CBRS wheel: cash-secured put & covered-call yields
Cerebras Systems Inc. Class A Common Stock · Technology · $196.74 close on Sep 28, 2026
What the Sep 28, 2026 close says about CBRS
At 65.1% implied volatility, the options market is pricing a one-standard-deviation move of about $37.95 (19.3%) in CBRS by Oct 30, 2026, 32 days out.
Selling the $182.50 put (−0.31Δ) for $10.00 means assignment would leave a cost basis of $172.50, 12.3% below the $196.74 close.
The 109-day 0.30Δ put pays 1.8× the premium of the 32-day one for 3.4× the time — more premium per day on the 32-day contract ($0.313 vs $0.165).
At 0.30Δ on the Oct 30 expiry the put yields 5.48% on its strike and the call 3.76% on spot: puts pay 1.5× what calls do on CBRS this session.
Moving down to the $170 put (−0.19Δ) buys 6.4% more room below spot and keeps 49% of the 0.30Δ premium.
Open interest in the stored window totals 19,529 contracts; the largest single line is the $220 call expiring Jan 15 with 3,414 (17.5% of the window).
By options volume CBRS ranks #192 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on CBRS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $182.50 | −0.31 | $10.00 Sep 28 | $1,000.00 | $18,250 | 5.48% | 62.5% | $172.50 | 14 | 4 |
| 0.20Δ | $170 | −0.19 | $4.85 Sep 28 | $485.00 | $17,000 | 2.85% | 32.5% | $165.15 | 338 | 38 |
Snapshot #82 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $175 | −0.30 | $17.96 Sep 28 | $1,796.00 | $17,500 | 10.26% | 34.4% | $157.04 | 477 | 10 |
| 0.20Δ | $155 | −0.20 | $9.97 Sep 28 | $997.00 | $15,500 | 6.43% | 21.5% | $145.03 | 87 | 2 |
Snapshot #82 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 109
Covered calls on CBRS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $230 | 0.29 | $7.40 Sep 28 | $740.00 | 3.76% | 42.9% | 20.67% | 235.7% | 44 | 11 |
| 0.20Δ | $245 | 0.21 | $4.70 Sep 28 | $470.00 | 2.39% | 27.2% | 26.92% | 307.0% | 100 | 12 |
Snapshot #82 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | 0.30 | $13.60 Sep 28 | $1,360.00 | 6.91% | 23.1% | 44.15% | 147.8% | 203 | 7 |
| 0.20Δ | $290 | 0.25 | $11.00 Sep 28 | $1,100.00 | 5.59% | 18.7% | 52.99% | 177.5% | 211 | 71 |
Snapshot #82 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 109
CBRS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 65.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 19,529 contractssession 2026-09-28
- Largest open-interest line
- $220 call · Jan 15 · 3,414
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #192 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.