TradingCalcOptions Payoff & Breakeven Calculator
OPTIONS · DERIBIT COIN-SETTLED AND BINANCE USDT-SETTLED PAYOFF MATH
P&L, breakeven price, and max loss/profit for a single-leg Deribit BTC/ETH option (coin-settled) or Binance option (USDT-settled), matching how each actually settles.
Exchange
Underlying
Option Type
Position
Deribit BTC/ETH options settle in the underlying coin, not USD. Enter the premium the way Deribit quotes it (e.g. 0.02 BTC), not a dollar amount.
What does a Deribit or Binance option pay off at expiry?
Deribit's BTC and ETH options are coin-settled: the strike and spot price are quoted in USD, but the premium you pay and the payoff you receive are denominated in the underlying coin itself, not dollars. That single fact changes the shape of the payoff compared to a dollar-settled option most calculators assume. This tool computes it the way Deribit actually settles it, not the textbook USD version. Binance options are the other kind: settled in USDT, one contract is one unit of the underlying (BTC, ETH, gold or silver), and the payoff is the flat textbook one. Switch the exchange in the calculator to get either.
The formulas (Deribit, coin-settled)
- Call intrinsic value per unit = max(0, S − K) / S
- Put intrinsic value per unit = max(0, K − S) / S
- Long P&L = (intrinsic − premium) × quantity; short P&L flips the sign
- Call breakeven: S = K / (1 − premium)
- Put breakeven: S = K / (1 + premium)
Worked example (Deribit)
Long a BTC call, strike $68,000, premium 0.02 BTC, price at expiry $80,000:
- intrinsic = (80,000 − 68,000) / 80,000 = 0.15 BTC
- P&L = 0.15 − 0.02 = 0.13 BTC (≈ $10,400 at that price)
- breakeven = 68,000 / (1 − 0.02) = $69,387.76
The Binance formulas (USDT-settled)
- Call intrinsic value per unit = max(0, S − K) USDT
- Put intrinsic value per unit = max(0, K − S) USDT
- Long P&L = (intrinsic − premium) × quantity; short P&L flips the sign
- Call breakeven: S = K + premium
- Put breakeven: S = K − premium
Long a BTC call, strike 68,000 USDT, premium 1,500 USDT, price at expiry 80,000 USDT: intrinsic = 12,000, P&L = 12,000 − 1,500 = 10,500 USDT, breakeven = 69,500 USDT. The payoff is a straight line, so a long call's profit is unlimited and a long put's best case is strike − premium per unit (price cannot fall below zero). The premium is read as USDT; no 1 USDT = 1 USD conversion is applied.
Why the Deribit payoff is capped for calls but not puts
Because a call's per-unit payoff is (S − K) / S, it approaches 1 coin as price rises toward infinity but never reaches it. A coin-settled long call's maximum profit is (1 − premium) coin per unit, not unlimited. A put is the mirror image: (K − S) / S has no upper bound as price falls toward zero, so a coin-settled long put's upside is technically unbounded, the opposite of a USD-settled put, which is capped at the strike.
Where to go next
Want delta, gamma, vega and theta of the same option? Use the option Greeks calculator.
Want to know if the premium itself is fairly priced, not just what it pays off? Check it against Black-Scholes with the Black-Scholes Calculator. Betting on volatility with two legs instead of one? Use the Straddle & Strangle Calculator.
Use via API or MCP
This calculation is available as a deterministic API call: useful for bots or AI agents pricing option payoffs without re-deriving the coin-settlement math themselves.
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Why is the premium in BTC or ETH instead of dollars?
Deribit's BTC and ETH options are coin-settled: the strike is quoted in USD, but the premium, the settlement payoff, and your P&L are all denominated in the underlying coin. This calculator matches that convention rather than assuming a USD-settled option like most generic calculators do.
Why is my long call's max profit a specific number instead of "unlimited"?
Because the payoff is intrinsic value divided by the settlement price, (S−K)/S, which approaches 1 coin as price rises but can never reach or exceed it. A long call's maximum profit is capped at (1 − premium) coin per unit, a direct consequence of coin settlement, not a limitation of this calculator.
Why is a long put's upside unbounded, then?
The put payoff is (K−S)/S, which has no ceiling as the settlement price S falls toward zero: the denominator shrinking faster than the numerator. It's the mirror image of the call's cap, and the opposite of a USD-settled put (which is capped at the strike since price can't go negative).
What changes when I pick Binance?
Binance options settle in USDT and one contract is one unit of the underlying (BTC, ETH, gold or silver). The payoff is the flat textbook one: max(0, S−K) per unit, premium in USDT. A long call's profit is unlimited, a long put's best case is strike minus premium per unit, and the breakevens are K plus premium (call) and K minus premium (put). The calculator does not convert USDT to USD.
Does this handle multi-leg strategies like straddles or covered calls?
This page is a single-leg calculator (one long or short call/put). The straddle and strangle, covered call and protective put, and spread and iron condor calculators handle multi-leg strategies, each with the same Deribit and Binance switch.