Trade your thesis.

Paper trading demo

Superlinear is a thesis-first frontend for exploring Derive options. This demo uses Derive's public market data to simulate single options, call spreads and put spreads. No wallet, deposit or signup is needed, and nothing is sent to Derive for execution.

Available setups need fresh order-book liquidity. A single option needs an ask; a spread needs an ask for the bought option and a bid for the sold option, with enough size for both legs.

Paper trades fill at marks, without fees or slippage. A mark is a reference valuation, not a guaranteed price at which you could buy or sell.

When a setup shows “RFQ required,” it needs a request for quote. “Request a quote” stays disabled because RFQ is unavailable in paper mode.

Put numbers on your thesis

1. Choose an asset and budget. Search the available option markets, then choose how much to spend in the simulation.
2. Set a target price and expiry. Tap a heatmap tile to choose a setup, or drag the dot to refine your target. Your target is the asset's price at expiry, not the option's strike price. Touching your target before expiry does not lock in that payout.
3. Explore the chart. Swipe or drag the date axis, use the date shortcuts, or choose an exact expiry. Listed expiries are evenly spaced for selection; the distance between them does not represent elapsed time. Dates and expiry times use UTC. Price controls adjust the vertical scale.
4. Choose whether to cap your profit. The strategy menu offers a call spread for an upward thesis or a put spread for a downward thesis. Selling the second option reduces the cost of the same quantity, in exchange for a capped payout. Drag the “Profit cap” line to another listed strike. Cap prices marked “Available” had enough liquidity for both legs at your selected size when last refreshed. Review checks liquidity again.
5. Understand the selected option. The checkout shows its profit and payout at your target. Open “Understand this option” to see how the same purchase performs at other finish prices.

Superlinear selects the matching option with fresh order-book liquidity and the highest dollar profit at your target, for your date and budget. V3 market data is preferred, with public V2 data as a fallback. This ranks conditional outcomes; it does not estimate how likely your target is to happen.

The dashed future path illustrates your thesis. It is not a price forecast. The “Builder guide” lets you try the price and date controls one step at a time and can be replayed whenever you need it.

Cost, payout and profit

Cost is the simulated amount paid for the option. It is also the maximum loss for the supported long options and debit spreads. Available order-book size and contract order limits can reduce the quantity, leaving part of your budget unspent.

Payout at target is the total amount the position would be worth at expiry if the asset finished at your target. Profit is that payout minus the purchase cost.

A 5× multiple means payout is five times cost: a $25 purchase pays $125 at the target, for $100 profit. It does not mean the target is five times more likely to happen.

The strike determines where the option starts paying out. Break-even includes the purchase cost. A call spread sells a higher-strike call: maximum profit is reached at or above that price. A put spread sells a lower-strike put: maximum profit is reached at or below that price. Both use equal quantities of the same option type, asset and expiry. The “Profit cap” line shows where further price moves stop increasing your payout. If the position has no value at expiry, its payout is $0 and the full purchase cost is lost.

The heatmap compares possible setups across target prices and expiry dates. Each tile may select a different contract. The payout chart in review describes only the selected contract and quantity; hover or touch it to inspect P&L and the corresponding asset price.

Review your trade

Your displayed estimate stays available while you explore. Select “Review paper trade” to fetch fresh marks and recheck order-book liquidity for the selected contract and quantity. Meaningful changes are shown before you confirm. “Accept updated terms” dismisses the comparison while keeping the latest terms in review; you still confirm the trade separately. If a refresh changes those terms again, a new comparison appears. An expired review needs fresh terms again.

Review shows break-even at expiry and the price move to reach it, plus cost, payout and net profit at your target, along with the payoff chart and contract details. Confirming records a simulated position in this browser. It does not place a real order.

Follow your positions

The Positions tab shows your paper trades, current mark value and the original scenario. The mini chart and “View on chart” help you inspect the position's payoff. Current P&L is based on marks; the original target outcome is a separate hypothetical expiry calculation.

You can close an open paper position at fresh marks before expiry. Its exact legs and original market source are preserved. Expired positions stay visible with settlement unavailable: the demo does not invent an expiry settlement price or settle automatically.

Your saved data

Paper positions, preferences and builder-guide completion are saved in this browser. Reloading keeps them; clearing browser data removes them. They are not synced to an account or another device.

Each website address has its own browser storage. A new domain or preview address starts separately from the previous demo, so old positions do not transfer automatically.