> For the complete documentation index, see [llms.txt](https://docs.pairity.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pairity.fi/readme.md).

# Pairity Docs

Pairity is an on-chain options market built around a collateralized Base, Call and Put decomposition.

The protocol combines:

* Oracle-priced underlying collateral
* Zero-rate Black-Scholes marks
* A pair-wide volatility AMM
* Vault-managed collateral and option inventory
* Explicit trading, inventory and conversion fees

This documentation has two audiences: people using the Pairity website and developers integrating the protocol.

## Start here

* [Protocol overview](/protocol/overview.md)
* [Base, Call and Put](/protocol/instruments.md)
* [Pricing](/protocol/pricing.md)
* [Volatility AMM](/protocol/volatility-amm.md)
* [Fees and quotes](/protocol/fees.md)
* [Liquidity and settlement](/protocol/liquidity-and-settlement.md)

## User Guide

* [Trade on Pairity](/user-guide/trading.md)

## Developer Guide

* [Integrate Pairity](/developer-guide/integration.md)

> This documentation explains protocol mechanics. It is not investment advice.


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