COIN wheel: cash-secured put & covered-call yields
Coinbase Global, Inc. Class A Common Stock · Financials · $191.79 close on Sep 28, 2026
What the Sep 28, 2026 close says about COIN
At 64.7% implied volatility, the options market is pricing a one-standard-deviation move of about $36.74 (19.2%) in COIN by Oct 30, 2026, 32 days out.
Selling the $177.50 put (−0.30Δ) for $7.80 means assignment would leave a cost basis of $169.70, 11.5% below the $191.79 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.244 vs $0.149).
At 0.30Δ on the Oct 30 expiry the put yields 4.39% on its strike and the call 4.07% on spot: puts and calls pay within 10% of each other on COIN this session.
Moving down to the $167.50 put (−0.21Δ) buys 5.2% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 50,911 contracts; the largest single line is the $110 put expiring Dec 18 with 5,433 (10.7% of the window).
By options volume COIN ranks #194 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 COIN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $177.50 | −0.30 | $7.80 Sep 28 | $780.00 | $17,750 | 4.39% | 50.1% | $169.70 | 42 | 3 |
| 0.20Δ | $167.50 | −0.21 | $4.65 Sep 28 | $465.00 | $16,750 | 2.78% | 31.7% | $162.85 | 39 | 13 |
Snapshot #94 · session 2026-09-28 · captured 22:22 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 | $170 | −0.29 | $12.07 Sep 28 | $1,207.00 | $17,000 | 7.10% | 32.0% | $157.93 | 2,844 | 176 |
| 0.20Δ | $155 | −0.20 | $7.16 Sep 28 | $716.00 | $15,500 | 4.62% | 20.8% | $147.84 | 691 | 30 |
Snapshot #94 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on COIN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $217.50 | 0.32 | $7.80 Sep 28 | $780.00 | 4.07% | 46.4% | 17.47% | 199.3% | 1 | 6 |
| 0.20Δ | $235 | 0.20 | $4.33 Sep 28 | $433.00 | 2.26% | 25.8% | 24.79% | 282.7% | 179 | 11 |
Snapshot #94 · session 2026-09-28 · captured 22:22 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 | $240 | 0.30 | $10.70 Sep 28 | $1,070.00 | 5.58% | 25.1% | 30.72% | 138.4% | 1,482 | 51 |
| 0.20Δ | $270 | 0.19 | $6.15 Sep 28 | $615.00 | 3.21% | 14.4% | 43.99% | 198.2% | 1,206 | 52 |
Snapshot #94 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
COIN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 64.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 50,911 contractssession 2026-09-28
- Largest open-interest line
- $110 put · Dec 18 · 5,433
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #194 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.