# SPO {% embed url="" %} Short PUT OPerps a.k.a. SPO tokens represent selling of PUT options and are profitable in neutral or rising markets. SPO holders receive premium from LPO holders in every [settlement cycle](/operps/settlement.md) in return for enabling leveraged exposure to price fall for LPO holders. In following example, SPO holders make 0.5% profit in just 5 minutes\*. > Token holdings are automatically rolled over to the next cycle unless sold | Variable Name | Value | | ----------------------------- | ------------------------------------- | | Long PUT OPerps Token Supply | 100 | | Short PUT OPerps Token Supply | 10000 | | Leverage | 100 | | Premium (per cycle) | 50%\* | | Cycle Duration | 5 minutes\* | | Underlying Price Change | +ve | 50 (50% of LPO supply i.e. 100) Tokens are transferred from LPO to SPO pool as Premium.\ No Tokens are transferred from SPO to LPO pool because market didn't fall duting the cycle.

SPO holders gain 0.5% in just 5 minutes*

{% hint style="info" %} Premium and cycle duration values used in this example are meant for our Arbitrum products. On Binance chain, these values are different. {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://ethosx.gitbook.io/operps/types-of-operps/spo.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.