Perpetual PUT Marketplace

Overview

The Perpetual PUT Marketplace is a secure, decentralized venue for trading Flying Tulip Perpetual PUTs (ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry). It allows holders to sell Perpetual PUTs with transparent pricing and built-in checks that protect both sides of the trade.

What it supports

• Listing, buying, editing, and removing ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry listings.
• Direct purchases at a pre-defined price.
• Signed buy offers that only settle if a seller accepts them.
• Built-in validation to prevent trades on outdated positions.

How trades stay accurate

ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry positions can change over time as collateralcollateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry or FT is withdrawn. Before any purchase is finalized, the marketplace verifies that the underlying position still matches the buyer's expectation, including the collateralcollateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry type and remaining balances. If the position has changed, the trade will fail.

Payments and fees

• Listings can be priced in ETH or in tokens approved by the protocol.
• Bids are paid in approved tokens, not ETH.
• MakerMakerTrading roles where makers add liquidity with resting orders and takers remove it by trading against them; fee schedules often differ.View glossary entry and takertakerTrading roles where makers add liquidity with resting orders and takers remove it by trading against them; fee schedules often differ.View glossary entry fees are applied separately to the seller and buyer.
• Fees are capped and shown before confirmation.
• Fee rates and fee recipients are managed by the protocol.

!

Note: MakerMakerTrading roles where makers add liquidity with resting orders and takers remove it by trading against them; fee schedules often differ.View glossary entry and takertakerTrading roles where makers add liquidity with resting orders and takers remove it by trading against them; fee schedules often differ.View glossary entry fees are set to 0.1% and 0.3%, respectively.

Listings

• The user should own the ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry and approve the marketplace for transfer.
• Each ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry can have only one active sell listing.
• Price must be greater than zero and set in approved tokens.
• Every listing has an expiration time.
• WETH can not be used for listings.

Bids (Offers)

Bids are created with a wallet signature and only settle if a seller accepts them. Bids include an expiration time and can specify minimum remaining collateralcollateralAssets allowed as collateral and the maximum per‑asset size configured to manage concentration and risk.View glossary entry and FT to ensure the position still meets the buyer's requirements. Bids are token-only (no ETH) and use tokens approved by the protocol.

Safety controls

• Early position validation runs before the trade proceeds to prevent last-minute changes.
• Each trade is atomic: payment and a Perpetual PUTPerpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry transfer together.
• Failed ETH payments are held and can be withdrawn later – transfers can not block the marketplace.
• The marketplace can be paused in case of an emergency.

Owner and upgradability

The protocol manages accepted payment tokens, fee settings, and emergency pausepauseTemporarily halting token transfers or protocol operations via admin roles for safety.View glossary entry authority. The marketplace is upgradeable to support future improvements. The current owner is set to the Flying Tulip treasury.

Transparency

Listings, edits, sales, fee updates, and payment token changes are recorded on-chain for auditability.

Related pages

• FT Token: what ftPUTftPUTThe token representing a specific Perpetual PUT position (one position per token). Used by contracts to manage withdrawFT (invalidate PUT) and Exit at par.View glossary entry represents and how the Perpetual PUTPerpetual PUTThe on-chain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT).View glossary entry works.
• Capital Allocation: primary issuance and ExitExitAction that exercises the Perpetual PUT at par; the original asset/amount is returned.View glossary entry flows