Options Payoff & Breakeven Calculator
OPTIONS · DERIBIT BTC/ETH · COIN-SETTLED PAYOFF MATH
P&L, breakeven price, and max loss/profit for a single-leg Deribit BTC/ETH option — coin-settled, matching how these options actually settle.
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 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.
The formulas
- 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
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
Why the 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 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.
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).
Does this handle multi-leg strategies like straddles or covered calls?
Not yet — this is a single-leg calculator (one long or short call/put). Multi-leg strategies are a planned extension once this primitive is verified live.