Theta Launch app
Theta
Memecoin perps and options · Robinhood Chain

Short the memes.
Long the ones you believe in.

Short memecoins with USDG collateral, or buy calls and puts where the most you can lose is what you pay. Every risk number is on the ticket before you press the button.

Launch appTrade options
01 — The markets

Thirty markets on Robinhood Chain. Tradable when the pool can take it.

Live from the tokens' own Robinhood Chain pools. Leverage limits come from each pool's real liquidity and volume, so a thin pool shows up as too thin, not as an invitation.

Loading live prices…

02 — How it works

Collateral in. Side. Leverage. Then the numbers you actually need.

No token borrowing, no lender to find. Your position is a claim against the vault, priced by an index built from the chain's own pools.

Step 1

Post USDG

Collateral is USDG, the chain's native dollar. Isolated per market, so one bad trade never touches another.

Step 2

Long or short, 1x to 5x

Pick a side and a leverage. The liquidation price, hourly funding and fees update on the ticket as you move the slider.

Step 3

Watch the ratio, not the vibes

Every open position shows its margin ratio as a bar. At 100% it closes. You will never wonder where you stand.

03 — Options

Buy calls and puts. The most you can lose is what you pay.

European options on every listed market, cash-settled in USDG at 08:00 UTC. Premiums come from each token's own measured volatility, so a wild meme costs more to bet on than a calm one. No margin, no liquidation.

4expiries
1, 3, 7 and 14 days, all settling at 08:00 UTC.
17strikes
A fixed ladder around the live price, roughly 5% apart.
7days
Of hourly price moves behind every implied volatility.
0liquidations
A bought option can expire worthless. It can't be liquidated.
Options terminal with the option chain, strike and breakeven lines, and the payoff chart
The option chain

Pick a strike, see where you break even.

Calls on the left, puts on the right, the price you pay for each. Click one and the chart draws your strike and breakeven, the ticket shows your maximum loss, and a payoff curve shows what you make at every price at expiry.

Open options

04 — Risk, stated

Memecoins are thin. The limits are the product.

Every memecoin-leverage blowup of 2025 was a position bigger than the spot market could absorb. So the caps are tied to real pool depth, and they are visible.

5x max
Fresh launches open at 2–3x. Nothing lists above 5x.
10%
Maintenance margin. Half of initial at max leverage.
OIcap
Per-market open-interest cap sized to pool depth. When it's full, it's full.
0.10%
Taker fee. Funding paid hourly by the crowded side.
Trade sheet on a phone showing the liquidation price
On the ticket

The liquidation price is the biggest number after the price.

Entry, liquidation, funding per hour, fees and margin ratio at open. It moves as you move the slider. On the phone you swipe to confirm, because a leveraged short deserves a deliberate gesture.

05 — Built on Robinhood Chain

An Ethereum L2 that already trades a billion dollars of memes a day.

Robinhood Chain went live on 1 July 2026. Uniswap v4 is the main venue, USDG is the dollar, and memecoins are most of the volume. We price from those pools.

4663
Chain ID. Arbitrum Nitro, settles to Ethereum.
100ms
Block time. Fast enough for a keeper to liquidate before the pool moves.
$1.6B
Record daily DEX volume, 1 September 2026.
79%
Share of that volume that is memecoins.
06 — Field notes

Four true things about shorting memes.

Live prices · trading opens at launch

Open the terminal.

Thirty markets, perps and options, real Robinhood Chain candles and trades, and tickets that quote against your real wallet. Nothing is ever signed.

Launch app