> ## Documentation Index
> Fetch the complete documentation index at: https://docs.thetalabs.gg/llms.txt
> Use this file to discover all available pages before exploring further.

# Introduction

> Welcome to Theta Labs — real-money options on prediction markets, plus Polymarket spot trading, in one platform.

Theta Labs is the home of **options on prediction markets**. Buy cash-settled call options on a market's probability — **Yes Calls** and **No Calls** — to get leveraged exposure with your risk strictly capped at the premium you pay. Alongside options, you can trade **spot** YES/NO shares on Polymarket markets from the same account and balance.

Everything runs on a single **pUSD balance**: deposit USDC on Polygon and it converts automatically — no external wallet, no manual transfers between platforms.

<Warning>
  Options on Theta Labs are **real-money trading**. The premium you pay is the most you can lose on a contract you buy, but losses are real. Trade responsibly.
</Warning>

<CardGroup cols={2}>
  <Card title="Quick Start" icon="rocket" href="/quickstart">
    Get your account set up and make your first trade in minutes.
  </Card>

  <Card title="Options Trading" icon="chart-line" href="/trading/options-trading">
    Trade Yes Calls and No Calls on prediction market probabilities.
  </Card>

  <Card title="Spot Trading" icon="arrow-right-arrow-left" href="/trading/spot-trading">
    Buy and sell YES/NO shares on Polymarket markets.
  </Card>

  <Card title="Deposits & Withdrawals" icon="wallet" href="/portfolio/deposit-withdraw">
    Fund your account with USDC on Polygon and withdraw any time.
  </Card>

  <Card title="Portfolio" icon="briefcase" href="/portfolio/overview">
    Track your balance, positions, and P\&L in one place.
  </Card>

  <Card title="Rewards & Referrals" icon="gift" href="/platform/rewards">
    Earn free shares through trade, streak, and referral rewards.
  </Card>
</CardGroup>

## What you can do

<Steps>
  <Step title="Sign in with one click">
    Sign in with your email, Google account, or an external wallet. Theta Labs uses embedded wallets — a wallet is created for you automatically, with no extension to install and no seed phrase to manage.
  </Step>

  <Step title="Deposit USDC">
    Send USDC on **Polygon** to your deposit address. It converts to **pUSD** — your single tradeable balance — automatically. No transfer steps.
  </Step>

  <Step title="Trade options">
    The **Options** page is your landing view. Pick a market, choose Yes Calls or No Calls, select a strike and expiry, and buy with defined risk.
  </Step>

  <Step title="Trade spot">
    Switch to the **Spot** page to buy YES or NO shares on Polymarket markets across politics, sports, crypto, economics, and more.
  </Step>
</Steps>

## Key concepts

| Term                   | Meaning                                                                                                                   |
| ---------------------- | ------------------------------------------------------------------------------------------------------------------------- |
| **Yes Call / No Call** | A cash-settled call option on a market's Yes (or No) price. Pays off when the price finishes above your strike at expiry. |
| **Strike**             | The probability threshold your option is struck at, shown as a percentage.                                                |
| **Premium**            | The price you pay for a contract — and the most you can lose as a buyer.                                                  |
| **pUSD**               | Your tradeable balance. USDC deposits on Polygon convert to pUSD automatically.                                           |
| **YES/NO share**       | A binary outcome token on a spot market, worth $1 if the event resolves in that direction, $0 otherwise.                  |
| **Available**          | The pUSD cash in your account that's ready to deploy in new trades.                                                       |

<Note>
  There's more to explore once you're trading: a [weekly options leaderboard competition](/platform/leaderboard) with pUSD prizes, and [rewards](/platform/rewards) that pay out free shares for your first deposit, trading streaks, and referrals.
</Note>