Collateral and settlement

Independent cash margin, fixed expiry, assignment and the maximum payout.

Collateral and leverage

Leverage sets quantity and the gap between strikes; no early liquidation. The premium can't secure its own promise: until settlement it's booked as a liability, so opening leaves equity unchanged and available cash moves by premium minus locked margin.

Settlement

Settlement uses the signed 200 ms oracle slot ending at expiry. If that price is missing, the promise stays pending with margin locked; a later price can't stand in.

Assignment opens a perpetual at K1 with quantity Q and full margin M. The gap to the expiry price shows as an open loss in it (not charged twice), and normal perpetual fees and controls apply. If a normal perpetual can't be opened, you get capped intrinsic value in cash at the expiry price; bad or missing oracle data doesn't count as the market being unavailable. Corporate actions adjust strikes and quantity consistently.