What is Pelagos

Pelagos is a structured-products desk for prediction markets, built on Sui. It takes the simple yes/no contracts that a prediction protocol exposes and packages them into the kind of instruments a trading desk actually uses — options chains, volatility structures, diversified baskets, principal-protected notes, and seniority slices — each priced and settled on-chain through DeepBook Predict, Mysten's on-chain prediction protocol.

The point is to let you express a nuanced market view in a single, well-defined position. Instead of placing one bet on one outcome, you can take a view on where an asset lands, on how much it moves, or on a whole portfolio of unrelated events — and have Pelagos assemble and settle the underlying contracts for you, in one wallet signature where possible.

Everything on the pricing and settlement path is real. Each leg is a live DeepBook Predict contract with a $1 binary payout, quoted off the protocol's own order book and settled natively on chain. Pelagos reads live prices and builds the transaction; it does not invent marks or quote a synthetic price that the protocol would not honour.

The product suite

Five product families share one settlement engine. Each is documented in full under Products — what it is, when you would use it, how the payoff works, and how to trade it step by step:

• Distributed Options — a live BTC options chain. Calls and puts at every strike and expiry, each a $1 binary settled on Sui.
• Volatility — prebuilt volatility structures (straddle, strangle, butterfly, iron condor) with a live payoff diagram, greeks, and an optional delta-hedge leg.
• Distribution Markets — take a view on the full distribution of where an asset settles, not just one strike.
• Tranches (Risk Slices) — senior, mezzanine, and junior seniority slices of the same view, from high-probability/low-payout to convex/high-payout.
• Protected Notes — a position sized to a principal floor and paired with an upside sleeve.

A sixth surface, Event Baskets, bundles unrelated prediction-market events into a single diversified position.

Two interfaces

A global Basic / Advanced toggle in the header reskins every product. Basic is clean, guided, and prebuilt — pick a structure and open it. Advanced is the institutional desk: order books, an interactive 3D volatility surface, the tranching engine, full greeks, and on-chain deployment detail. The toggle, the light/dark theme, and ?mode= / ?theme= deep links all persist per browser, so a link opens the exact view you shared.

Non-custodial by construction

Pelagos never holds your funds. Its backend is a pricing and orchestration layer that builds unsigned transactions; your wallet signs and executes every one, and your wallet owns the on-chain account that gates every mint and redeem. Positions mint and settle on-chain on Sui, in your name. The Non-custodial flow page below walks the full prepare → sign → confirm path.