> ## Documentation Index
> Fetch the complete documentation index at: https://docs.updown.fast/llms.txt
> Use this file to discover all available pages before exploring further.

# Introduction

> Same-day options on the biggest stocks, and short-term Up or Down markets on stocks and crypto. Pick a direction, tap to buy, and know your max loss before you're in.

updown is where you **trade movement on everything**. There are two ways to do it, and both share one wallet, one ticket style, and one rule: you know your max loss before you're in.

* **Options** — same-day and next-day **calls and puts on the biggest US stocks and ETFs**. Pick "Above $X" or "Below $X", pay the premium, and get paid by how far the stock finishes past your strike at the 4:00 PM ET close.
* **Interval markets** — **Up or Down** on whether a stock or crypto price closes a 5-, 15-, or 60-minute window above where it opened. Every winning contract pays \$1.00.

<Warning>
  updown is **real-money trading**. Cash is USDG in your own wallet, and losses are real. The premium you pay for an option, or the price you pay for interval contracts, is the most you can lose.
</Warning>

## Two products at a glance

|                  | Options                                                     | Interval markets              |
| ---------------- | ----------------------------------------------------------- | ----------------------------- |
| **What you buy** | A call ("Above $X") or a put ("Below $X") on a stock or ETF | Up or Down on the next window |
| **Expiry**       | Today's or the next session's 4:00 PM ET close              | Every 5, 15, or 60 minutes    |
| **Payout**       | Grows with the move past your strike, paid in USDG          | \$1.00 per winning contract   |
| **Max loss**     | The premium                                                 | The price you paid            |
| **Where**        | Nav **Options** (phone tab **Trade**)                       | Nav **Interval**              |

<CardGroup cols={2}>
  <Card title="Quickstart" icon="rocket" href="/quickstart">
    Sign in, deposit, and place a first option and a first interval trade.
  </Card>

  <Card title="How options work" icon="chart-line" href="/options/how-options-work">
    Calls, puts, strikes, expiries, and how settlement pays.
  </Card>

  <Card title="How windows work" icon="clock" href="/interval/how-windows-work">
    Windows, the level to beat, Up and Down, and the \$1 payout.
  </Card>

  <Card title="Deposit & withdraw" icon="wallet" href="/portfolio/deposit-withdraw">
    USDG on Robinhood Chain, USDC on Polygon, or card and bank.
  </Card>

  <Card title="Navigating updown" icon="compass" href="/platform/navigating-updown">
    Home, the nav, search, and the side panel.
  </Card>

  <Card title="Tournament" icon="trophy" href="/platform/tournament">
    A two-week competition with a \$1,000 prize pool.
  </Card>
</CardGroup>

## What you can do

<Steps>
  <Step title="Sign in">
    Click **Login** and sign in with your **email** or **Google** account. Your account and a username are created automatically. No form, no browser extension, no seed phrase.
  </Step>

  <Step title="Allow trading once">
    A one-time **Allow trading** approval lets your trades go through with no signing prompt each time.
  </Step>

  <Step title="Deposit">
    Click **Cash** in the top bar. Send **USDG on Robinhood Chain** or **USDC on Polygon**, or pay by **card or bank**.
  </Step>

  <Step title="Buy an option">
    Open **Options**, pick a stock, choose **Up** or **Down**, and buy a call or put with defined risk.
  </Step>

  <Step title="Or pick a window">
    Open **Interval**, tap **Up** or **Down** on a card, and tap an amount. It fills instantly at the live quote.
  </Step>

  <Step title="Watch it settle">
    Winners are paid to your wallet automatically. There is no claim step.
  </Step>
</Steps>

## Key concepts

| Term                 | Meaning                                                                                                                                                                     |
| -------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Call / Put**       | A call ("Above $X", "Up") pays the amount the stock finishes above the strike, per contract. A put ("Below $X", "Down") pays the amount it finishes below.                  |
| **Premium**          | The price you pay for an option. It is your maximum loss.                                                                                                                   |
| **Strike**           | The price your option is measured against. Six strikes are offered per expiry, at 1%, 2%, and 3% above and below the current price.                                         |
| **Window**           | One round of an interval market. It opens on a fixed grid, stamps the opening price, and closes 5, 15, or 60 minutes later.                                                 |
| **To beat**          | The price when the window opened. Up wins only if the close is strictly above it. An unchanged close settles Down.                                                          |
| **Contract**         | The unit you trade. An interval contract is priced 1¢–99¢ and pays \$1.00 if its side wins. An option contract is one stock token, can be fractional, and pays by distance. |
| **Cash / Portfolio** | **Cash** is the USDG in your wallet. **Portfolio** is cash plus the live value of your open positions.                                                                      |
| **USDG**             | The dollar token your cash is held in, on Robinhood Chain. Deposits in other assets convert to it automatically.                                                            |

<Note>
  Options carry no fee. Interval markets carry a small taker fee that is built into the price you see. See [Buying options](/options/buying-options) and [Placing interval orders](/interval/placing-orders).
</Note>