Deposit NVDA Stock Tokens and receive cNVDA shares. Each week the vault writes covered calls against the idle tokens, lists them on Overcall for USDG, and credits whatever buyers actually pay. This page is that week in detail: the timeline, the rules the contracts enforce, where the money goes and the three ways it can end.
Premium is paid only if a buyer fills. Assignment can take the collateral at the strike. The vault is not deployed and the contracts are not audited. Every figure here is a policy setting or a labelled example, not a quote.
The week
The keeper follows Overcall's registry, not a wall clock. The days and times below are the venue's current window, not a promise Stonkhouse makes: if the registry moves the window, the vault moves with it.
Start of the cycle
Overcall's registry publishes the week: up to five strike rungs, the exercise timestamp that ends writing and listing, and the expiry. The vault has no calendar of its own, so nothing can be written before this.
While writing is open
It takes the nearest rung inside the strike band, at launch 3% to 12% above spot, and a size the policy allows. The vault re-checks every limit itself before any NVDA moves. If a check fails, nothing is written, the vault stays Idle, and the keeper can try again while the window is open. If no rung qualifies or no write lands in time, the week is skipped. A skipped week is a normal outcome.
Idle → Listed
Idle NVDA is locked in Valorem Clear and written as whole contracts, one contract per 1.0000 Stock Token, within the launch limits of 95% of the idle balance and 50 contracts. NVDA deposited after the write stays idle until next week's write, but its shares are pooled with everyone else's from the moment they are minted.
Until the exercise timestamp
The keeper proposes a Seaport order, and the vault authorises it by hash on chain only if every field matches the vault's own state and the asking price clears the premium floor. One listing is live at a time, at most three are signed per cycle, and each ends by the exercise timestamp. Buyers fill in part or in full, and each fill pays USDG in the same transaction: 95% to the vault, 5% to Overcall. The keeper never holds the option tokens and can never move funds.
If Overcall's book does not show the vault's listing, the app's cycle page can offer the keeper's signed order instead, after checking it against the chain, and labels it as the keeper's listing. Buyers who only use Overcall will not see it.
Fri 20:00 UTC
This is the registry's exercise timestamp in the venue's current window, and it is the real deadline. From that moment deposits close, nothing more is written or listed, and anyone can lock the book, which cancels a listing still live. Nothing depends on anyone calling it, so a stopped keeper cannot hold the week open.
Fri 20:00 → Sat 20:00 UTC
Holders of this week's calls can exercise them in Valorem. The vault does nothing in this phase: whether a call is exercised is decided by whoever holds it. NVDA taken by an exercise leaves the vault's claim at once; the strike USDG for it arrives at the close.
From Sat 20:00 UTC
The keeper can close from expiry, and anyone can one hour later. One transaction cancels any listing still live, redeems the Valorem claim (NVDA back, or strike USDG where it was assigned), takes the protocol fee from the premium alone, credits the rest per share with any strike USDG in full, settles the withdrawal queue and returns the vault to Idle.
Any time
Premium and strike proceeds wait in your claimable balance, in any phase, with no deadline. USDG is never reinvested for you. Then the registry opens the next cycle and the week runs again.
In the docs: The weekly cycle (opens in a new tab)
Phases
The contracts, not the keeper, decide what you can do at each point in the week. Deposits and withdrawals follow the phase.
| Phase | Deposits | Withdrawals | Moves on when |
|---|---|---|---|
| Idle | Open, up to the cap | Instant, while nothing is written | The keeper writes this cycle's calls, only while the registry's write window is open |
| Listed | Open until the exercise timestamp, and closed as soon as any contract is assigned | Queued | Anyone can lock the book from the exercise timestamp. Optional: the close also accepts a Listed vault |
| Exercisable | Closed | Queued | The keeper closes the week from expiry; anyone can one hour later |
| Settling | Closed | Being settled | Inside that same closing transaction, the vault returns to Idle |
Idle
Listed
Exercisable
Settling
Three things can stop part of the week. A halt and a stale or paused price never touch settlement; a freeze on the Stock Token (or USDG freezing the vault) can hold up the close. The issuer's wider powers are on the risks page.
The guardian or the admin can halt writes. It stops new calls and new listings, nothing else: never a deposit, a withdrawal, the queue, a USDG claim, locking the book or closing the week.
