Risk disclosures
In one paragraph. These are the risks of using Trion V2 with real money, stated plainly. CMPT capped options are live on Robinhood Chain (4663) with USDG collateral from the activation time on the status page; these disclosures describe that launch. None of this is boilerplate — each item names a real, specific risk of the current design.
1. Not independently audited
The V2 and V3 smart contracts and the oracle pipeline have not been independently audited. No third party has reviewed the contracts, the methodology, the collectors or the signer services. Because of this, the V3 exchange caps deposits at 5,000 USDG per account and 50,000 USDG in total. "Unaudited" is a launch fact, not a permanent one; an independent security audit and a methodology-adherence audit are on the roadmap, and the scope and result will be published when they exist. Until then, treat the code as unaudited.
2. Buyer risk
The premium, the taker fee and gas are the maximum you can lose — but they can be lost in full. Payout is capped at the width ($0.50 per contract on the V3 chain: cap − strike for a call, strike − floor for a put); the option can never pay more than that, no matter how far the index moves.
3. Writer risk
On the V3 book you write by selling: $0.50 per short contract is locked in your exchange account from the fill until the series settles or you buy the short back, and it can be lost in full minus the premium you received. Premiums may not cover the payouts owed. There are no margin calls or liquidations because the worst case is funded up front; that does not make the loss smaller. In the V2 sleeve, writer capital is likewise locked while exposure is open and can be lost in full; reserved backing and unpaid claims cannot be withdrawn until they are released.
4. Exit-liquidity risk
The V3 order book is operated by Trion, and Trion's own market maker quotes on it as an ordinary participant. Displayed bids and asks are resting orders that their owners may cancel; an empty side means no exit at any price until someone posts one. If the book service is unavailable you cannot open or close, though your collateral and settlement never depend on it. For the V2 pool series the owner-approved launch seed was $1,437 for the writer sleeve, $300 for liquidity bins and $200 reserved for bonds; small allocations, not a guarantee of exit liquidity, and the pool only buys what someone has bid for. Trading closes 24 h before expiry in both designs; do not rely on closing a position during the settlement averaging window.
5. Backstop risk
The backstop vault is finite and may be zero at launch. If it is exhausted, profitable traders are auto-deleveraged and a residual deficit is declared — it is not covered. There is no FDIC/SIPC insurance and no deposit guarantee.
6. Oracle and governance risk
Fixings can be challenged, corrected or delayed. At launch, governance and all five council seats are Trion-held, and the council is not independent. A 3-of-5 council plus governance can set any X within the option caps through a bonded correction. Governance is a single address — one key, not yet a multisig with a timelock — so the venue is one compromised key away from serious loss. A challenge can end in uphold (challenger loses the bond), correct (proposer loses the bond), or cancel (no fixing, sever path). A halted oracle can trigger the discretionary governance-settle path. See the benchmark statement for the independence roadmap.
CMPT settlement X is the 24 h time-weighted average of the published CMPT index, sampled every five minutes, not the spot index at expiry. Every sample must satisfy the live-index quorum. One missing sample makes the fixing unavailable; the single 48 h grace attempt requires all 576 samples and cannot waive a hole in its overlapping 24 h. If no eligible fixing is produced, the 72 h sever backstop applies, subject to pending-fixing protections. The averaging period changes the payout relative to an instantaneous expiry price.
Trading closes 24 h before expiry, before averaging starts. On the V3 order book this is enforced by the contract: each series has tradingEnd = expiry − 24 h, and no fill can settle at or after it. For the two V2 pool series, governance must enforce the cutoff by disabling the market; it is not an automatic on-chain timer, and a missed governance action is an operational risk. For the V2 series, trading closes 2026-10-29 08:00 UTC and expiry is 2026-10-30 08:00 UTC.
7. Contract, software, network and chain risk
Smart-contract, wallet and network risk remain: a reorg or RPC front-running can move the ground under a trade. The contracts are non-upgradeable, which removes upgrade-trust but means a bug cannot be patched in place. The collateral token (USDG) carries its own issuer and peg risk. Chain risk includes the target chain itself — its finality, its operators and its availability are outside Trion's control.
8. Basis risk
CMPT is an offer-median benchmark, not your actual GPU bill. A hedge may not offset your real costs: your own rates, regions and utilisation differ from the index, and the index is built from list and marketplace prices, not an executed tape. See the methodology factsheet.
9. Jurisdiction and eligibility
There is no named operating entity or jurisdiction statement yet — that review is pending. The restricted-persons list, geo-blocking and any close-only policy are not published. Read the current status before relying on any of this, and treat any claim of a specific legal entity or jurisdiction as unverified until Trion states it.
10. No guaranteed returns, no yield
There is no APY, no farming and no reward token. Each liquidity role earns exactly what its counterparties pay: a V3 writer the premium the buyer paid (the resting side pays no fee and receives no rebate; there are no rebates on the options book), a V2 sleeve writer the premiums that enter the sleeve, a V2 pool LP the swap fees inside their bins. Nothing here is a promise of profit, and nothing pays simply for holding or depositing.
11. Regulatory status
Trion is not a registered exchange or clearinghouse unless and until it elects otherwise. The legality of derivatives and the availability of investor protections vary by jurisdiction. CME is the regulated contrast, not the claim — Trion makes no claim of equivalent regulation.
Source trail: docs/research/playbook-2026-09/go-to-market-and-trust.md Part V (the eleven disclosures); docs/public/risks-and-security.md; docs/public/options.md; docs/public/status.md; docs/research/playbook-2026-09/WORLD_CLASS_PLAN.md (PRE-6, LW-2, LW-4, C6).
Repository-owned documentation · September 2026 · Educational material, not investment advice and not an audit.