전략 리서치

크립토 옵션 페이오프 워크시트

손익 구조를 비교하기 전에 옵션 계약, 승수, 정산 규칙, 프리미엄, 만기 시나리오를 기록합니다.

FREE CALCULATOR · RUNS IN YOUR BROWSER

Option expiry payoff calculator

Describe each leg and a price range. The calculator draws the expiry payoff, the breakeven prices and the best and worst result in the range.

Result

Turn on JavaScript to calculate. Nothing you type is sent to SuperQuant.

Math. Call payoff = max(0, S − K) − premium; put payoff = max(0, K − S) − premium; each leg is multiplied by side, quantity and contract multiplier. This is terminal payoff only, not a pre-expiry option price.

INTERACTIVE WORKSHEET

내 리서치 워크시트

Type straight into the page. Answers save automatically in this browser only, and a share link carries them in the link itself, never through our servers. Keep account IDs, wallet addresses and keys out of shared links.

Nothing filled in yet

Blank research template. It does not price an option, model Greeks, recommend a strategy or verify an exchange order. Do not enter account identifiers, wallet addresses or credentials.

1. State the research question

What exposure already exists, if any?

What question should this option or combination answer?

What result would make the hypothesis less plausible?

Research version, researcher and date (UTC):

2. Freeze the exact contract

Venue, jurisdiction and account type:

Exact instrument symbol and underlying reference:

Call / put; long / short; expiry timestamp and timezone:

Exercise style and exercise/settlement rule:

Contract multiplier and minimum trade increment:

Premium quote unit and premium settlement currency:

Exercise payoff currency; conversion/reference price if applicable:

Initial and maintenance margin rule for each written leg:

Primary specification URL, checked date and product version:

3. Describe every leg

Leg	Contract and expiry	Long / short	Quantity	Strike	Premium per quoted unit	Multiplier	Entry fees / spread assumption
Underlying / hedge				n/a
Option 1
Option 2
Option 3

Confirm that paired legs reference the same underlying convention and compatible expiry. Explain any hedge-ratio or contract-size mismatch.

4. Calculate terminal scenarios in a consistent unit

For one simple USD-quoted option unit only, call intrinsic value at expiry is max(terminal price − strike, 0) and put intrinsic value is max(strike − terminal price, 0). A general cash P&L ledger is:

Underlying P&L + signed option intrinsic settlement × quantity × multiplier − signed premiums paid + signed premiums received − stated fees and execution costs.

Do not use this simplified formula until the actual contract's premium, multiplier and settlement currency have been reconciled. For inverse or coin-settled contracts, translate cash flows under the exact contract rules rather than treating coin P&L as a fixed USD amount.

Terminal price / event	Underlying P&L	Fees / close costs





Total	–	–

Break-even level(s), under the stated expiry assumptions:

Maximum loss and the conditions required for that bound to hold:

Maximum gain, if capped, and the conditions required:

What happens before expiry if one leg is assigned, exercised or closed?

5. Test path, liquidity and operations

Bid, ask, quote timestamp and size available for each leg:

Partial-fill, canceled-order and one-leg-only exposure handling:

Pre-expiry close plan and estimated cost assumptions:

Margin and liquidation rules for short option legs:

Expiry observation/fixing window and settlement currency:

Weekend, maintenance window, outage and data-gap handling:

Stress cases chosen before reviewing outcomes:

6. Record the evidence and review

Scenario	Source / data fingerprint	Prices and costs observed or assumed	Net result	Largest interim exposure	Missing evidence


Total			–

Keep expiry payoff separate from pre-expiry mark-to-market. State whether volatility, time decay, forward basis, settlement conversion and margin were modeled or remain unknown. Preserve failed and inconclusive cases. This worksheet is not an options pricer or a substitute for the current contract, account and jurisdiction documents.

For product limits and data scope, read SuperQuant research methodology. The worksheet contains no current premiums, live price data, preset venue rates or executable instructions.

Start with the contract, then map the payoff

The same option label can describe a different multiplier, premium unit and settlement process. Record those terms before using an expiry formula.

Check	Write down	Why it changes the result
Contract	Underlying, symbol, expiry, exercise style	Determines the reference price and when the right is exercised
Units	Premium quote, multiplier, settlement currency	One quoted premium may apply to multiple underlying units
Position	Existing exposure and each long or short leg	A put, call or spread changes different parts of the payoff
Operations	Margin, fees, expiry fixing, partial fills	Expiry math alone omits path and account risk

Build scenarios before choosing a story

Freeze the venue specification and copy its source date.
Calculate each leg in its native quote and settlement units.
Map terminal prices below, between and above the strikes.
Add the underlying, premiums, fees and execution costs.
Mark Greeks, margin and pre-expiry value unknown unless separately modeled.

이 워크시트 사용 방법

먼저 계약 승수와 결제 단위를 확인하세요. 각 레그를 개별적으로 입력한 다음, 행사가 아래, 행사가 사이, 행사가 위 만기 경우를 수수료 및 부분 체결 노출과 함께 점검하세요.

What does the worksheet include?

기초자산 노출, 계약 출처 및 만기, 행사 및 결제, 승수, 증거금, 프리미엄, 시나리오 손익, 수수료, 유동성, 경로 위험, 미해결 근거를 위한 빈 필드가 포함됩니다. 실시간 호가나 옵션 가격 산정 엔진은 포함되지 않습니다.

This resource is educational, not individualized financial advice. Calculator inputs stay in your browser. Check your venue's current contract, margin and fee documentation.