Levr Documentation

Overview

Levr is building an options market for assets available on Robinhood Chain. The current public beta demonstrates the intended trading workflow; executable options markets are not yet live.

Beta Status

The public beta is non-executable. Underlying/reference asset data may be sourced from current developer interfaces, while option premiums, implied volatility and Greeks can be generated by an indicative pricing model. No displayed option bid or ask should be treated as available liquidity.

Markets

Each market is defined by an underlying, expiry, strike and option type. The initial protocol design targets European calls and puts with a deliberately narrow set of supported underlyings and expiries. Final contract specifications will be published before testnet execution.

Options Contracts

Contracts in the beta are identified by underlying, expiry date and time, strike and type, for example NVDA-20260918-185-C. The beta convention is 1 contract = 1.00 unit of underlying exposure; this is a display convention, not a published contract specification.

Target design properties are listed below. Each is subject to change before executable markets open.

• Exercise style: European (target design).
• Expiry: standardized dates with an explicit time and timezone shown in the interface.
• Quote currency: the ticket displays USDG as the intended quote and settlement asset; this is a design target, not a live claim.
• Strikes: generated around the underlying reference price at increments that scale with price level.

Pricing & Data

The beta keeps underlying/reference data and option-market data as separate sources. Where Robinhood read-only REST data is used, the app treats it as underlying-market reference data. Indicative option premiums and Greeks are generated separately and are clearly marked non-executable.

• Underlying reference data: raw underlying-equity bid/ask from Robinhood read-only REST endpoints, cached for a short window, with the source timestamp and any trading-halt flag shown in the market header. When unavailable, the app shows an explicit Demo data state.
• Indicative option data: a Black-Scholes European model with a per-underlying volatility assumption, mild skew and term structure, a 4% risk-free rate and no dividend yield. Synthetic bid/ask spreads are deterministic. Delta, Gamma, Theta (per day), Vega and IV are model outputs and are labeled Indicative model.
• Not displayed: open interest, volume, depth, fills, balances, positions, PnL, margin.
• Raw REST prices are not multiplier-adjusted. Onchain Chainlink values are multiplier-adjusted. The beta does not mix the two.

Proposed Settlement Design

The target protocol design uses oracle-based expiry settlement on Robinhood Chain. Exact settlement windows, reference feeds, fallback rules, treatment of market halts and corporate actions are design requirements that must be finalized and tested before executable options markets open.

Robinhood Chain Integration

Levr is an independent project building on Robinhood Chain (chain id 4663, an Arbitrum-based Layer 2 using ETH for gas). It is not operated, sponsored or endorsed by Robinhood.

Stock Tokens on Robinhood Chain are ERC-20 tokens that provide economic exposure to an underlying equity or ETF; they are not shares and confer no ownership in the underlying security. Corporate actions such as splits and dividends are reflected through an onchain multiplier. Underlyings can be halted, and underlying market sessions matter; the beta surfaces halt status and never claims round-the-clock options markets.

In the beta, wallet connection is limited to reading the connected address and detecting the network. No signature or transaction is ever requested.

Risks & Disclosures

The public beta is a product preview. Displayed option premiums, implied volatility and Greeks are model-generated and are not live executable quotes. Underlying reference data can differ from executable market prices and may be delayed or unavailable.

Options involve significant risk and are not suitable for all participants. Nothing on this site constitutes investment, legal, tax or financial advice, or an offer or solicitation to enter into any transaction. The protocol design described here is prospective and may change materially before, or as a condition of, any executable market opening.

FAQ

• Can I trade options in the beta? No. The beta is non-executable. Review Beta Order never signs or submits anything.
• Are the bids and asks real? No. They are generated by an indicative pricing model and labeled as such. They are not liquidity.
• Where does the underlying price come from? From Robinhood read-only REST reference data when available, shown with its timestamp; otherwise the app displays an explicit Demo data state.
• Is Levr affiliated with Robinhood? No. Levr is an independent project building on Robinhood Chain.
• When will testnet open? No date is published. Join early access to be contacted when the next testing phase is ready.
• Is there a token? Nothing about a token is part of the public beta.