1. Bull put spread
Sell a put and buy a lower-strike put for protection. Collects a net premium and favours the price staying above the sold strike.
Systematic options. Long and short volatility.
A catalogue of 26 bounded templates, assessed against portfolio risk and venue-specific constraints. The expanded Deribit profile is installed; Coincall remains on its verified four-family build. Profitability is unproven.
The Strategy
The strategy has expanded beyond short-volatility premium harvesting to 22 single-expiry structures and four protected calendars and diagonals, covering both long and short volatility. The allocator assesses combinations against portfolio exposures and account-specific constraints.
Structure selection, hedge sizing, margin defence and unwind behaviour follow explicit rules. Availability in the catalogue does not establish trading permission, deployment readiness or investment edge.
The 26 strategies
22 single-expiry structures and four protected multi-expiry structures. These brief explanations describe the intended payoff; premiums, strike spacing, settlement currency, costs and hedge management affect realised results.
Catalogue membership is not trading approval. Every candidate must pass portfolio delta, vega, loss, liquidity and account-specific margin checks. The venue status below distinguishes installed permissions from verified operation; profitability remains unproven.
Vertical spreads
2. Bear call spread
Sell a call and buy a higher-strike call for protection. Collects a net premium and favours the price staying below the sold strike.
3. Bull call spread
Buy a call and sell a higher-strike call. Pays a net premium for a bullish position, with the sold call capping the potential gain.
4. Bear put spread
Buy a put and sell a lower-strike put. Pays a net premium for a bearish position, with the sold put capping the potential gain.
Iron structures
5. Iron condor
Combine a bull put spread and a bear call spread, with protective outer wings. Collects premium and favours expiry between the two sold strikes.
6. Iron butterfly
Sell a call and put at the same strike, with purchased outer wings. Favours expiry close to that central strike rather than a broad price range.
7. Reverse iron condor
Buy an inner put and call, then sell further-out wings. Favours a sufficiently large move in either direction; the sold wings cap the gain.
8. Reverse iron butterfly
Buy a call and put at the same strike, then sell outer wings. Favours a move away from the centre, with a capped payoff in either direction.
Butterflies
9. Call butterfly
Buy lower- and higher-strike calls and sell two middle-strike calls. Uses calls alone to concentrate the expiry payoff around the middle strike.
10. Put butterfly
Buy lower- and higher-strike puts and sell two middle-strike puts. Uses puts alone to concentrate the expiry payoff around the middle strike.
11. Reverse call butterfly
Sell the outer calls and buy two middle-strike calls. Reverses the call butterfly, favouring expiry away from the middle strike.
12. Reverse put butterfly
Sell the outer puts and buy two middle-strike puts. Reverses the put butterfly, favouring expiry away from the middle strike.
All-call / all-put condors
13. Call condor
Buy the outer calls and sell the inner calls across four strikes. Favours expiry between the inner strikes, giving a wider target range than a butterfly.
14. Put condor
Buy the outer puts and sell the inner puts across four strikes. Creates the corresponding range-focused expiry payoff using puts alone.
15. Reverse call condor
Sell the outer calls and buy the inner calls across four strikes. Favours a move beyond the central range rather than expiry inside it.
16. Reverse put condor
Sell the outer puts and buy the inner puts across four strikes. Uses puts alone to favour a move beyond the central range.
Long options and combinations
17. Long call
Buy a call for upside exposure. The option premium is at risk; a rise must be large enough to cover that premium and costs to profit at expiry.
18. Long put
Buy a put for downside exposure. The option premium is at risk; a fall must be large enough to cover that premium and costs to profit at expiry.
19. Long straddle
Buy a call and put at the same strike and expiry. Seeks a large move in either direction, sufficient to overcome the combined premium and costs.
20. Long strangle
Buy a lower-strike put and a higher-strike call at the same expiry. Seeks a move beyond the intervening range, sufficient to cover both premiums and costs.
Ratio backspreads
21. Call backspread
Sell one lower-strike call and buy two higher-strike calls. Targets a strong upward move; a smaller rise towards the purchased strike can produce a loss.
22. Put backspread
Sell one higher-strike put and buy two lower-strike puts. Targets a strong downward move; a smaller fall towards the purchased strike can produce a loss.
Protected multi-expiry structures
Every calendar and diagonal must be rolled or closed 72 hours before the front expiry. The protective wing does not remove the need for margin, liquidity and lifecycle checks.
23. Protected call calendar
Sell a nearer-expiry call and buy a later-expiry call at the same strike, plus a higher-strike front-expiry call for protection. Trades differences in time decay and volatility between expiries.
24. Protected put calendar
Sell a nearer-expiry put and buy a later-expiry put at the same strike, plus a lower-strike front-expiry put for protection. Trades differences in time decay and volatility between expiries.
25. Protected call diagonal
Sell a nearer-expiry call, buy a later-expiry call at a lower strike, and add a higher-strike front-expiry protective call. Combines strike exposure with differences between expiries.
26. Protected put diagonal
Sell a nearer-expiry put, buy a later-expiry put at a higher strike, and add a lower-strike front-expiry protective put. Combines strike exposure with differences between expiries.
