How the rOptions order book works Most on-chain order books quote prices. Ours quotes volatility. Makers rest orders on a discrete IV grid (50%, 56%, 63%…). The premium is computed at fill time — Black-Scholes at the live Chainlink spot. So resting quotes never go stale: the book reprices itself with every tick of the underlying, and a maker's order stays "the same bet" whether the stock moved $5 or not. No cancel-and-requote loops, no MEV race to pull stale orders. Under the hood: ▸ One rebasing accumulator per (series, IV level) — a fill updates two words, so sweeping through 1 or 1,000 makers is O(1) ▸ An occupied-level bitmap per series — takers sweep cheapest IV first, skipping empty levels with a single storage read ▸ Writes are fully collateralized: max loss locked upfront, so there are no margin calls and no liquidations, by construction ▸ Epoch snapshots let makers claim accumulated fills lazily, in one tx Capped call/put spreads on tokenized stocks (TSLA, AMZN, NFLX…), cash-settled in USDG, live on Robinhood Chain testnet. Try it → http://roptions.exchange(Miki)