CallPut Review 2026: 24/7 Synthetic Stock Options on Base

CallPut is an onchain options platform on Base. It offers 24/7 options on BTC and ETH as well as synthetic options that reference stocks and ETFs such as SPY, NVDA, TSLA, GOOG, AAPL and PLTR. Trading happens from a connected crypto wallet with no brokerage account.

The pitch is leverage without liquidation. Because options are bought with a premium, maximum loss for buyers is capped, unlike perpetual futures where margin can be liquidated. The site also says users can start with $1.

The project is very new. DefiLlama lists it since March 2026 with about $181,607 in TVL, no token and no audits, and the homepage showed $0 total trading volume at the time of public sources. That makes it an early-stage product with limited evidence of liquidity or track record.

CallPut lets a user buy options through a wallet-based interface on Base. An option gives the right to profit if the underlying price ends above (call) or below (put) a strike at expiry. For stocks and ETFs, the options are synthetic: they reference prices but do not involve real shares.

Pricing comes from real market indicators. CallPut uses them to build its own futures index and volatility curve for each underlying, then adds time to expiry, liquidity, spreads, fees and risk adjustments to get mark and execution prices. Liquidity comes from pools rather than an order book, and liquidity providers earn fees and risk premiums paid by traders.

At expiry, settlement uses the 30-minute TWAP before expiration. Nothing is delivered except the option payoff, calculated by the smart contracts. Because buyers pay a premium upfront, their loss is capped at that amount and there is no margin liquidation for option buyers.

Specific fee numbers are not published publicly available. The homepage describes fees as competitive and low-cost but gives no rates.

Price is built from a mark price and execution price that factor in time to expiry, liquidity, spreads, fees and risk adjustments. Users would see the full cost in the trading interface before confirming a trade, and the docs may give more detail. Network gas fees on Base also apply.

DefiLlama lists no audits for CallPut, and the project does not name a team, security review or bug bounty. Smart-contract risk should be treated as unverified. The site itself lists market, volatility, liquidity, reference data, oracle, smart contract and regulatory risks.

The platform is non-custodial, so funds stay in the user's wallet until used in the protocol, but liquidity pool depositors take on counterparty-style risk in stressed markets. The site notes that access may be restricted in some jurisdictions and that users must check legality. Synthetic stock options are not securities, shares or broker-listed options, so they carry none of the protections of regulated brokerage products.

CallPut suits experienced DeFi traders who understand options and want exposure to equity or ETF price moves without a broker, accepting synthetic exposure and early-stage smart-contract risk. It is a poor fit for anyone who wants real share ownership, regulated protections or deep proven liquidity.