Passage

Take a position on volatility in any market condition

Passage is designed for traders looking to take on short-term volatility positions without a directional bias. Passages allow traders to set a range of asset price (e.g. BTC $20,000 - 20,655) and take the “Stay In” or “Breakout” side of the trade, returning based on the time until the first range breakout.

“Stay In” traders make a return the longer the asset (e.g. BTC) stays in the range, profiting if in the range longer than 1 day. “Breakout” traders make a return if the asset breaks out of the range more quickly, profiting if breakout occurs in less than 1 day. There is a maximum return of 2x (100% profit) over a 2-day contract and claims are made automatically at first breakout. The breakeven is 1 day, so if it breaks out in less than one day the breakout is more profitable, if it stays in more than one day, the stay in side is more profitable.