KDP wheel: cash-secured put & covered-call yields
Keurig Dr Pepper Inc. · Consumer staples · $32.66 close on Oct 13, 2026
What the Oct 13, 2026 close says about KDP
At 25.0% implied volatility, the options market is pricing a one-standard-deviation move of about $2.63 (8.1%) in KDP by Nov 20, 2026, 38 days out.
Selling the $31 put (−0.27Δ) for $0.50 means assignment would leave a cost basis of $30.50, 6.6% below the $32.66 close.
At 0.30Δ on the Nov 20 expiry the put yields 1.61% on its strike and the call 2.30% on spot: calls pay 1.4× what puts do on KDP this session.
Moving down to the $30 put (−0.19Δ) buys 3.1% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 11,122 contracts; the largest single line is the $34 call expiring Dec 18 with 4,526 (40.7% of the window).
By options volume KDP ranks #93 of 572 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 KDP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $31 | −0.27 | $0.50 Oct 13 | $50.00 | $3,100 | 1.61% | 15.5% | $30.50 | 58 | 4 |
| 0.20Δ | $30 | −0.19 | $0.34 Oct 13 | $34.00 | $3,000 | 1.13% | 10.9% | $29.66 | 128 | 2 |
Snapshot #3138 · session 2026-10-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 38
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $29 | −0.17 | $0.30 Oct 13 | $30.00 | $2,900 | 1.03% | 5.7% | $28.70 | 92 | 1 |
Snapshot #3138 · session 2026-10-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 66
Covered calls on KDP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $34 | 0.33 | $0.75 Oct 13 | $75.00 | 2.30% | 22.1% | 6.40% | 61.5% | 193 | 6 |
| 0.20Δ | $35 | 0.23 | $0.45 Oct 13 | $45.00 | 1.38% | 13.2% | 8.54% | 82.1% | 71 | 14 |
Snapshot #3138 · session 2026-10-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 38
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $36 | 0.21 | $0.45 Oct 13 | $45.00 | 1.38% | 7.6% | 11.60% | 64.2% | 263 | 20 |
Snapshot #3138 · session 2026-10-13 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 66
KDP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.0%session 2026-10-13
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 11,122 contractssession 2026-10-13
- Largest open-interest line
- $34 call · Dec 18 · 4,526
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #93 of 572 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 0.30Δ 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.