CVNA wheel: cash-secured put & covered-call yields
Carvana Co. · Consumer discretionary · $60.47 close on Sep 28, 2026
What the Sep 28, 2026 close says about CVNA
At 75.5% implied volatility, the options market is pricing a one-standard-deviation move of about $13.52 (22.4%) in CVNA by Oct 30, 2026, 32 days out.
Selling the $56 put (−0.31Δ) for $3.10 means assignment would leave a cost basis of $52.90, 12.5% below the $60.47 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.097 vs $0.055).
At 0.30Δ on the Oct 30 expiry the put yields 5.54% on its strike and the call 3.21% on spot: puts pay 1.7× what calls do on CVNA this session.
Moving down to the $50 put (−0.17Δ) buys 9.9% more room below spot and keeps 45% of the 0.30Δ premium.
Open interest in the stored window totals 49,572 contracts; the largest single line is the $80 call expiring Dec 18 with 8,497 (17.1% of the window).
By options volume CVNA ranks #159 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 CVNA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $56 | −0.31 | $3.10 Sep 28 | $310.00 | $5,600 | 5.54% | 63.1% | $52.90 | 15 | 31 |
| 0.20Δ | $50 | −0.17 | $1.40 Sep 28 | $140.00 | $5,000 | 2.80% | 31.9% | $48.60 | 67 | 32 |
Snapshot #103 · session 2026-09-28 · captured 22:30 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 | $54 | −0.29 | $4.45 Sep 28 | $445.00 | $5,400 | 8.24% | 37.1% | $49.55 | 1,908 | 5 |
| 0.20Δ | $48 | −0.19 | $2.62 Sep 28 | $262.00 | $4,800 | 5.46% | 24.6% | $45.38 | 1,732 | 54 |
Snapshot #103 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CVNA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | 0.29 | $1.94 Sep 28 | $194.00 | 3.21% | 36.6% | 18.97% | 216.4% | 63 | 29 |
| 0.20Δ | $74 | 0.20 | $1.25 Sep 28 | $125.00 | 2.07% | 23.6% | 24.44% | 278.8% | 6 | 4 |
Snapshot #103 · session 2026-09-28 · captured 22:30 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 | $75 | 0.30 | $3.13 Sep 28 | $313.00 | 5.18% | 23.3% | 29.20% | 131.6% | 238 | 12 |
| 0.20Δ | $82 | 0.20 | $2.02 Sep 28 | $202.00 | 3.34% | 15.1% | 38.94% | 175.5% | 2,600 | 2 |
Snapshot #103 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CVNA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 75.5%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 49,572 contractssession 2026-09-28
- Largest open-interest line
- $80 call · Dec 18 · 8,497
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #159 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.