COIN wheel: cash-secured put & covered-call yields
Coinbase Global, Inc. Class A Common Stock · Financials · $130.67 close on Nov 12, 2026
What the Nov 12, 2026 close says about COIN
At 67.3% implied volatility, the options market is pricing a one-standard-deviation move of about $27.61 (21.1%) in COIN by Dec 18, 2026, 36 days out.
Selling the $120 put (−0.30Δ) for $5.95 means assignment would leave a cost basis of $114.05, 12.7% below the $130.67 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.165 vs $0.142).
At 0.30Δ on the Dec 18 expiry the put yields 4.96% on its strike and the call 3.60% on spot: puts pay 1.4× what calls do on COIN this session.
Moving down to the $110 put (−0.18Δ) buys 7.7% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 89,632 contracts; the largest single line is the $110 put expiring Dec 18 with 16,878 (18.8% of the window).
By options volume COIN ranks #130 of 679 names in our universe.
Near-the-money options volume (3.7k) is 1263% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on COIN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $120 | −0.30 | $5.95 Nov 12 | $595.00 | $12,000 | 4.96% | 50.3% | $114.05 | 2,911 | 348 |
| 0.20Δ | $110 | −0.18 | $3.17 Nov 12 | $317.00 | $11,000 | 2.88% | 29.2% | $106.83 | 16,878 | 110 |
Snapshot #9341 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $120 | −0.32 | $9.11 Nov 12 | $911.00 | $12,000 | 7.59% | 43.3% | $110.89 | 3,698 | 45 |
| 0.20Δ | $110 | −0.22 | $5.67 Nov 12 | $567.00 | $11,000 | 5.15% | 29.4% | $104.33 | 1,644 | 14 |
Snapshot #9341 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on COIN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | 0.30 | $4.70 Nov 12 | $470.00 | 3.60% | 36.5% | 18.39% | 186.5% | 2,094 | 1,348 |
| 0.20Δ | $160 | 0.20 | $2.90 Nov 12 | $290.00 | 2.22% | 22.5% | 24.67% | 250.1% | 3,162 | 286 |
Snapshot #9341 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | 0.29 | $5.55 Nov 12 | $555.00 | 4.25% | 24.2% | 26.69% | 152.2% | 1,915 | 373 |
| 0.20Δ | $175 | 0.19 | $3.40 Nov 12 | $340.00 | 2.60% | 14.8% | 36.53% | 208.3% | 2,373 | 63 |
Snapshot #9341 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
COIN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 67.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 89,632 contractssession 2026-11-12
- Largest open-interest line
- $110 put · Dec 18 · 16,878
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #130 of 679 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 (34 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.