Your position
What you hold after accepting a quote - position terms, the on-chain record, and lifecycle states.
When you accept a firm quote, Portfolio tracks the result as a position. The Olive Solana program stores it in a Position PDA holding the exact accepted terms and the current owner.
It is program-native state — there is no NFT, no ERC-1155-style note, and no token mint standing in for your position. Ownership is a Solana public key recorded in the account itself.
Position terms
Every accepted position has a fixed term sheet:
| Field | Meaning |
|---|---|
| Market | The underlying the payoff tracks |
| Product | Long Call or Long Put |
| Size | The position size derived from the Amount you spent |
| Premium and fee | The USDC you paid the maker, and the Olive protocol fee |
| Strike | The level that defines the payoff |
| Maturity | The on-chain expiry at which the position settles |
| Maximum payout | The most the position can pay, in its settlement asset |
| Settlement asset | The market's underlying token for calls; canonical USDC for puts |
| Maker | The counterparty whose signed quote you accepted |
Your maximum loss is the premium plus the fee — the number you already paid. It is not a separate field because it cannot change.
The on-chain record
The Position PDA is the protocol record, and its base58 address is what you use in explorers, the API, and developer tooling. Portfolio shows it in the position details.
The program updates the recorded owner if a position is transferred, so a transfer moves the entire economic claim to the new owner's wallet.
Lifecycle
| State | What it means |
|---|---|
| Active | Open and will settle at maturity |
| Awaiting settlement | Past maturity; the settlement price is not recorded yet |
| Redeemable | Settlement recorded; the payout can be released |
| Redeemed | Settled with a payout sent to the holder |
| Expired | Settled with zero payout under the terms |
| Exited | Sold back to the original maker before maturity |
Redemption is permissionless and maturity-gated: once the settlement price is on-chain, anyone can trigger it and the payout goes to the recorded holder. In practice a keeper does this automatically, so you do not need to be online.
Funding state
Alongside the lifecycle state, a position reports the funding state of the
maturity bucket it shares with the maker's other positions for that market and
maturity — credit-backed, funding-required, funded, or defaulted. That
bucket must be fully funded on-chain before anyone in it can settle.
This is real counterparty risk and it is shown deliberately rather than hidden. Collateral & funding explains what each state means for you.
Next: Collateral & funding ->