §5.1, §5.4, §5.5; overdrive/perps/src/v2/PerpetualV2.sol (maker rebate credit, feeCash); overdrive/src/v2/options/WriterSleeveV2.sol (deposit, redeemFlat, available, shares, _recomputeReserve); overdrive/src/v2/dlmm/OptionDlmmV2.sol (addLiquidity, removeLiquidity, settleDlmmInventory); overdrive/src/v2/dlmm/FeeMath.sol (BASE_FEE_BPS, MAX_FEE_BPS); overdrive/perps/src/v2/BackstopVaultV2.sol (fund, available); overdrive/script/SeedOptionsV2.s.sol; overdrive/exchange/matcher/src/config.ts (options.markets); overdrive/exchange/web/src/pages/liquidity.ts, options.ts.

Repository-owned documentation · September 2026 · Educational material, not investment advice and not an audit.