Exercise Windows (Bermuda Model)
免責事項: このホワイトペーパーは英語版が正式な文書となります。他言語の翻訳は参照用です。
Why Bermuda?
Section titled “Why Bermuda?”PIPO uses Bermuda-style exercise—a hybrid between American (anytime) and European (expiry only):
| Style | Exercise Timing | Use Case |
|---|---|---|
| American | Anytime before expiry | Maximum flexibility, complex hedging |
| European | Only at expiry | Simplest, lowest issuer risk |
| Bermuda | Specific windows + events | Balanced flexibility and manageability |
Rationale for Bermuda
Section titled “Rationale for Bermuda”- Aligns with Natural Events: Pre-IPO valuations update at discrete moments (funding rounds, IPO, M&A)
- Reduces Gamma Risk: Issuer doesn’t face continuous exercise uncertainty
- Simplifies Pricing: Fewer variables than American, more flexible than European
- Prevents Gaming: No exercise timing manipulation based on short-term price movements
- Operational Efficiency: Concentrated settlement windows
Window Types
Section titled “Window Types”1. Quarterly Exercise Windows
Section titled “1. Quarterly Exercise Windows”Regular, predictable windows aligned with calendar quarters:
┌─────────────────────────────────────────────────────────────────┐│ QUARTERLY EXERCISE CALENDAR │├─────────────────────────────────────────────────────────────────┤│ ││ Q1 Window Q2 Window Q3 Window Q4 ││ ────────── ────────── ────────── ──── ││ Mar 15-19 Jun 15-19 Sep 15-19 Dec ││ (5 days) (5 days) (5 days) 15-19││ ││ Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ││ ──────────────────────────────────────────────────────────── ││ ▲ ▲ ▲ ▲ ││ │ │ │ │ ││ Window Window Window Window ││ │└─────────────────────────────────────────────────────────────────┘| Quarter | Window Dates | Duration | Settlement Date |
|---|---|---|---|
| Q1 | March 15-19 | 5 days | March 25 |
| Q2 | June 15-19 | 5 days | June 25 |
| Q3 | September 15-19 | 5 days | September 25 |
| Q4 | December 15-19 | 5 days | December 25 |
2. Event-Triggered Windows
Section titled “2. Event-Triggered Windows”Extraordinary windows opened by specific corporate events:
┌─────────────────────────────────────────────────────────────────┐│ EVENT-TRIGGERED WINDOWS │├─────────────────────────────────────────────────────────────────┤│ ││ EVENT TYPE WINDOW DURATION TRIGGER ││ ────────────────────────────────────────────────────────── ││ Funding Round 48 hours Official announce ││ IPO Filing 72 hours SEC S-1 filing ││ IPO Pricing 48 hours Price set ││ IPO First Trade 24 hours Market open ││ M&A Announcement 72 hours Official announce ││ M&A Completion 48 hours Deal close ││ Material Down-Round 48 hours >30% valuation drop ││ │└─────────────────────────────────────────────────────────────────┘Event Detection
Section titled “Event Detection”Event Verification Process├── 1. Oracle Committee monitors news/filings├── 2. 2/3 committee members confirm event├── 3. Event type and timestamp recorded on-chain├── 4. Exercise window opens automatically├── 5. Countdown begins (24-72 hours)└── 6. Window closes, settlement proceedsExercise Process
Section titled “Exercise Process”Step-by-Step
Section titled “Step-by-Step”┌─────────────────────────────────────────────────────────────────┐│ EXERCISE FLOW │├─────────────────────────────────────────────────────────────────┤│ ││ 1. WINDOW OPENS ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • System announces window via UI/email/push │ ││ │ • Oracle publishes current valuation │ ││ │ • ITM/OTM status calculated for each strike │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 2. USER DECISION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • View position P&L │ ││ │ • Choose: Exercise / Hold / Sell │ ││ │ • For physical delivery: Submit VIP request │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 3. EXERCISE SUBMISSION ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Select exercise amount (partial OK) │ ││ │ • Confirm transaction │ ││ │ • Tokens locked pending settlement │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 4. WINDOW CLOSES ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Final oracle price snapshot │ ││ │ • Exercise requests finalized │ ││ │ • Non-exercised tokens remain active │ ││ └─────────────────────────────────────────────────────────┘ ││ │ ││ ▼ ││ 5. SETTLEMENT (T+5) ││ ┌─────────────────────────────────────────────────────────┐ ││ │ • Cash: USDC transferred to exerciser │ ││ │ • Physical: SPV initiates share transfer │ ││ │ • Exercised tokens burned │ ││ └─────────────────────────────────────────────────────────┘ ││ │└─────────────────────────────────────────────────────────────────┘User Notification System
Section titled “User Notification System”Notification Tiers
