WULF wheel: cash-secured put & covered-call yields
TeraWulf Inc. Common Stock · Financials · $14.79 close on Oct 5, 2026
What the Oct 5, 2026 close says about WULF
At 78.0% implied volatility, the options market is pricing a one-standard-deviation move of about $3.42 (23.1%) in WULF by Nov 6, 2026, 32 days out.
Selling the $13.50 put (−0.30Δ) for $0.80 means assignment would leave a cost basis of $12.70, 14.1% below the $14.79 close.
The 74-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.025 vs $0.017).
At 0.30Δ on the Nov 6 expiry the put yields 5.93% on its strike and the call 3.58% on spot: puts pay 1.7× what calls do on WULF this session.
Moving down to the $12.50 put (−0.21Δ) buys 6.8% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 180,502 contracts; the largest single line is the $20 call expiring Dec 18 with 62,093 (34.4% of the window).
By options volume WULF ranks #146 of 514 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 WULF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $13.50 | −0.30 | $0.80 Oct 5 | $80.00 | $1,350 | 5.93% | 67.6% | $12.70 | 54 | 48 |
| 0.20Δ | $12.50 | −0.21 | $0.45 Oct 5 | $45.00 | $1,250 | 3.60% | 41.1% | $12.05 | 76 | 28 |
Snapshot #1575 · session 2026-10-05 · 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 | $13 | −0.28 | $1.24 Oct 5 | $124.00 | $1,300 | 9.54% | 47.0% | $11.76 | 12,107 | 11 |
| 0.20Δ | $12 | −0.21 | $0.83 Oct 5 | $83.00 | $1,200 | 6.92% | 34.1% | $11.17 | 5,356 | 561 |
Snapshot #1575 · session 2026-10-05 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on WULF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $17.50 | 0.29 | $0.53 Oct 5 | $53.00 | 3.58% | 40.9% | 21.91% | 249.9% | 151 | 9 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #1575 · session 2026-10-05 · 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 | $19 | 0.31 | $0.91 Oct 5 | $91.00 | 6.15% | 30.3% | 34.62% | 170.8% | 6,168 | 13 |
| 0.20Δ | $22 | 0.19 | $0.47 Oct 5 | $47.00 | 3.18% | 15.7% | 51.93% | 256.1% | 16,708 | 160 |
Snapshot #1575 · session 2026-10-05 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
WULF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 78.0%session 2026-10-05
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 180,502 contractssession 2026-10-05
- Largest open-interest line
- $20 call · Dec 18 · 62,093
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #146 of 514 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
- 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.