One week, start to finish

The keeper binds to the Overcall registry's cycle, not to a wall clock. It watches the registry for an open write window and reads the deadlines from it; the days and times below are the venue's current window, not a promise Callhouse makes. If the registry moves the window, the vault moves with it.

1. The cycle opens. The registry publishes the week: up to five strike rungs, the write deadline it calls the exercise timestamp, and the expiry. Nothing can be written before this, and the vault has no calendar of its own.
2. The keeper picks a rung. The nearest Overcall rung that sits inside the out-of-the-money band — at launch, 3% to 12% above spot. If no rung qualifies, the vault writes nothing and holds the collateral for the week. A skipped week is a normal outcome.
3. It writes n calls against idle collateral. Idle collateral is locked in Valorem Clear and written as whole contracts, one contract per 1.0000 Stock Token, capped at 95% of the idle balance. Collateral already locked in last week's call is not touched, and neither is anything deposited after the calls are written.
4. It signs a Seaport listing for USDG. The vault authorises the order by hash on chain and answers EIP-1271 as the offerer; the keeper posts it to Overcall's book. At most three listings are signed per cycle. The keeper never holds the option tokens and can never move funds.
5. The book closes. Friday 20:00 UTC in the venue's current window — the registry's exercise timestamp is the real deadline. After it, nothing more is written and nothing more is listed. Closing the book is permissionless from that moment, so a dead keeper cannot hold the week open.
6. Expiry. Saturday 20:00 UTC. By then the call has either been exercised by whoever bought it, or it has expired worth nothing to them.
7. Reclaim, harvest, distribute. The vault redeems its Valorem claim — collateral back, or strike USDG instead where it was assigned — harvests the USDG, takes the protocol fee on the premium alone, credits the rest per share with any strike USDG in full, settles the redemption queue, and returns to Idle. The keeper may do this at expiry; anyone may do it an hour later.

Three outcomes, and premium is paid only if a buyer fills the listing. Which one you get is decided by the order book and by what holders of this week's calls do, not by anything the vault does.

• Deposits close at the cycle's exercise timestamp. Not at expiry — at the moment the book closes. A deposit after the calls are written would buy into a position whose downside is already fixed and whose premium was already earned by somebody else's collateral, so the vault refuses it and the quote goes to zero at the same instant.
• A withdrawal requested while a call is open is queued, not refused. The shares are escrowed and tagged with the week. When the vault reclaims, that week is settled into a pot of collateral and USDG. Each queued holder draws a pro-rata share of the collateral, plus the USDG their own queued shares earned. A queued withdrawal is never a promise of a fixed number of tokens: if the week was assigned, part of it arrives as USDG at the strike.
• Withdrawing from idle collateral is never blocked by a halt. Halting writes stops writing new calls and authorising new listings, nothing else. It does not stop a withdrawal, a claim, or the close of a week.

• Overcall. A second Seaport consideration item inside the listing itself. Rounded per contract, not on the total — rounding on the total produces an order that signs and then cannot be partially filled.
• Callhouse. Taken at harvest from the premium that reached the vault, on filled weeks only. Strike proceeds from an assignment are credited to depositors in full, with no fee. A week with no buyer collected nothing, so it is charged nothing.
• Valorem engine. Off at Overcall launch. If that switch flips on, this vault refuses to write until an admin explicitly accepts it: 15 bps of notional can eat a whole weekly out-of-the-money premium.

Both live fees are taken out of premium, and premium exists only when a buyer fills. Stacked, they come to 9.75% of what the buyer paid: 5% to Overcall, then 5% of the 95% that reaches the vault. A week with no buyer is charged no fee because nothing was collected.

Strike is the nearest Overcall rung inside the OTM band. If no rung qualifies, the vault holds spot and writes nothing.

These are the launch settings. The hard floors and ceilings around them are compiled into the contracts — a minimum out-of-the-money floor, a maximum ceiling, a utilization ceiling and a fee ceiling — so an admin cannot quietly move the vault to selling at-the-money. Inside those bounds the knobs can still be set badly, which is on the risk list.

Everything the weekly cycle touches, on chain 4663. All third party: the Callhouse vault itself is not listed here because it is not deployed yet. There is one Overcall registry per market, and the one below is the NVDA market specifically.

Settlement never reads a price feed. Whether a call is exercised is decided by whoever holds it, and what the vault gets back is decided by Valorem. The Chainlink feed is used for two things only: showing a spot price, and gating writes and listings so the vault refuses to sell against a stale price. A pause of the Stock Token's own oracle blocks writes and listings the same way. Neither is read when the week settles.

Every week is published, including the zeros. The unfilled weeks are rows on the same tape as the filled ones, labelled as what they are, because a record that only shows the weeks that worked is not a record.

We do not publish an APY, an APR or any annualised figure, and there is no price chart on this site. What is published is what a closed week actually paid, in USDG.

Read the risks before depositing, and the legal page for the geographic restrictions and the legal form of the collateral. Stock Tokens are debt securities issued by Robinhood Assets (Jersey) Limited, not shares.