Get paid to wait.
An options market for tokenized stocks. Write a covered call on shares you hold or a cash-secured put at a price you'd happily pay, and the premium is yours the moment it sells. Or buy the right to buy or sell, for a fraction of the stock.
- Fully collateralised
- Exercise any time before expiry
- No contract of ours
- 25 stocks with Robinhood price feeds
- Expiries every Friday, out to three months
- 0% Heron fee
- Settled by Valorem, traded on Seaport
Name your price. Get paid now.
A covered call is a promise to sell a share you hold at a price above today's — your strike — any time before a date you choose. Someone pays you for that promise today. If the stock never reaches your strike, you keep the share and the payment. If it does, you sold at the price you named.
A cash-secured put is the mirror: dollars set aside to buy a share below today's price. You are paid to wait for the dip you were waiting for anyway.
Fair values here are Black–Scholes at each stock's own volatility, measured from 45 days of Robinhood's price feed (how). What a buyer actually pays is whatever you list it at.
What would waiting pay?
Black–Scholes at the stock's measured volatility, no rate. Nothing is sent.
Four steps, all on chain
Heron builds the transactions in your browser. Valorem's clearinghouse holds the collateral and settles every exercise; Seaport is the market. Your wallet sends everything.
Pick
A stock, a call or a put, a strike and a Friday. Everyone who picks the same four writes the same token, so every contract is interchangeable.
Lock
Valorem takes the collateral — one share for each call, the strike in dollars for each put — and mints the options to you with a claim ticket for what you locked.
Sell
List them on Seaport at your price. When a buyer takes one, the premium lands in your wallet in the same transaction. Keep them, and they are yours to exercise.
Settle
A holder can exercise at any moment before expiry. After it, your claim redeems whatever you are owed: the shares nobody took, and the dollars of everyone who did.
Write it, or buy the right
Sell the upside
You hold the stock and would sell it at a higher price. Lock one share per contract and collect the premium today.
Get paid to buy the dip
You would buy at a lower price. Lock the strike in dollars per contract and collect the premium while you wait.
Own the right, not the risk
Pay a premium for the right to buy (a call) or sell (a put) at the strike before expiry. The most you can lose is what you paid.
What a month of patience is worth
For each stock: a call 5% above today's price and a put 5% below it, both expiring Fri 20 Nov (51 days), at fair value. The yield is the premium over what you lock, per year.
| Stock | Price | Call strike | Call pays | A year | Put pays | A year |
|---|---|---|---|---|---|---|
| NVDA | $230.73 | $240 | $7.00 | 21.7% | $6.05 | 19.7% |
| SPCX | $151.51 | $160 | $6.29 | 29.7% | $6.59 | 32.5% |
| USO | $145.95 | $155 | $6.08 | 29.8% | $6.78 | 34.6% |
| QQQ | $745.20 | $775 | $5.91 | 5.7% | $2.57 | 2.6% |
| GOOGL | $349.98 | $370 | $4.96 | 10.1% | $4.41 | 9.6% |
| MU | $1,065.92 | $1,100 | $74.95 | 50.3% | $57.74 | 41.3% |
| CRCL | $82.55 | $87.50 | $9.55 | 82.7% | $8.82 | 81.3% |
| MSFT | $517.69 | $550 | $5.41 | 7.5% | $8.76 | 12.5% |
| AMZN | $250.38 | $260 | $5.57 | 15.9% | $4.96 | 14.8% |
| MSTR | $154.28 | $160 | $20.18 | 93.5% | $17.50 | 86.3% |
Show every stock
| SPY | $771.76 | $800 | $2.87 | 2.7% | $0.64 | 0.6% |
| GLD | $382.04 | $400 | $4.66 | 8.7% | $3.23 | 6.4% |
| AAPL | $336.49 | $350 | $5.86 | 12.5% | $4.55 | 10.2% |
| META | $733.55 | $775 | $35.38 | 34.5% | $35.88 | 36.7% |
| INTC | $118.93 | $125 | $9.64 | 58.0% | $10.07 | 62.6% |
| DELL | $543.32 | $575 | $37.57 | 49.4% | $40.95 | 55.8% |
| GME | $24.80 | $26 | $0.89 | 25.5% | $0.99 | 29.4% |
| AMD | $607.08 | $625 | $41.64 | 49.0% | $33.70 | 41.9% |
| TSM | $459.64 | $480 | $9.94 | 15.5% | $9.47 | 15.4% |
| PLTR | $188.17 | $200 | $7.15 | 27.2% | $7.90 | 31.4% |
| SLV | $54.32 | $57.50 | $2.29 | 30.2% | $2.67 | 36.4% |
| SNDK | $1,744.02 | $1,850 | $157.03 | 64.4% | $150.85 | 65.4% |
| ASML | $1,815.81 | $1,900 | $66.66 | 26.2% | $69.73 | 28.5% |
| USAR | $14.35 | $15 | $1.14 | 57.0% | $1.23 | 63.0% |
| TSLA | $352.14 | $370 | $14.82 | 30.1% | $12.11 | 26.2% |
Fair values at the prices of block 76,744,580 (30 Sep 2026); the page re-prices them live.
Nothing of ours in the middle
Heron deploys no contract, holds nothing and charges nothing. It is a page that builds transactions for three things already live on Robinhood Chain.
Valorem's clearinghouse
Holds every writer's collateral, mints the options as ERC-1155 tokens, settles each exercise and pays each writer back after expiry. Its source on Robinhood Chain is verified and equal to Valorem's own repository.
Seaport 1.6
OpenSea's audited exchange. A listing is a Seaport order you publish from your own wallet; a buyer's payment and your options move in one transaction, or neither does.
Robinhood's price feeds
Today's price and each stock's volatility come from Robinhood's own feeds on chain. Heron uses them to show a fair value beside every price — never to decide anything for you.
The honest small print
What if the stock shoots past my strike?
Then a holder will exercise, and you will have sold at your strike (or, for a put, bought at it). You keep the premium either way, but you do not get the gains above the strike. That is the trade a covered call makes.
Can I be exercised before expiry?
Yes. Heron's options are exercisable at any moment until expiry, like American options. Valorem assigns each exercise to writers' collateral by its own on-chain rule, so any writer of a series can be assigned, in part or in full.
What happens at expiry?
Options can no longer be exercised. Your claim ticket then redeems, in one transaction, everything you are owed: the collateral nobody exercised, plus the strike payments of everyone who did. Nothing expires out of your reach.
Where does the fair value come from?
Black–Scholes, with no interest rate, at the stock's own volatility measured from 45 days of daily closes in Robinhood's price feed. It is a guide beside the real prices on the board, not a price anyone must pay.
What does Heron charge?
Nothing. There is no Heron contract to charge through. Valorem's contract has a fee switch (0.15% of what goes in) that its administrator has left off; Heron reads it live and shows it if it is ever turned on.
Is it audited?
Seaport 1.6 is audited. Valorem's clearinghouse was audited at v1.0.0; the copy on Robinhood Chain differs from it in three constants (the fee rate, and two minimum windows shortened from a day to a minute) and nothing else. Heron itself is a web page: read the docs for every address and every transaction it builds.
Can Robinhood freeze my collateral?
Robinhood keeps the power to pause its stock tokens and block addresses. If it ever did that to the clearinghouse, locked shares could not move until it stopped. That risk is Robinhood's token design, and it applies to any contract that holds those tokens.