MARA wheel: cash-secured put & covered-call yields
MARA Holdings, Inc. Common Stock · Financials · $12.11 close on Sep 28, 2026
What the Sep 28, 2026 close says about MARA
At 80.2% implied volatility, the options market is pricing a one-standard-deviation move of about $2.87 (23.7%) in MARA by Oct 30, 2026, 32 days out.
Selling the $11 put (−0.29Δ) for $0.57 means assignment would leave a cost basis of $10.43, 13.9% below the $12.11 close.
The 81-day 0.30Δ put pays 2.1× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.018 vs $0.015).
At 0.30Δ on the Oct 30 expiry the put yields 5.18% on its strike and the call 4.29% on spot: puts pay 1.2× what calls do on MARA this session.
Moving down to the $10.50 put (−0.23Δ) buys 4.1% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 99,061 contracts; the largest single line is the $7 put expiring Dec 18 with 19,920 (20.1% of the window).
By options volume MARA ranks #64 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 MARA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $11 | −0.29 | $0.57 Sep 28 | $57.00 | $1,100 | 5.18% | 59.1% | $10.43 | 282 | 304 |
| 0.20Δ | $10.50 | −0.23 | $0.40 Sep 28 | $40.00 | $1,050 | 3.81% | 43.5% | $10.10 | 418 | 128 |
Snapshot #171 · session 2026-09-28 · captured 22:31 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 | $11 | −0.32 | $1.20 Sep 28 | $120.00 | $1,100 | 10.91% | 49.2% | $9.80 | 6,006 | 435 |
| 0.20Δ | $10 | −0.24 | $0.80 Sep 28 | $80.00 | $1,000 | 8.00% | 36.0% | $9.20 | 10,668 | 119 |
Snapshot #171 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on MARA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $14.50 | 0.28 | $0.52 Sep 28 | $52.00 | 4.29% | 49.0% | 24.03% | 274.1% | 178 | 115 |
| 0.20Δ | $15.50 | 0.20 | $0.32 Sep 28 | $32.00 | 2.64% | 30.1% | 30.64% | 349.4% | 191 | 60 |
Snapshot #171 · session 2026-09-28 · captured 22:31 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 | $16 | 0.32 | $0.82 Sep 28 | $82.00 | 6.77% | 30.5% | 38.89% | 175.3% | 3,652 | 98 |
| 0.20Δ | $18 | 0.23 | $0.60 Sep 28 | $60.00 | 4.95% | 22.3% | 53.59% | 241.5% | 6,528 | 46 |
Snapshot #171 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
MARA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 80.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 99,061 contractssession 2026-09-28
- Largest open-interest line
- $7 put · Dec 18 · 19,920
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #64 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.