| Role | Authenticator |
|---|
One note is backed by one STRC share, so this is fair value. Fetched live; type a number only to override it. Open STRC
Resting sells across all three books draw on this one balance. Notes still off-account cannot be offered.
Everything you hold. The gap against the line above is what still has to be transferred before you can quote it.
Defaults are a starting point, not a policy. Values in percent.
The premium you are trying to capture, per rung, in percent of fair value.
The underlying, the books, BTC and the SideSwap index are all live here. Orders typed below are make-believe — they exist only in this page, to exercise the band checker, and are never sent anywhere. The deployed build replaces this box with a read of the real orders on your account, and cannot place or cancel anything either.
Resting sells across all three books draw on one note balance, so the books share the working inventory rather than each getting it. Nothing rests below the floor.
Re-ladder all three books. — of movement in STRC.
Re-ladder the BTC book. It carries BTC delta on top of STRC delta and goes stale fastest.
Tighten to the in-hours floor at the Nasdaq open, widen at the close. The clock above counts it down.
Watch how the underlying actually reprices rather than assuming a step. Resting bids are what gets picked off.
BTC trades, STRC does not. If BTC gaps more than 3% while Nasdaq is shut, pull the bids rather than re-price them.
Take it. Buying your own notes under fair value is accretive — Interactive Book or IOC, not a resting bid.
Alerts post to Slack only when there is something to say. The scheduler calls the desk every 15 minutes and each trigger decides for itself whether this is its moment, so nothing fires twice.
STRC pays $0.50 per share semi-monthly, and the cash for a record date is paid on the following one. Listed here to watch, not to adjust by — fair value stays anchored on the market price of the share.
| Record date | Ex-open | Cash paid | Desk action |
|---|
| Type | What it does | Here | Why |
|---|---|---|---|
| Limit | Rests at your price until filled or cancelled. | Core tool | Every rung in the stack. Always with Post-Only. |
| Scaled | Generates many limit orders across a price range in one action. | Core tool | Builds a whole ladder at once. Parameters printed under each book. |
| Interactive Book | Click a price in the book to trade against it. | Situational | For lifting a mispriced offer below your floor. |
| Immediate or Cancel | Fills what it can now, cancels the rest. | Situational | Same purpose, when you will take a partial fill. |
| Fill or Kill | Fills entirely at your price or dies. | Know it | Members holding under $100k of the security can only send FOK. A front rung too small to cover their clip kills their order outright. |
| Market | Takes the best available price. | Avoid | In a book this thin it can print anywhere, and then you have to defend that print. |
| Stop / Stop limit | Fires an order at a trigger price. | Avoid | One thin print triggers it. A stop limit also needs both a trigger and a limit price. |
| Trailing stop | Stop that follows the best price reached. | Never | On a book you are the only maker in, it follows you. |
| Post-Only | Cancels the order if it would take liquidity. | Always on | Guarantees you add liquidity instead of crossing your own quotes. |
| Hidden / Visible-on-hit | Keeps the order out of the book until it partly fills. | Reserve only | The displayed ladder must be visible — that is the market. |
| TIF | Expiry timestamp on the order. | Hygiene | Expire quotes at the Nasdaq close. Vary it by rung: front rungs carry the gap risk, top rungs can stand. |
| OCO / Reduce-only | Paired orders; position-shrinking only. | Not needed | Directional and derivatives controls, not two-sided quoting. |