The vault refuses to write or list against a stale price feed or a paused Stock Token oracle. Settlement never reads a price, so the close, the queue and claims keep working.
If the Stock Token issuer freezes transfers, the close cannot redeem the Valorem claim, so the week's close, the queue and NVDA payouts can be held up until it lifts. USDG claims keep working. USDG freezing the vault's address can do the same on an assigned week.
Strike and size
Two layers. Launch values are what the vault starts with, and the admin can change them with no timelock. Compiled limits are in the bytecode, checked on every change, and no key can move them. Neither is a forecast of what a week will pay.
| Setting | Launch value | Compiled limit |
|---|---|---|
| Underlying | NVDA Stock Token only | Fixed at deployment |
| Strike, minimum above spot | 3% | Floor 1%. Stops an admin selling at-the-money calls. |
| Strike, maximum above spot | 12% | Ceiling 25% |
| Minimum asking premium, gross | 0.40% of spot notional | Floor 0.10% |
| Share of idle NVDA written | 95% | Ceiling 100% |
| Contracts per cycle | 50 | At least 1 |
| Listings signed per cycle | 3 | Constant, not adjustable |
| Protocol fee | 5% of premium | Ceiling 20%. Never on strike proceeds, at any setting. |
| Deposit cap | 20 NVDA | No compiled ceiling |
| Contract size | 1 NVDA per contract | Compiled in |
| Oldest price the vault will write against | 4 days | 1 hour to 7 days |
| Cycle length | Overcall's, currently 7 days | At most 21 days from the write |
Underlying
Strike, minimum above spot
Strike, maximum above spot
Minimum asking premium, gross
Share of idle NVDA written
Contracts per cycle
Listings signed per cycle
Protocol fee
Deposit cap
Contract size
Oldest price the vault will write against
Cycle length
The contracts set the bounds and the keeper software chooses inside them. These are its default settings: operating choices, not commitments, and whoever runs the keeper can change them without a contract change. If no rung on the registry's ladder fits the band, the vault writes nothing that week.
The limits rule out the worst settings, such as selling at the money. They do not rule out poor settings inside them, which is on the risk list.
In the docs: Launch policy and hard caps (opens in a new tab)
Where the money goes
Both live fees are taken from premium, and premium exists only when a buyer fills. A week with no buyer is charged nothing by either, and neither is charged on deposits, idle NVDA or strike proceeds. Valorem's engine fee, off today, would be different: see below.
On each fill
A second payment inside the Seaport order itself: the buyer's USDG splits in the same transaction, 95% to the vault and 5% to Overcall. It is rounded per contract, not on the total, because rounding on the total produces an order that signs and then cannot be partly filled.
At harvest, only on premium above zero
Taken when the vault accounts for premium, at the close or when a deposit arrives. Strike proceeds from an assignment are credited to depositors in full: that exclusion is in the contract code, not a setting. The admin can change the rate, never above 20% of premium.
Currently off
Not taken from premium. If Valorem switches it on and the admin accepts it, it is paid from the vault's NVDA at every write, filled or not, and on a weekly out-of-the-money call it can be a large part of the premium. While it is on and not accepted, the vault does not write.
Stacked, the two live fees come to 9.75% of what the buyer paid: Overcall's 5% of the gross, then Stonkhouse's 5% of the 95% that reaches the vault. At the 20% ceiling the stack would be 24%.
The protocol fee accrues in the vault and is paid out at the close on a best-effort basis. If that transfer fails, the close still completes and anyone can push the fee later. A stuck fee cannot block a close or a withdrawal.
USDG, split pro rata across all cNVDA shares. Figures from the fork rehearsal, not a live week.
Had the week been assigned, the strike USDG would be added to the credit in full and the fee line would not change.
In the docs: Fees, with worked examples (opens in a new tab)
Three endings
Premium is paid only if a buyer fills. Which ending you get is decided by the order book and by what holders of this week's calls do, not by anything the vault does.
The listing sat on the book and nobody filled it. The week pays no premium, no fee is charged, and the unsold options are worthless after expiry.
The collateral can still be assigned. The vault writes the same option series as other writers, and Valorem assigns exercises across all of them, so if their buyers exercise, NVDA can leave at the strike for strike USDG in a week that paid nothing. Whatever is not assigned comes back at the close. The week is published like any other, not hidden as an error.
