CIFR wheel: cash-secured put & covered-call yields
Cipher Digital Inc. Common Stock · Financials · $16.51 close on Sep 29, 2026
What the Sep 29, 2026 close says about CIFR
At 97.7% implied volatility, the options market is pricing a one-standard-deviation move of about $4.70 (28.5%) in CIFR by Oct 30, 2026, 31 days out.
Selling the $15 put (−0.30Δ) for $1.05 means assignment would leave a cost basis of $13.95, 15.5% below the $16.51 close.
The 80-day 0.30Δ put pays 1.9× the premium of the 31-day one for 2.6× the time — more premium per day on the 31-day contract ($0.034 vs $0.025).
At 0.30Δ on the Oct 30 expiry the put yields 7.00% on its strike and the call 6.36% on spot: puts pay 1.1× what calls do on CIFR this session.
Moving down to the $14 put (−0.22Δ) buys 6.1% more room below spot and keeps 64% of the 0.30Δ premium.
Open interest in the stored window totals 61,876 contracts; the largest single line is the $15 put expiring Dec 18 with 17,472 (28.2% of the window).
By options volume CIFR ranks #113 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 CIFR
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | −0.30 | $1.05 Sep 29 | $105.00 | $1,500 | 7.00% | 82.4% | $13.95 | 1,386 | 74 |
| 0.20Δ | $14 | −0.22 | $0.67 Sep 29 | $67.00 | $1,400 | 4.79% | 56.3% | $13.33 | 393 | 78 |
Snapshot #344 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $15 | −0.32 | $2.03 Sep 29 | $203.00 | $1,500 | 13.53% | 61.7% | $12.97 | 17,472 | 55 |
| 0.20Δ | $13 | −0.22 | $1.08 Sep 29 | $108.00 | $1,300 | 8.31% | 37.9% | $11.92 | 2,540 | 6 |
Snapshot #344 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on CIFR
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $19.50 | 0.34 | $1.05 Sep 29 | $105.00 | 6.36% | 74.9% | 24.47% | 288.1% | 47 | 47 |
| 0.20Δ | $22 | 0.20 | $0.53 Sep 29 | $53.00 | 3.21% | 37.8% | 36.46% | 429.3% | 124 | 132 |
Snapshot #344 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $23 | 0.32 | $1.38 Sep 29 | $138.00 | 8.36% | 38.1% | 47.67% | 217.5% | 1,537 | 8 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #344 · session 2026-09-29 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
CIFR volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 97.7%session 2026-09-29
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 61,876 contractssession 2026-09-29
- Largest open-interest line
- $15 put · Dec 18 · 17,472
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #113 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.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (2 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.