> 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/user-guide/trading.md).

# Trade on Pairity

This guide explains how to use the Pairity website to buy and sell Base, Call and Put instruments.

## Connect and choose a market

1. Open the Pairity website and connect a wallet.
2. Select the network shown in the network selector.
3. Choose a WETH/USDC pair, strike and expiry.
4. Select the instrument: Base, Call or Put.

Only active, configured series can be traded. An expired series is removed from active trading.

## Buy or sell

1. Choose `Buy` or `Sell`.
2. Enter the amount of the selected instrument, or switch to quote input where available.
3. Review the oracle price, sigma, fair value, route, fees and slippage.
4. Approve the token when the wallet asks for approval.
5. Submit the transaction and wait for confirmation.

The displayed quote is not a reservation. Another trade, liquidity change or oracle update can change the quote before the transaction is mined. The transaction deadline and slippage setting protect the execution.

## What the instruments mean

* **Base** is the shared value between the oracle spot and the strike.
* **Call** is the value above Base, linked by `spot = Base + Call`.
* **Put** is the value below Base, linked by `strike = Base + Put`.

The full pricing model is described in [Base, Call and Put](/protocol/instruments.md) and [Pricing](/protocol/pricing.md).

## Liquidity page

The Liquidity page shows the vault's underlying and quote balances, shares, NAV and option inventory.

To provide liquidity:

1. Open `Liquidity`.
2. Choose `Deposit`.
3. Select the asset and enter an amount.
4. Review the estimated shares and submit the transaction.

To withdraw, choose `Withdraw`, enter shares and review the assets returned by the vault. Option inventory is grouped by strike; open a strike to inspect its series and expiry balances.

## Settlement records

After expiry settlement, the account page shows one record per settled leg. A single transaction can therefore produce separate Base, Call or Put records. Each record includes its own leg and profit or loss.

## Common messages

| Message                       | What to check                                               |
| ----------------------------- | ----------------------------------------------------------- |
| Series expired                | Choose an active expiry                                     |
| Oracle price invalid or stale | Wait for the market oracle to update                        |
| Insufficient liquidity        | Reduce the amount or choose another route                   |
| Slippage exceeded             | Review the quote and increase tolerance only if appropriate |
| Transaction deadline expired  | Request a new quote and submit again                        |

If balances or series are missing, first confirm the selected chain and wallet account. Newly deployed markets may also need the backend indexer to complete a reindex.


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