Onchain options review
Calls and puts priced on event probabilities instead of an asset's spot price — options built on top of a prediction-market primitive, not a vanilla BTC/ETH weekly.
Quick answer
Convallax applies calls and puts to event probabilities instead of an asset price. It sits between options and prediction markets. It is early-stage, so confirm deployment, liquidity, audits, and fees before treating it as an executable venue. Source: Convallax official site, 2026.
Last updated: September 22, 2026 — Answer framing and editorial context reviewed; dated product facts remain subject to the linked primary source.
Onchain options
Availability: Check current deployment directly · Options on prediction-market outcomes
Key distinction: Calls and puts priced on event probabilities instead of an asset's spot price — options built on top of a prediction-market primitive, not a vanilla BTC/ETH weekly.
Constraint: Check settlement, liquidity, eligibility, and expiry rules before trading.
Evidence: checked 2026-09-22
Convallax applies calls and puts to event probabilities instead of an asset price. It sits between options and prediction markets. It is early-stage, so confirm deployment, liquidity, audits, and fees before treating it as an executable venue.
Instead of pricing an option against BTC or ETH, Convallax applies the option to an event’s implied probability. A prediction market may settle at zero or one. An option adds a strike and time value, so the buyer can express a view on how that probability changes.
Convallax makes the overlap between the two categories explicit. A standard BTC weekly option is tied to an asset price. A binary event market is tied to an outcome. Convallax puts an options payoff on the probability between those two ideas. Whether this becomes a liquid category remains unknown.
Convallax fits traders who want a defined-risk view on how an event’s probability may change. It is not the obvious choice for deep vanilla options liquidity. See Derive for that use case.
Convallax combines prediction-market risks with options risks. Check how events resolve, how probability is reported, how writers are collateralized, and how time decay affects the position. Its early stage also means a shorter track record and less verified liquidity.
Convallax’s documented positioning is the options-on-prediction-markets concept; the practical questions are whether event resolution, chain deployment, and contract settlement are live. Verify current volume, audit coverage, and fees in Convallax’s own materials before relying on the product, and keep it in the early-stage category until those operating details are observable.
Frequently asked
Both, deliberately — Convallax's product is options (calls and puts, with strikes and premiums) written on the probability of an event outcome rather than on an asset's spot price. That puts it closer to the border between the two categories than any other venue on this page; see our onchain options guide for how we draw that line generally.
A standard binary prediction market pays a flat 0 or 1 on an event outcome. Layering options on top of that (calls/puts with strikes on the implied probability, for instance) adds a continuum and time-value dimension a simple binary bet doesn't have — closer to how a normal option prices in time and volatility, just applied to a probability instead of an asset price.
independent verification did not establish current volume or open interest here — it's an earlier-stage product relative to Derive or Paradex. The comparison some researchers draw (Derive looked niche in 2023, meaningful by 2026; prediction-market options might follow a similar path) is a thesis about future growth, not a claim about current size. Check a live dashboard before treating it as an established, liquid market.