Quickstart User Guide (ELI5)

A layman's guide to the terms and features on 0xdx


Welcome to the Explain-Like-I'm-5 handbook for 0xdx! Our main objective with 0xdx is to build a gamified NFT options trading platform for everyone - beginners to seasoned veterans. In this guide, we’ll provide a breakdown of all the core features and terms you'll find on 0xdx including how to trade option contracts, bridging funds from Ethereum <> Arbitrum (Eth Layer-2) and everything about leveling your Battle Pass & COIN! What are options? What is a Strike Price? What is Collateral? Don't you worry fren, we'll address everything down below as well as on the platform.

To supplement and strengthen your knowledge of Options trading and DeSpec, we highly recommend running through our platform tutorial accessible by clicking the ( ? ) button in the bottom left corner of 0xdx

Connecting Your Wallet

Upon creating an account & logging in, click the Profile icon in the top right of your screen followed by Wallets.

Testnet: Arbitrum Goerli Network

We have launched Testnet S2 using this extremely fast and efficient network. Upon connecting your wallet, you can claim test ETH & gas to test the functionality of 0xdx and participate in our first Paper Trading Competition that starts April 14th and ends May 31st

Since Arbitrum is a Layer-2 chain of the Ethereum network, you will be using the same wallet address that you likely already use for the majority of your NFT activity. There is a dialog prompt that will ask you to switch to the Arbitrum Goerli network in order to continue.

The Basics

What is a Put Option?

When we ask ourselves this question, there’s always two points of view to consider: the Buyer perspective & the Seller perspective.

When a Buyer buys a put option, they are speculating that the average price of the NFT collection will be lower at the option contracts expiration date than at the time of buying (specifically the Strike Price at the time of buying). At 0xdx, we use European Style options that allow for buyers exercise their option on the date of expiry. In this case of buying a Put, the Buyer is essentially taking a Short position.

If we look from the Seller perspective, they are hoping that the average price of the NFT collection goes up (or stays neutral) so the Buyer cannot exercise their option with the Seller making money from the Premium (the price the option contract was listed for) and also keeping their collateral ETH.

What is a Call Option?

Call options are essentially the opposite of Put options. Buyers of Calls are hoping that the average price of the NFT collection goes up, so at the options expiry date, they’ll be “In the money” as Wall Street traders say. Buying a Call option is like taking a Long position.

If our point of view is from the Seller perspective, they are hoping that the average price of the NFT collection goes down (or stays neutral) so the Buyer does cannot exercise their option at expiry, resulting in the Seller making money from the Premium and also keeping all or a portion of their collateralized ETH.

What is Premium?

The Premium is the price a Buyer of an option must pay to gain the right to speculate on the NFT collection of their choosing with certain parameters. The Seller receives the Premium as they are the ones providing the option itself.

Note: the premium and Order Price are synonymous on the platform.

What is Collateral?

To Sell/Create an option, you must provide collateral in the form of ETH. The amount of ETH backing an option contract is equal to the potential amount that either the Buyer or Seller could be awarded upon option expiry.

Ethereum on the Arbitrum network will be used as Collateral and must be defined prior to the Seller creating the option. An underlying NFT asset will never be used as collateral and you do not need to own any of the items within the collection.

What are Bids?

Bids are open buy orders represented in green within the Order Book section.

What are Asks?

Asks are open sell orders represented in red within the Order Book section.

What is the Strike Price?

This is the price which determines whether the Buyer of either a Call or Put option are able to exercise their option. As an example, if you were to buy a Call option on Bored Ape Yacht Club and the Streaming Price (collection price) of BAYC after your option expires is higher than the Strike Price, you would be able to exercise that contract for the collateral value in ETH.

Order Size & Order Price

The Order Size allows for flexible position sizing. You can create positions like so: 0.03BAYC, 0.65AZUKI, 2.23PUDGY.

Expiration Date

To concentrate liquidity, we allow users to set the Expiration Date of options to each Friday at 23:59:59 GMT up to four weeks out. Options can be bought and sold through our Order Book. Contracts will be settled and can be exercised on the Expiration Date.


The amount of ETH rewarded to either the Buyer or Seller upon settlement of the option after expiry. A detailed breakdown on the payout calculation is provided in the Payout section.

DeSpec Order Book

The main functionality of 0xdx of course is the DeSpec Order Book! In summary, there are four primary actions:

  • Buy a Call Option - Bullish sentiment

  • Sell a Call Option - Neutral to bearish sentiment

  • Buy a Put Option - Bearish sentiment

  • Sell a Put Option - Neutral to bullish sentiment

0xdx: Gamified


Earn Experience Points for interacting on 0xdx. Trade options, earn payouts and progress your battle pass. Additionally, login once a day to hit the Daily Free Claim button to get free XP, COIN, raffle tickets or the 3 Mystic Orbs.


The currency used on 0xdx for rewards in our bespoke Marketplace. COIN can also be exchanged for Raffle Tickets at a rate of 1000 COIN for 1 Raffle Ticket.

Battle Pass

If you’re familiar with games like Call of Duty or Apex Legends, you’d be accustomed to a Battle Pass style of progression. Level up your BP and be rewarded with special items, raffle tickets, COIN and more!

Progressing your Battle Pass directly relates to your future allocation of airdropped $0XDX. Reach level 50 to max out your rewards for S2


Where else do you come after a long day of speculating? After you’ve gathered some COIN and Raffle Tickets, come shop at our Marketplace stocked with Web2, Web3, Physical and Phygital items. All items in the marketplace will have a timed duration until they are rewarded.


Who doesn't love some good Quests? Quests refresh every day and help you level up your Battle Pass

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