— derivatives exchange · launching soon

Defined
trigger.
Auto
payout.

A two-sided exchange for parametric contracts. Hedgers buy certainty. Sellers earn premium. Oracle-driven settlement — no claims, no waiting.

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0
claims filed
<24h
settlement window
0%
collateral-backed
UA2847 · SFO–JFK
flight
sellersask
2$32.00
6$30.50
4$29.00
spread $1.50$28.25mid
$27.505
$26.008
$24.503
bidbuyers
payout if triggered
$400.00
implied prob
7.0%
contract matched
premium credited: +$28.50
flight cancellation$4007.1%
rain on event day$3009.8%
home closing delay$1,2005.4%
wedding vendor$2,0004.2%
hurricane landfall$5,0003.1%
earthquake 5.0+$2,5002.7%
event cancellation$8006.3%
shipping delay 7d+$60011.2%
match postponement$3504.9%
flight cancellation$4007.1%
rain on event day$3009.8%
home closing delay$1,2005.4%
wedding vendor$2,0004.2%
hurricane landfall$5,0003.1%
earthquake 5.0+$2,5002.7%
event cancellation$8006.3%
shipping delay 7d+$60011.2%
match postponement$3504.9%
The problem
“UA847 cancelled. $1,200 hotel. Non-refundable.”

Every year, billions of dollars in non-refundable bookings vanish when events nobody could prevent occur. The flight cancels. The vendor no-shows. The weather turns. The claim gets denied.

Caslon changes that.

How it works

Parametric,
not insurance.

Traditional insurance pays out after someone investigates your claim. Parametric contracts pay out when a condition is met — full stop. The trigger is written into the contract. An external oracle confirms it. No adjuster, no dispute, no waiting.

Caslon operates as a derivatives exchange. Both sides post collateral before the event window opens — counterparty risk is zero by design.

If the flight cancels, the oracle reads FlightAware. The contract settles within 24 hours. The payout lands in your balance.

flight_cancel
UA2847 · SFO → JFK
open
payout
$400
if flight cancels
ask
$28
7.0% implied
flightaware · checked 4 min ago
Two sides to every trade

Buy certainty.
Or price the risk.

hedge

Need certainty.
Buy protection.

Pay a small premium upfront. If the event triggers, you receive the full payout — no claim required.

flight cancel, SFO–JFK
payout
$400
ask
$28
rain on event day, NYC
payout
$300
ask
$19
home closing delay, 30d
payout
$1,200
ask
$86
wedding vendor no-show
payout
$2,000
ask
$140
trade

Have capital.
Price the risk.

Post collateral, set your premium, collect it upfront at match. You're pricing probability — not filing paperwork.

flight cancel, SFO–JFK
payout
$400
ask
$28
rain on event day, NYC
payout
$300
ask
$19
home closing delay, 30d
payout
$1,200
ask
$86
wedding vendor no-show
payout
$2,000
ask
$140
Settlement

Four steps.
Then it's done.

01
Contract listed
Hedger defines trigger condition, payout amount, and premium ask.
02
Both sides fund
Seller posts full collateral. Buyer pays premium. Funds held in escrow.
03
Oracle monitors
External data source — FlightAware, NOAA — watches the event window.
04
Auto settlement
Trigger confirmed → buyer paid. No trigger → collateral to seller.
What makes it different

Structure,
not promises.

Full collateral escrow

The seller's entire payout obligation is locked before the event window opens. Counterparty risk is structurally zero — not just contractually promised.

Oracle-driven settlement

No claims. No arbitration. The trigger condition is matched against verified external data. When the oracle confirms — the contract settles automatically.

Derivatives, not insurance

No insurable interest required. No underwriting. Any event with a verifiable outcome can become a contract — flights, weather, real estate, anything.

Activity

Contracts on the exchange.

REF
TYPE / ROUTE
PAYOUT
STATUS
ORACLE
AGO
UA2847
flight cancel
SFO–JFK
$400
matched
FLAWARE
3m
CPW-18
rain on event
Central Park NYC
$300
open
FLAWARE
now
HCD-22
home delay
San Francisco
$1,200
settled
NOAA
1h
WED-09
vendor no-show
Austin TX
$2,000
locked
MANUAL
4h
AA1104
flight delay
LAX–ORD
$250
open
FLAWARE
8h

illustrative only — actual activity visible after sign-in

About

Built for the gap between
risk and certainty.

Caslon was built around a simple observation: most financial risk in everyday life is predictable, verifiable, and completely unhedged.

A flight cancels and a $1,200 hotel room is gone. A vendor no-shows and a deposit is disputed. A real estate closing slips and relocation costs compound. None of these are surprises — they're known risks with known outcomes.

Traditional insurance handles these poorly: slow claims, high overhead, and a financial incentive to deny. Parametric contracts handle them cleanly.

01
Exchange, not insurer
We match hedgers with sellers on a two-sided marketplace. We don't underwrite risk — we provide the infrastructure for both sides to transact with confidence.
02
Oracle-settled, not adjudicated
Every contract specifies an external data source. FlightAware for flights. NOAA for weather. USGS for seismic. When the event window closes, the oracle decides.
03
Collateral-first by design
Sellers post the full payout obligation before the event window opens. The hedger's counterparty risk is zero because the funds already exist in escrow.
FAQ

Common questions.

— private beta

Currently in private beta.

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