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The strike price is the price that the underlying token must equal or exceed for the holder of an Up bet to profit. It is decided by the issuer.
What is essential, the strike price can be arbitrarily set by the issuer. It can be very close to the actual price. For example, if the actual price of the ETH/USDC is 3000 USDC, the strike price could be 3000 USDC, or 3050 USDC. However, it can also be very far from the actual price and could be set at 1000 USDC or 4500 USDC.
What is the strike price?