Crypto Options Profit Calculator
Work out what a BTC or ETH option makes or loses. Pick a call or a put, long (bought) or short (sold), the expiry, the strike and the premium: the calculator returns the profit or loss at expiry across a range of prices, the break-even, the max profit and max loss, and a model value before expiry. It starts from the live at-the-money call of the nearest monthly expiry on Bybit or Binance.
A long 1 BTC $82,000 call expiring 30 Oct 2026 costs $2,110.28 at the live mark price. It breaks even at $84,110.28 at expiry; max profit unlimited, max loss $2,110.28.
Your position
BTC and ETH options, USD per coinResult
Link to this calculation- Break-even at expiry
- Max profit
- Max loss
- Premium paid
- Value now (model)
- P&L now (model)
- Time to expiry
Estimate: The payoff at expiry is exact for a European option settled at that price. The value before expiry is a Black-76 model estimate at one implied volatility; real prices move with the IV and the bid-ask spread, and exchange fees are not included.
Profit and loss by BTC price
whole position, USD- P&L at expiry
- Value now (model)
| BTC price | P&L at expiry | Value now (model) |
|---|---|---|
| $65,600 | -$2,110.28 | -$2,110.19 |
| $69,700 | -$2,110.28 | -$2,105.97 |
| $73,800 | -$2,110.28 | -$2,039.15 |
| $77,900 | -$2,110.28 | -$1,598.53 |
| $82,000 strike | -$2,110.28 | -$163.87 |
| $86,100 | $1,989.72 | $2,569.84 |
| $90,200 | $6,089.72 | $6,208.17 |
| $94,300 | $10,189.72 | $10,206.31 |
| $98,400 | $14,289.72 | $14,291.35 |
"Value now (model)" is the profit or loss if BTC were at that price today: a Black-76 estimate at 33.79% IV, not a quote.
Worked example
BTC long call, the numbers above- You buy 1 BTC $82,000 call expiring 30 Oct 2026 for $2,110.28 per coin: $2,110.28 paid up front.
- At expiry a call is worth max(settlement − $82,000, 0) per coin, so the long makes (value − premium) × quantity.
- Break-even = strike + premium = $82,000 + $2,110.28 = $84,110.28.
- The most you can lose is the premium, $2,110.28. The profit is unlimited as the price rises.
- Before expiry, Black-76 at 33.79% IV with 11.3 days left and BTC at $82,312.00 values the option at $2,110.09 per coin, a model P&L of -$0.19 now. It is an estimate: the market price moves with the IV.
The formula
Call value at expiry = max(Settlement − Strike, 0) · Put value at expiry = max(Strike − Settlement, 0)
Long P&L = (Value − Premium) × Quantity · Short P&L = (Premium − Value) × Quantity
Break-even: call = Strike + Premium, put = Strike − Premium
Value now (Black-76): call = e^(−rT)·(F·N(d₁) − K·N(d₂)), put = e^(−rT)·(K·N(−d₂) − F·N(−d₁)), d₁ = (ln(F/K) + σ²T/2) ÷ σ√T, d₂ = d₁ − σ√T
A buyer pays the premium up front and can lose at most that; a call's upside is unlimited. A seller keeps the premium if the option expires worthless, but owes its value at expiry: a short call's loss has no limit. Bybit and Binance quote BTC and ETH options in USD per 1 coin and price the mark from the mark IV, which is what the form starts from: Bybit at r = 0, Binance at its risk-free rate. F is the underlying price for the expiry, σ the implied volatility, T the time left in years and r the venue's rate (0 for Bybit, and when live prices are unavailable).
Crypto Options Profit Calculator FAQ
How is the profit of an option calculated?
At expiry a call is worth the settlement price minus the strike (if positive) and a put the strike minus the settlement price (if positive). A buyer's profit is that value minus the premium paid, times the quantity; a seller's is the premium received minus that value.
What is the break-even price of an option?
The strike plus the premium for a call, the strike minus the premium for a put. Above a call's break-even (below a put's) the buyer is in profit at expiry.
Why is a short call's loss unlimited?
The seller owes the call's value at expiry, which grows without limit as the price rises, while the premium received is fixed. A short put's loss is limited because the price can't fall below zero.
What does the 'value now' row mean?
A model estimate of the option before expiry: the Black-76 formula at the implied volatility and time left in the form. The real price also moves with the implied volatility, so treat it as a guide. See the live BTC options chain for quoted IVs.
Which options does it cover?
European BTC and ETH options settled in USD terms, quoted per 1 coin, as on Bybit and Binance. They expire at 08:00 UTC; fees are not included.