Risks

For buyers

An option can expire worthless: the premium is the whole cost and it does not come back.
Exercise is not automatic. A holder must exercise before expiry, to the second; after that, anyone can expire it and the collateral returns to the seller.
A put pays only if you can deliver the tokens; a call pays only if you can pay the strike in ETH.

A put writer can be assigned: it receives the tokens and keeps the strike locked until then, whatever the token is worth.
A covered call writer gives up the upside above the strike and keeps the tokens locked until expiry or exercise.
The market keeps 2% of the premium at fill (to KarmanRouter).

Fair values use realised volatility and last prices. Tokenised shares trade around the clock while the underlying market closes; gaps at the open are not in the model.
The minimum premium makes small lots expensive against fair value. Read the edge before buying.

The market contract, KarmanRouter, USDG, WETH, the stock tokens and the chain are smart contracts and infrastructure that can fail or be paused. The market's own pause never blocks exits.
An x402 payment is settled once the transaction is built and simulated. If prices or the offer change before your agent sends it, the transaction may revert and the 0.02 USDG is not returned.
An agent holding a key can spend what that key holds. Use the caps and a dedicated wallet.

Karman cannot move your options, premiums or collateral: it never holds them and never signs for you.
The KarmanRouter owner cannot withdraw booked fees; it can only set the two destinations once.

Not investment advice. See the terms.