Experimental · Minimum-size release
Options engine: deployment and evidence
Latest reported state, 3 October 2026. This is an evidence update, not a fresh live audit of both accounts. Engineering has progressed substantially; the full expanded portfolio is not yet verified operating autonomously on both venues.
26 bounded templates, long and short volatility
The catalogue now contains 22 single-expiry structures and four protected calendars and diagonals. Every candidate combination must pass portfolio delta, vega, loss, liquidity and account-specific margin checks; catalogue membership alone grants no permission to enter.
Calendars and diagonals must roll or close 72 hours before the front expiry. No template is exempt.
Deribit
Expanded profile installed; replacement engine verified running.
All 26 family permissions are installed. Each structure still requires compatible inverse-payoff, margin, liquidity and lifecycle evidence before entry.
Risk is measured in BTC against a drawdown ladder: 10% pause, 7.5% resume and 20% hard stop. These are control thresholds, not guaranteed loss ceilings. Profile renewals preserved the existing high-water mark.
Deployed repairs cover instrument minimum quantities, account and journal coverage, and publisher processing. The latest forecast blockage was a stopped history feed, not incompatible models. The restarted collector caught up, with recorded candles through 11:45 BST on 3 October.
Still open
Subsequent forecast consumption and family evaluation by the engine still need verification. The diagnostic correction is local and uncommitted; the collector remains local and time-limited, with its current package expiring on 4 October at 07:49 BST. Unattended continuity is not established.
Coincall
Last verified build: four families.
Iron condors, corrected iron butterflies, bull-put spreads and bear-call spreads. Feed-throughput, reporting and forward-price qualification repairs are in place, with recorded settings of 19-second option freshness and 10-basis-point forward uncertainty.
Still open
The latest complete inventory, dated 29 September, still showed no broader portfolio profile and retained the pilot lifetime-entry restriction. Account-specific costs and margin, combined high-water-mark controls and recovery qualification remain outstanding.
Deribit's BTC accounting and unified-account margin evidence cannot qualify Coincall's separate options and hedge accounts. Coincall still needs its broader production package completed and installed.
Verification and next steps
Regression coverage includes inverse settlement, account separation, instrument minimum quantities, restart and reconciliation, and high-water-mark preservation. The latest forecast repair passed focused, PostgreSQL and full non-integration engine checks.
Next comes operational closure on Deribit with continuous input maintenance, and completion and installation of Coincall's broader production package. Neither venue is presented as a proven autonomous expanded-strategy deployment.
Profitability remains unproven. Engineering verification is not evidence of an investment edge.
The Engine
The system was rebuilt from the ground up in 2026 as a deterministic, functionally pure trading engine:
Functional core, imperative shell.
Pricing, volatility surfaces, exposure aggregation and hedge decisions are pure functions over immutable data. Side effects live at the edge.
Risk overrides strategy.
Candidates are assessed against portfolio delta, vega, loss, liquidity and account-specific margin. Family permissions do not override admission or lifecycle checks.
Exchange truth over internal state.
Restart and reconciliation controls are covered by regressions. Operational continuity and subsequent forecast consumption still require the venue-specific checks described below.
Venues as plug-ins.
Venue-specific adapters keep accounting and margin requirements separate. Deribit evidence does not qualify Coincall’s distinct options and hedge accounts.
The Mandate Model (SMA)
Your account, your custody.
We trade via API keys on your own exchange sub-account. Funds never move to us.
Full transparency.
You see every position, every trade, in real time on your own exchange.
Profit share only.
No management fee on idle capital. We earn when you do.
Defined risk terms.
Drawdown thresholds, exposure caps and unwind rules are defined in the mandate. Control thresholds do not guarantee a maximum realised loss.
What we don't sell
The strategy is not for sale. It is not licensed, not white-labelled and not extractable from our infrastructure — because it was never in the infrastructure.
Capacity is limited by design.
Discuss mandate suitability and the experimental, minimum-size release. Fully autonomous operation of the expanded portfolio across both venues has not been verified.
Discuss your requirementsFAQ
Options FAQ
Catalogue permissions, venue status and remaining evidence
Are all 26 templates operating on both venues?
No. The 3 October update reports all 26 family permissions installed on Deribit with the replacement engine verified running; subsequent forecast consumption and family evaluation still need closure. Coincall remains on the verified four-family build. Permissions alone do not establish autonomous deployment.
What must a candidate pass before entry?
Portfolio delta, vega, loss, liquidity and account-specific margin checks, plus the relevant payoff and lifecycle requirements. Catalogue membership does not override them. Protected calendars and diagonals must roll or close 72 hours before the front expiry, without template exemptions.
Do the drawdown controls guarantee a loss ceiling?
No. Deribit's BTC-denominated profile uses 10% pause, 7.5% resume and 20% hard-stop thresholds, with the existing high-water mark preserved. These are control levels, not guaranteed realised-loss limits, and they do not qualify Coincall's separate-account setup.
Has the expanded portfolio demonstrated profitability?
No. The release is experimental and minimum-size. Regression and deployment checks establish engineering behaviour; profitability and unattended expanded-portfolio operation across both venues remain unproven. The dated status section lists the outstanding operational work.