A buyer paid for the calls and no exercise was assigned to the vault, usually because NVDA stayed below the strike. The options expire worthless to their holders.
Premium, less Overcall's 5% and Stonkhouse's 5%, is credited to depositors in USDG, and the NVDA comes back at the close.
Assignment can take the collateral at the strike. NVDA finished above the strike and holders exercised: the assigned NVDA leaves and comes back as strike USDG, credited to depositors in full with no protocol fee. The premium is still kept, net of fees, and anything above the strike is given up for that week.
v1 does not buy the NVDA back. Afterwards each cNVDA share holds less NVDA and more claimable USDG, the vault stays underweight until new deposits add to it, and the next week writes against the smaller balance.
In the docs: Assignment, with worked examples (opens in a new tab)
Withdrawals
While a call is open, the NVDA behind it is locked in Valorem until expiry, so the vault cannot hand it back early. The queue is the mechanism, not a discretionary gate: no Stonkhouse key can jump it or stop it.
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.
USDG credited to your shares before you queued is not part of the queue payout. It stays in your claimable balance, so after queueing, look in both places.
There is no function to take escrowed shares back. Once settled, your amounts are fixed, later deposits do not dilute them, and there is no deadline to collect.
The transaction succeeds, but it settles only at the next close, which needs a call to be written first. That may not happen for a week or more, and your escrowed shares are written against with everyone else's in the meantime. While the vault is Idle, redeem instantly instead.
An issuer freeze on the Stock Token can stop the close and the NVDA payout until it lifts. A halt on writes, a stale price feed or a paused oracle does not. cNVDA is not listed anywhere, so there is no secondary market to sell into instead.
In the docs: Withdrawing and the redeem queue (opens in a new tab)
Deposits
Deposits stay open while a call is live, until the cycle's exercise timestamp. A deposit in that window joins the week, for better or for worse.
In the docs: Depositing (opens in a new tab)
Roles
Three keys run the week and set policy inside the compiled limits. None of them can transfer depositors' tokens, though a bad admin could still cost depositors money, and the two steps that finish a week are open to anyone.
At launch one deployer key holds every admin power, then hands them to the 2-of-3 Safe. There is no timelock. A compromised admin could raise the fee to 20% of premium and redirect it, or loosen the policy to its limits and sell calls to a buyer it controls: no tokens leave the vault directly, but that is a real loss to depositors.
Inside those limits it can choose the least favourable terms the policy allows, or skip a week by not writing or not listing.
At worst it keeps writes halted or keeps killing listings, and weeks pay no premium until the admin steps in. Exits keep working throughout.
Because locking the book and closing the week are open to anyone, settlement and the queue do not depend on the keeper or the guardian staying alive.
In the docs: Roles and admin powers (opens in a new tab)
Contracts
Everything the weekly cycle uses on chain 4663. All third party: the Stonkhouse vault is not listed because it is not deployed yet. There is one Overcall (opens in a new tab) registry per market, and the one below is the NVDA market's.
Writes the calls and holds the collateral until expiry or exercise.
0x9a7b40e5c1dB1Af822ef091c990b58b02C78C0C0 (opens in a new tab)Matches the listing. The vault is the offerer; a buyer fills or nobody does.
0x0000000000000068F116a894984e2DB1123eB395 (opens in a new tab)6 decimals. Every premium, strike and claim is denominated in it.
0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168 (opens in a new tab)18 decimals. The collateral, and a debt security issued by Robinhood Assets (Jersey) Limited.
0xd0601CE157Db5bdC3162BbaC2a2C8aF5320D9EEC (opens in a new tab)Defines the weekly cycle and the strike rungs. One registry per market; this one is NVDA's.
0x8E973cE1A6884E28Ad3E377d5f670Bc0b463f4EA (opens in a new tab)8 decimals. Display and the write gate only. Settlement never reads a price feed.
0x379EC4f7C378F34a1B47E4F3cbeBCbAC3E8E9F15 (opens in a new tab)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.
In the docs: Contracts and addresses (opens in a new tab)
Once the vault is live, every week is published, including the zeros. Unfilled weeks are rows on the same record as filled ones, because a record that only shows the weeks that worked is not a record. No projections, no annual numbers, no price chart: only what each 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. The full reference is in the docs (opens in a new tab).