> For the complete documentation index, see [llms.txt](https://docs.neutral.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.neutral.trade/for-capital-allocators/sol-yield/options-market-making-sol.md). # Options Market Making (SOL) Neutral Trade's first SOL Yield Vault: a systematic Bitcoin options strategy on OKX, curated by Xanthas, whose returns are used to buy more SOL. ## Overview Options Market Making (SOL) is Neutral Trade's first SOL Yield Vault. You deposit SOL, and the vault runs the same systematic Bitcoin options strategy as our [Options Market Making](/for-capital-allocators/usdc-yield/market-neutral/options-market-making.md) vault, curated by Xanthas on OKX. The strategy's returns are used to buy more SOL, so the vault aims to grow the number of SOL you hold. The software sells short-dated BTC option structures when implied volatility is rich compared with a proprietary three-day realised-volatility forecast, and hedges directional exposure with perpetual swaps. Its returns come from the variance risk premium in crypto options markets, not from the direction of the market.
DEPOSIThttps://www.neutral.trade/strategies/options-mm-sol
## Key Facts | Item | Detail | | ------------------- | ---------------------------------------- | | **Category** | SOL Yield | | **Curator** | Xanthas | | **Deposit asset** | SOL on Solana (native SOL or wSOL) | | **Minimum deposit** | 1 SOL | | **Management fee** | 1% per year | | **Performance fee** | 30% of profit above your high-water mark | | **Withdrawal fee** | 0.3% | | **Redemptions** | To be confirmed | The vault's Details view in the app shows the current terms. See [Fees + Redemption Period](/additional-info/fees-+-redemption-period.md). ## How It Works 1. **You deposit SOL.** The app accepts native SOL, wrapped SOL (wSOL), or both, and wraps native SOL for you. 2. **The strategy trades.** Xanthas's software forecasts Bitcoin's realised volatility over the next three days. When implied volatility in the BTC options market is rich compared with that forecast, it sells short-dated BTC option structures on OKX, within pre-configured risk parameters. Directional exposure is hedged with perpetual swaps. Custom order handlers execute automatically through trade-only API credentials, so Xanthas never holds the capital. 3. **Returns buy more SOL.** The strategy's returns are used to buy more SOL for the vault, so your share of the vault is measured, and grows, in SOL. ### Venues **Centralized:** OKX, with off-exchange custody and settlement through Copper. ### Yield Sources * **Variance risk premium:** implied volatility in crypto options tends to be priced above the volatility that is later realised. The strategy captures this gap by selling short-dated volatility when it is rich. ## Risk Factors **SOL price exposure:** Your position is held in SOL. The vault aims to increase the number of SOL you hold, but the USD value of your position moves with the SOL price, up and down. **Volatility and jump risk:** The options book is hedged against price direction but keeps exposure to changes in implied volatility (vega) and to large sudden price moves (gamma and jumps). Short option positions lose money when realised volatility is higher than the volatility that was sold, so a volatility spike or a sharp market move can cause mark-to-market losses, which reduce the number of SOL in the vault. Mitigations: trades are sized and limited by pre-configured risk parameters, and positions are short-dated. **Model risk:** The strategy depends on its three-day realised-volatility forecast. If the forecast is wrong, the strategy can sell volatility that is not rich. Mitigations: pre-configured risk parameters limit the size of each position. **Hedging and funding risk:** Directional exposure is hedged with perpetual swaps. Funding costs can be positive or negative, hedge adjustments have transaction costs, and perpetual positions are subject to exchange margin requirements and Auto-Deleveraging (ADL). **Counterparty and exchange risk:** Trading on a centralized venue creates exposure to venue failure, insolvency, or operational disruption. Mitigations: off-exchange custody and settlement through Copper, so assets stay with the custodian and not on the exchange balance sheet. **Operational and execution risk:** The strategy runs as automated software through the exchange API and depends on connectivity and infrastructure. Mitigations: the API credentials are trade-only, so the curator can trade the account but cannot withdraw from it. The [Risk Overview](/for-capital-allocators/risk-overview.md) covers these risks in more detail. ## Why Xanthas? Xanthas is an eight-person team with experience from Societe Generale, Tower Research Capital, B2C2, Goldman Sachs and Graham Capital. Quant, engineering and trade operations are in house, with no offshore contractors. It also curates the [Options Market Making](/for-capital-allocators/usdc-yield/market-neutral/options-market-making.md) vault on Neutral Trade, which runs the same strategy in USDC and has been live since 14 July 2026. {% hint style="info" %} Xanthas is an alias. We've excluded the curator's full name to mitigate alpha leaking. Neutral Trade has completed thorough due diligence on the team and its strategy. {% endhint %} *Products referenced are not intended for individuals in the United States, Mainland China, Hong Kong, sanctioned, or other restricted jurisdictions. This page is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any financial instrument. Digital-asset strategies involve significant risk, including possible loss of principal. See the* [*Risk Warnings and Disclaimers Statement*](/legal/risk-warnings-and-disclaimers-statement.md)*.*