# Contract Specifications

| **Contract Type**        | **Call and Put Options**                     |
| ------------------------ | -------------------------------------------- |
| Style                    | European                                     |
| Method of Exercise       | Cash Settlement in USDC                      |
| Settlement Asset         | USD Coin (USDC)                              |
| Trading Hours            | 24/7                                         |
| Expiration Date & Time   | D0/D+1\*, or Friday at 8am UTC               |
| Settlement Period\*\*    | 8am – 8pm UTC                                |
| Multiplier               | 1 (1 contract = 1 underlying asset)          |
| Minimum Order Value      | 0.000001 contract                            |
| Contract Expirations\*\* | D0/D+1, W+1, W+2, M+1, M+2, M+3, Q1, and Q+2 |

\***Settlement Period**

Before settling expired options, Siren Protocol waits for 12 hours in case of an oracle price dispute.

\*\***Expiration Dates**

* D0/D1: current day or next day (if current time is > 8 a.m. UTC)
* W+1: the nearest Friday from the current or next day
* W+2: next Friday from the current or next day
* M+1: last Friday in +1 month from the current or next day
* M+2: last Friday in +2 months from the current or next day
* M+3: last Friday in +3 months from the current or next day
* Q+1: last Friday in +1 quarter from the current or next day
* Q+2: last Friday in +2 quarter from the current or next day


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