data/paper/trades.json| Date | Asset | Strategy | Dir. | Credit (USD) | POP | DTE | Strike | Spot | Status | P&L (USD) | Exit |
|---|
Deribit quotes BTC options in BTC, not in dollars — that's why every raw number in this app is coin-denominated. Here is the chain from that raw number to the APY above, on one real trade:
max(15% − OTM/spot, 10%) + mark per contract; covered calls are charged the coin you
must hold. The minimum at the top is not their sum — under Cross: Portfolio Margin the
whole book is charged one worst-case scenario, so offsetting positions and collected credit
reduce it.
| Strategy | Risk | Capital / trade (standalone) | Trades | Win rate | Trades / month | Expectancy / trade | $ / month | ROC / month |
|---|
| Strategy | Book | Trades | Win Rate | Total P&L (USD) | Avg P&L (USD) | Expectancy (USD) | Exit Reasons | Signal |
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Theoretical columns come from the same payoff engine used in the chart below (45% illustrative IV, DTE at
the top of each strategy's range). Max. loss is managed, not held-to-expiry: the bot exits
at a 2x-credit stop (or sooner via the 50% profit target or the 21-DTE time exit), so realized loss caps at
roughly the credit collected, not the full theoretical worst case — except Covered Call, where the stop only
covers the written call and the held coin itself is still exposed. Real columns come from /api/stats
(the same data as the Insights tab, data/paper/trades.json) — they only populate once the bot has
closed trades for that strategy. Click a header to sort.
| Strategy | Direction | Legs | Risk | DTE | Min. IVR | Max. profit (theoretical) | Max. loss (managed, 2x-credit stop) | Loss/Profit | Real trades | Real win rate | Real expectancy |
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An option is a contract on an asset (e.g. BTC) with a fixed price (the strike) and an expiration date. There are two kinds, and two things you can do with each:
CALL = the right to buy the asset at the strike price. Worth more as the price rises.
PUT = the right to sell the asset at the strike price. Worth more as the price falls.
BUY / "go long" an option = pay money now (the premium) to own that right. You can lose
at most what you paid, and profit if the market moves far enough in your favor.
SELL / "go short" / "write" an option = collect the premium now, in exchange for taking on the
obligation — if the buyer exercises their right, you must honor it. Your max gain is the premium you collected;
your loss can be larger if the market moves against you.
Worked example: suppose BTC = $100,000 and you sell 1 put at a $90,000 strike, collecting a $2,000 premium. If BTC stays above $90,000 through expiration, the put expires worthless — you keep the full $2,000, nothing else happens. If BTC falls below $90,000, you're obligated to buy BTC at $90,000 (still keeping the $2,000 premium, so your real cost basis is $88,000). That's the whole idea behind every strategy below: they're just combinations of buying/selling calls and puts to shape how much premium you collect (or pay) and what happens at different prices.
The 12 strategies the bot knows. Click a card to see the mechanics, the "edge" (the thesis behind it),
and simulate the payoff over time. The detail panel then offers two modes:
Textbook, where strikes are illustrative (derived from the delta targets in
config.py, normalized to a reference spot of 100) so the shape reads cleanly; and
Real chain, where every leg is a listed Deribit option — you pick the expiration and
each strike, and the premium, capital required, breakevens and P&L all come out in dollars.
You can also load one of the bot's open positions straight into the simulator.