The volatility layer
for tokenized equities.
A tokenized share trades every hour of the week. The stock behind it is priced for 32.5h. Volquote prices the other 135.5h — and lets you hedge them.
- 32.5h
- Price discovery
- Regular session, per week
- 135.5h
- No NBBO
- Underlying closed, per week
- 100ms
- Block time
- Robinhood Chain
- 4663
- Chain ID
- Arbitrum Orbit rollup
30-day implied volatility. Illustrative — not a live market feed.
FIG-01 · The closed week
32.5h of price discovery. 168h of exposure.
The US regular session runs 09:30 to 16:00, five days a week. For the other 135.5h the underlying has no NBBO and no genuine price discovery — but the tokenized share trades through all of it. Whoever holds it across those hours is long a gap, and the options market that would hedge it is closed at exactly the same time.
FIG-02 · The surface
Three regimes the surface trades through.
On the left is the regime. On the right is the surface it produces: strike across, expiry into the frame, implied volatility as height. Pick a regime and the surface reshapes.
VOL-01 · Surface
Session
The underlying is trading. Listed options are open, so the surface is anchored to observable prices and the term structure slopes gently upward. This is the easy regime, and it covers 32.5 hours a week.
- ANCHOR
- Listed options
- FRONT END
- At target
- SKEW
- Normal
Illustrative surface behaviour — not a live market feed.
The approach
A volatility desk, expressed as an on-chain venue.
Volquote runs a pricing model rather than a curve, and the model is built for an asset whose underlying market is shut most of the week.
Continuous vol construction
A surface exists for every hour of the week, not only the hours the underlying trades. When listed options go quiet, the surface is rebuilt from crypto proxies, realised vol and observed flow rather than left stale.
Event-aware term structure
Scheduled events — earnings, CPI, FOMC — are priced into the expiry that contains them instead of being smeared across the curve. The hump belongs where the risk is.
Delta-hedged market making
Quotes are made against a hedged book, so size can be shown on both wings. Inventory skew goes into the quote rather than waiting for the next trader to discover it.
European, cash-settled
Contracts settle in USDC against a published reference. No physical delivery of a stock token, no assignment mechanics, no custody.
Architecture
Three layers, split by what each one needs.
Surface construction has to be fast, so it runs off-chain. Settlement has to be checkable by anyone, so it runs on-chain.
Vol engine
Consolidates listed option quotes while the session is open, and reconstructs the surface from proxies, realised vol and flow while it is closed.
- ·Sub-second refresh
- ·Cross-venue consolidation
- ·Event calendar ingestion
Pricing and greeks
Turns the surface and current inventory into a two-sided quote with a hedge ratio. Kept closed, because publishing it is publishing how to trade against it.
- ·Per-asset skew model
- ·Inventory-aware pricing
- ·Hedge ratio per fill
Settlement
Contracts settle in USDC on Robinhood Chain against a published reference price. Balances stay in the contract; nothing is held off-chain.
- ·100ms blocks
- ·Gas in ETH
- ·Settles to Ethereum
Markets
What Volquote quotes.
Every one of these is exposure a holder already carries. None of them currently has an on-chain instrument that expresses it.
Gap contracts
Cash-settled on the move from Friday close to Monday open. The instrument that could not exist before a share traded 24/7 on-chain.
Single-name weeklies
Short-dated calls and puts on the largest tokenized single names.
Index volatility
Broad-market and sector exposure through SPY and QQQ tokens.
Vol of vol
Second-order exposure for desks already carrying a vol book.
Roadmap
Where the build has got to.
Nothing is deployed yet. Each phase ships when the one before it holds up.
Surface construction and the closed-hours dataset
Building the reference surface and the record of what actually happens to tokenized single names across the hours the underlying is shut. This is the input every later phase depends on.
Gap contracts on testnet
Cash-settled Friday-close to Monday-open contracts, deployed on testnet with a published settlement reference, so the mechanics can be checked before any capital touches them.
Mainnet settlement and market maker onboarding
Mainnet contracts on Robinhood Chain, a wider listing set, and direct API access for desks that want to quote alongside Volquote.
FAQ
Questions worth answering up front.
Is Volquote live?+
No. Nothing is deployed. The surface model and the closed-hours dataset are in build, and the waitlist is how you hear when testnet contracts go up.
What is a gap contract?+
A cash-settled contract on the move from Friday close to Monday open in the underlying. It expresses the one exposure every holder of a tokenized share carries and currently cannot hedge.
Where do the 32.5 and 135.5 hour figures come from?+
The US regular session is 09:30 to 16:00 ET, six and a half hours, five days a week — 32.5 hours. A week is 168 hours, so 135.5 hours fall outside it. Extended-hours trading narrows the gap but does not close it, and listed options do not trade in extended hours at all.
Why Robinhood Chain?+
It is where tokenized equities are native rather than wrapped, it has 100ms blocks, and it settles to Ethereum. Chain ID 4663.
Why is the pricing layer closed source?+
Publishing a quoting model publishes how to trade against it. Settlement is on-chain and checkable by anyone; the model that produces the quote is not.
Are the numbers on this page live?+
The session arithmetic and the chain parameters are exact. Every surface, implied vol and price path shown here is labelled illustrative, because there is no live feed behind them yet.
Waitlist
Hear when the first contracts go up.
No allowlist and no invite code — the waitlist exists so there is somewhere to send the testnet announcement. One email, nothing else.
Email hello@volquote.xyz and you will be on the list.
If you run a volatility desk and want to quote alongside Volquote, or you issue tokenized assets and want vol quoted on them, the same address reaches us.