> For the complete documentation index, see [llms.txt](https://docs.ichigeki.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ichigeki.app/product/liquidity.md). # Liquidity ICHIGEKI does not supply liquidity. Every quote you see is a real resting order on Derive's book, placed by someone else. This page explains what that means for what you see on screen. ## Order-book reality Derive's daily BTC listings are broad — 44 strikes on the nearest daily at last check — but resting liquidity on dailies is thin and patchy. Verified live: some strikes quoted two-sided at around 0.2 BTC of size, some quoted on one side only, and occasionally even the at-the-money strike momentarily empty. Quotes appear and disappear as market makers refresh. A professional options chain shows all of this raw. ICHIGEKI does not — it filters. ## Quote-driven strike selection The strike ladder is built from quotes, not from a fixed grid: 1. Pull every active instrument on the nearest daily expiry. 2. Keep the strikes that have a **live ask** right now — the product is buy-only, so a live ask is what makes a strike actually buyable. 3. Rank by distance from the current index price and cap the count. 4. Backfill the remaining rows with unquoted strikes, shown dimmed and untradeable, so the ladder keeps its shape instead of hiding the market state. Selection is therefore quote-driven, not distance-driven: the ladder shows what you can execute, near the money, right now. ## Why some strikes show "—" A row with "—" in the premium column is a listed strike with no live ask at this moment. It is not an error and not a hidden price — there is simply no one offering that option right now. It may fill in seconds later when a market maker re-quotes; the ladder refreshes continuously. ## The book-is-quiet state Sometimes the filter finds nothing: no strike on the nearest daily has an executable ask. ICHIGEKI shows this honestly as a quiet-book state rather than inventing indicative prices. When the book is quiet you cannot trade, and the interface says exactly that. It is the truthful rendering of a real market condition, not an outage. ## What is not guaranteed * **Depth.** A live ask guarantees the displayed size at the displayed price, not more. Larger orders can walk the book. * **Persistence.** A quote can be gone by the time your order arrives; a market order fills at the then-best price, a limit order rests or expires. * **Coverage.** No one is obligated to quote any particular strike. ICHIGEKI cannot require market makers to quote, and does not pretend otherwise. See [Risks](/security/risks.md) for how liquidity risk interacts with the daily clock. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.ichigeki.app/product/liquidity.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.