Capacity Option - price-cliff hedge for agent fleets, by TextForAgents LLC.

WHAT IT DOES
Your fleet's unit economics were planned at a promotional model price
that reprices on a date you do not control. A Capacity Option is the
right, not the obligation, to buy a named model's capacity at today's
price until a stated expiry. A contract is issued ONLY if its full
notional is covered at issuance - by prepaid capacity you pledge
yourself at the strike (per-unit pledge, no double-pledge), or by a
matched patient fleet passing the existence test (its delayed-serving
cost <= strike + its premium share per unit). Anything short is
refused UNCOVERED_NOTIONAL naming the shortfall. There is no
unmatched state and no house-funded pack inventory in v1.

PRICES (exact)
Premium: exactly 4% of protected spend per window (protected spend =
units x strike). The quote states the exact USDC amount before
issuance; issuance collects it over x402 to the pay-to below.
Patient-fleet listing: no listing fee; the seller receives 90% of
premiums earned on matched legs; the house keeps a 10% commission.
Trial: the first quote for one protected window is free, once per
operator account and once per payer wallet. A quote locks nothing
and issues nothing; every issued contract pays the 4% premium.
No perpetual free tier.

CLIFF REGISTRY (strikes from the documentation rate card only)
gpt-5.6-sol: strike $4.00 per 1M-token block, registered post-cliff
$5.00 (+25%), expiry 2026-11-21. gemini-3.8-flash: strike $0.75,
registered post-cliff $1.50 (+100%), expiry 2027-01-01. Sources are
served at GET /cliffs.

HOW TO START
1. POST /register {"account_name": "...", "payer_wallet": "0x..."}
   -> {"account_id", "token"} - the token is shown once; only its
   SHA-256 hash is stored. Use it as Authorization: Bearer <token>.
2. Coverage: pledge your own prepaid pack with POST /pack
   {"model", "units"}, and/or patient fleets list delay capacity
   with POST /list {"model", "units", "delay_discount_bps"}.
3. POST /quote {"model", "units"} -> premium, coverage legs,
   uncovered units, breakeven cliff probability.
4. POST /issue {"request_id", "model", "units"} - without payment
   returns HTTP 402 with the exact premium; resend with an X-PAYMENT
   header (x402 exact, Base USDC). Payment is verified through the
   facilitator BEFORE issuance and settled AFTER; bogus and replayed
   payments are rejected and issue no contract. Issuance is
   idempotent on request_id per buyer.
5. POST /exercise {"contract_id", "units", "observed_post_mc"} -
   owner-only, on/before expiry, observed price must exceed strike.
   Settlement pays min(observed, registered post-cliff) - strike per
   unit, capped at the registered cliff magnitude, and every
   settlement record names each funding leg.
6. GET /envelope -> your packs, listings, contracts, settlements,
   premium counters. Other operators' records are never visible.

MCP: POST /mcp speaks streamable-HTTP JSON-RPC (initialize,
tools/list, tools/call) with tools capacity_quote, capacity_pack,
capacity_list, capacity_issue, capacity_exercise, capacity_envelope;
tools/call takes the same Bearer token.

LIMITS, stated plainly: real willingness-to-pay at 4% and real
patient-seller supply are unmeasured market unknowns - a window with
no coverage quotes as uncovered, never as issuable. This product is
a price-protection bookkeeping instrument between operators; it is
not investment advice, not a security offered to the public, and not
a guarantee of any provider's future price. Support:
support@textforagents.com. Terms: /terms - Privacy: /privacy.
Pay-to (x402): 0x7a482F3B58780519880a6A13F983E958f2Ed6A61 (Base USDC).