Comparison workbench
Start from a shipped example, or describe your own structure and run it through the exact verifier and the demonstration cost model. Unsupported input returns an explicit refusal: the workbench never coerces a structure it does not model.
Equivalence examples
- Equivalent pair Synthetic forward The headline case: a cash-settled forward and a long call / short put at the same strike produce exactly the same payoff. EQUIVALENT
- Equivalent pair One payoff, four representations A mixed call/put/forward inventory. Put-call parity says several quite different-looking structures are the same trade, and the workbench finds them instead of asking you to enumerate them. EQUIVALENT
- Equivalent pair Synthetic call A long forward plus a long put at the strike reproduces a call, exactly. EQUIVALENT
- Equivalent pair Forward spread collapses to cash A long forward at K=90 against a short forward at K=110 is exactly the dated cash amount m·(110−90). The sign convention is checked by the verifier, not by hand. EQUIVALENT
Validation and refusal examples
These are the cases prospects tend to care about most: structures that look related and are not the same contract, plus one that is outside the supported scope entirely.
- Refused pair Settlement time mismatch Identical payoff shapes, but one leg settles a day later. The payoff identity is real; the contract is not the same trade. NOT EQUIVALENT
- Refused pair Multiplier mismatch (same cash today) One lot of the m=2 contract and two lots of the m=1 contract pay the same cash here, but they are different contracts. Only the metadata gate catches it. NOT EQUIVALENT
- Refused pair Fixing / index mismatch Both structures settle against a BTC index, but not the same index version. Same arithmetic, different fixing source. NOT EQUIVALENT
- Refused pair Settlement currency mismatch The payoff arithmetic matches, the cash unit does not. Equivalent payoffs in different currencies are not the same contract. NOT EQUIVALENT
- Refused pair Settlement mechanism mismatch A dated cash obligation and an index-settled forward both sit inside the demo's supported scope, and they are still not the same contract. NOT EQUIVALENT
- Out of scope Unsupported: daily variation margin as the target When the target itself is outside the supported semantics, the demo refuses up front instead of comparing it to something that merely looks similar. UNSUPPORTED
Build your own comparison
One structure, up to four legs, one contract context. Choose buy or sell for each leg and give a positive number of contracts. Quotes are optional: price your own legs, add instrument quotes for the alternatives you expect the rewrite rules to find, or leave everything blank and use the shipped fixture.
Shipped fixture quotes: demo fixture, illustrative and not executable
Synthetic quotes authored for a product demonstration. They are not live, not sourced from a venue, and not executable.
| Instrument | Strike | Bid | Ask | Fee |
|---|---|---|---|---|
| Forward | 90 | 10.00 | 10.90 | 0.05 |
| Forward | 100 | 1.65 | 2.30 | 0.05 |
| Forward | 110 | 0.20 | 0.75 | 0.05 |
| Call | 90 | 20.90 | 21.30 | 0.05 |
| Call | 100 | 11.35 | 11.45 | 0.05 |
| Call | 110 | 1.25 | 1.45 | 0.05 |
| Put | 90 | 0.20 | 0.40 | 0.05 |
| Put | 100 | 9.45 | 9.55 | 0.05 |
| Put | 110 | 8.30 | 8.60 | 0.05 |
Quotes are matched by instrument kind and strike. A verified alternative that reaches a strike
with no quote reports COST_UNAVAILABLE and is excluded from cost ranking rather
than priced at zero.
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