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Quarterly Expiry

The last Friday of March, June, September, and December. The largest options expiries of the year, often dominating term structure and price action for one to two weeks before and after settlement.

Related terms

Settlement

The expiry-time process by which an option pays out its final intrinsic value. On Deribit, settlement occurs at 08:00 UTC using a half-hour time-weighted average of the index price. Settlement is the moment dealer hedging flows release.

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