PYPL wheel: cash-secured put & covered-call yields
PayPal Holdings, Inc. Common Stock · Industrials · $58.30 close on Nov 12, 2026
What the Nov 12, 2026 close says about PYPL
At 29.1% implied volatility, the options market is pricing a one-standard-deviation move of about $5.33 (9.1%) in PYPL by Dec 18, 2026, 36 days out.
Selling the $55 put (−0.26Δ) for $0.88 means assignment would leave a cost basis of $54.12, 7.2% below the $58.30 close.
The 64-day 0.30Δ put pays 1.6× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.024 vs $0.022).
Open interest in the stored window totals 151,230 contracts; the largest single line is the $60 call expiring Jan 15 with 26,711 (17.7% of the window).
PYPL goes ex-dividend on Dec 4, 2026 ($0.14 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume PYPL ranks #196 of 679 names in our universe.
Near-the-money options volume (1.8k) is 709% above its 5-session average.
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 | $55 | −0.26 | $0.88 Nov 12 | $88.00 | $5,500 | 1.60% | 16.2% | $54.12 | 8,245 | 144 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9482 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | −0.31 | $1.38 Nov 12 | $138.00 | $5,500 | 2.51% | 14.3% | $53.62 | 11,944 | 21 |
| 0.20Δ | $52.50 | −0.20 | $0.68 Nov 12 | $68.00 | $5,250 | 1.30% | 7.4% | $51.82 | 3,246 | 18 |
Snapshot #9482 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on PYPL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $62.50 | 0.23 | $0.70 Nov 12 | $70.00 | 1.20% | 12.2% | 8.40% | 85.2% | 4,559 | 67 |
Snapshot #9482 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $62.50 | 0.31 | $1.36 Nov 12 | $136.00 | 2.33% | 13.3% | 9.54% | 54.4% | 5,341 | 18 |
| 0.20Δ | $65 | 0.21 | $0.79 Nov 12 | $79.00 | 1.36% | 7.7% | 12.85% | 73.3% | 9,151 | 131 |
Snapshot #9482 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
PYPL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 29.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- Ex-div Dec 4, 2026 · $0.14 declaredchecked Nov 9, 2026
- Open interest, stored window
- 151,230 contractssession 2026-11-12
- Largest open-interest line
- $60 call · Jan 15 · 26,711
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #196 of 679 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 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (34 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.