TRX options expiring 25DEC26, 109 days out, with the forward at $0.33. Open interest is $4M in calls and $3M in puts, put/call 0.71, and max pain is $0.33. At-the-money implied volatility is 22.8%. Where a strike is listed on both venues the cheaper ask and richer bid are visible side by side; the arb scanner flags any gap that exceeds fees. Strikes shown are within 60% of the forward. All TRX expiries.