Section titled “Notification Tiers”| Timing | Channel | Content |
|---|---|---|
| T-7 days | Window reminder + position summary | |
| T-24 hours | Push + Email | Final reminder + ITM status |
| Window Open | Push + Email + UI | Exercise now available |
| T-6 hours | Push | Last chance reminder |
| Window Close | Push + Email | Settlement pending |
Dashboard Indicators
Section titled “Dashboard Indicators”┌─────────────────────────────────────────────────────────────────┐│ EXERCISE WINDOW STATUS │├─────────────────────────────────────────────────────────────────┤│ ││ Current Status: 🟢 WINDOW OPEN ││ Window Type: Q4 2025 Quarterly ││ Time Remaining: 2d 14h 32m ││ ││ Your Positions: ││ ┌──────────────────────────────────────────────────────────┐ ││ │ SPACEX-CALL-200B-Q42025 │ ││ │ ├── Holding: 1,000 tokens │ ││ │ ├── Current Oracle: $185B │ ││ │ ├── Status: ⚪ OTM (need $200B) │ ││ │ └── Action: [Hold] [Sell on AMM] │ ││ └──────────────────────────────────────────────────────────┘ ││ ┌──────────────────────────────────────────────────────────┐ ││ │ SPACEX-CALL-180B-Q42025 │ ││ │ ├── Holding: 500 tokens │ ││ │ ├── Current Oracle: $185B │ ││ │ ├── Status: 🟢 ITM (+2.8%) │ ││ │ └── Action: [Exercise] [Hold] [Sell on AMM] │ ││ └──────────────────────────────────────────────────────────┘ ││ ││ Estimated Payout if Exercised: $14.00 USDC ││ ││ [Exercise All ITM Positions] ││ │└─────────────────────────────────────────────────────────────────┘Automatic vs Manual Exercise
Section titled “Automatic vs Manual Exercise”Policy
Section titled “Policy”| Condition | Behavior |
|---|---|
| ITM > 5% | Reminder only, manual exercise |
| ITM > 20% | Strong reminder, manual exercise |
| Expiry + ITM > 1% | Auto-exercise (user can opt-out) |
| Expiry + OTM | Expire worthless |
User Preference Setting
Section titled “User Preference Setting”Exercise Preferences├── Auto-exercise at expiry: [✓] Enabled├── Auto-exercise threshold: [1%] ITM minimum├── Notification frequency: [All] / Summary / Critical└── Physical delivery default: [Cash] / Request PhysicalEdge Cases
Section titled “Edge Cases”1. Oracle Dispute During Window
Section titled “1. Oracle Dispute During Window”Scenario: Oracle price challenged during exercise window
Resolution:├── Window paused (clock stops)├── Dispute committee convenes (24h)├── Revised price published OR original confirmed├── Window resumes with remaining time└── Users can revise exercise decisions2. Multiple Events in Same Period
Section titled “2. Multiple Events in Same Period”Scenario: Funding round announced during quarterly window
Resolution:├── Windows merge (no double exercise)├── Single settlement at final price├── Extended window = max(remaining quarterly, event duration)└── One exercise decision per position3. Technical Outage
Section titled “3. Technical Outage”Scenario: Platform outage during exercise window
Resolution:├── Window automatically extended by outage duration├── All pending transactions honored├── Users can submit via backup channels (email to support)└── Post-mortem published, compensation if warrantedSettlement Timeline
Section titled “Settlement Timeline”┌─────────────────────────────────────────────────────────────────┐│ SETTLEMENT TIMELINE │├─────────────────────────────────────────────────────────────────┤│ ││ Exercise Window Final Settlement ││ Window Closes Oracle Complete ││ Opens Price ││ │ │ │ │ ││ ▼ ▼ ▼ ▼ ││ ───┬────────────┬────────────┬──────────────┬─── ││ │ 5 days │ T+0 │ T+5 │ ││ │ │ │ │ ││ ││ During Window: After Close: ││ • Submit exercise requests • Oracle finalizes price ││ • Partial exercise OK • Payout calculated ││ • Can cancel before close • USDC distributed ││ • View real-time P&L • Tokens burned ││ │└─────────────────────────────────────────────────────────────────┘API Reference
Section titled “API Reference”Check Window Status
Section titled “Check Window Status”// Returns current window status for an underlyingconst windowStatus = await pipo.getWindowStatus('SPACEX');
// Response{ underlying: 'SPACEX', isOpen: true, windowType: 'QUARTERLY', opensAt: '2025-12-15T00:00:00Z', closesAt: '2025-12-19T23:59:59Z', oraclePrice: 185000000000, // $185B in smallest unit nextWindow: { type: 'Q1_2026', opensAt: '2026-03-15T00:00:00Z' }}Submit Exercise
Section titled “Submit Exercise”// Exercise warrant tokensconst tx = await pipo.exercise({ warrantAddress: '0x...SPACEX-CALL-180B-Q42025', amount: 500, // tokens settlementPreference: 'CASH' // or 'PHYSICAL' for VIP});
// Returns transaction hash and estimated payout{ txHash: '0x...', status: 'PENDING', estimatedPayout: 14.00, // USDC settlementDate: '2025-12-25T00:00:00Z'}