PYPL wheel: cash-secured put & covered-call yields
PayPal Holdings, Inc. Common Stock · Industrials · $54.28 close on Sep 28, 2026
What the Sep 28, 2026 close says about PYPL
At 46.8% implied volatility, the options market is pricing a one-standard-deviation move of about $7.53 (13.9%) in PYPL by Oct 30, 2026, 32 days out.
Selling the $51 put (−0.30Δ) for $1.45 means assignment would leave a cost basis of $49.55, 8.7% below the $54.28 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 ($0.045 vs $0.027).
At 0.30Δ on the Oct 30 expiry the put yields 2.84% on its strike and the call 2.47% on spot: puts pay 1.2× what calls do on PYPL this session.
Moving down to the $49 put (−0.19Δ) buys 3.7% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 78,716 contracts; the largest single line is the $65 call expiring Dec 18 with 20,557 (26.1% of the window).
By options volume PYPL ranks #151 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 PYPL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $51 | −0.30 | $1.45 Sep 28 | $145.00 | $5,100 | 2.84% | 32.4% | $49.55 | 63 | 3 |
| 0.20Δ | $49 | −0.19 | $0.92 Sep 28 | $92.00 | $4,900 | 1.88% | 21.4% | $48.08 | 198 | 4 |
Snapshot #217 · session 2026-09-28 · captured 22:41 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 | $50 | −0.29 | $2.18 Sep 28 | $218.00 | $5,000 | 4.36% | 19.6% | $47.82 | 8,486 | 2 |
| 0.20Δ | $42.50 | −0.16 | $0.50 Sep 28 | $50.00 | $4,250 | 1.18% | 5.3% | $42.00 | 1,514 | 1 |
Snapshot #217 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on PYPL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $59 | 0.32 | $1.34 Sep 28 | $134.00 | 2.47% | 28.2% | 11.16% | 127.3% | 216 | 33 |
| 0.20Δ | $62 | 0.19 | $0.77 Sep 28 | $77.00 | 1.42% | 16.2% | 15.64% | 178.4% | 180 | 37 |
Snapshot #217 · session 2026-09-28 · captured 22:41 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 | $62.50 | 0.26 | $1.52 Sep 28 | $152.00 | 2.80% | 12.6% | 17.94% | 80.9% | 3,062 | 83 |
| 0.20Δ | $65 | 0.20 | $1.05 Sep 28 | $105.00 | 1.93% | 8.7% | 21.68% | 97.7% | 20,557 | 79 |
Snapshot #217 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
PYPL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 78,716 contractssession 2026-09-28
- Largest open-interest line
- $65 call · Dec 18 · 20,557
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #151 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.