# Crypto options payoff worksheet

> 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 | Leg 1 intrinsic cash flow | Leg 2 intrinsic cash flow | Premiums paid / received | Fees / close costs | Net P&L and currency |
|---:|---:|---:|---:|---:|---:|---|
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |

- 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 |
|---|---|---|---:|---:|---|
| | | | | | |
| | | | | | |

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](https://quant.stonkbuilder.com/research-methodology). The worksheet contains no current premiums, live price data, preset venue rates or executable instructions.