How are HYPG butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the HYPG butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.30%), the computed maximum profit is $83.79 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HYPG butterfly?

The breakeven for the HYPG butterfly priced on this page is roughly $19.05 and $20.95 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The HYPG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HYPG implied volatility affect this butterfly?

Current HYPG ATM IV is 72.30%; IV rank context is unavailable in the current snapshot.

HYPG Butterfly Strategy

HYPG (Grayscale Hyperliquid Staking ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

HYPG aims to deliver exposure to HYPE, the native token of the Hyperliquid protocol, including its potential staking rewards, less fees, and expenses. Hyperliquid is a high-performance and transparent blockchain that is operating at meaningful scale across trading volume, fees, and open interest compared to centralized exchanges. The spot price of HYPE is defined by market participants across multiple constituent exchanges for the most representative spot price. Each exchanges contribution is weighted by its trailing 24-hour trading volume with adjustments for price variance and inactivity. The index methodology and data for this spot price calculation can be found on coindesk.com/indices.

HYPG (Grayscale Hyperliquid Staking ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.4M, a beta of 3.80 versus the broader market, a 52-week range of 18.47-27.08, average daily share volume of 101K, a public-listing history dating back to 2026. These structural characteristics shape how HYPG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.80 indicates HYPG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a butterfly on HYPG?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

HYPG snapshot

As of August 14, 2026, spot at $19.59, ATM IV 72.30%, expected move 20.73%. The butterfly on HYPG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this butterfly structure on HYPG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HYPG is inferred from ATM IV at 72.30% alone, with a market-implied 1-standard-deviation move of approximately 20.73% (roughly $4.06 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HYPG expiries trade a higher absolute premium for lower per-day decay. Position sizing on HYPG should anchor to the underlying notional of $19.59 per share and to the trader's directional view on HYPG stock.

HYPG butterfly setup

The HYPG butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HYPG at $19.59 on that close, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HYPG chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 HYPG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$19.00	$2.18
Sell 2	Call	$20.00	$1.68
Buy 1	Call	$21.00	$1.25

HYPG butterfly risk and reward

Net Premium / Debit: -$7.50
Max Profit (per contract): $83.79
Max Loss (per contract): -$7.50
Breakeven(s): $19.05, $20.95
Risk / Reward Ratio: 11.172

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

HYPG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on HYPG. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$7.50
$4.34	-77.8%	-$7.50
$8.67	-55.7%	-$7.50
$13.00	-33.6%	-$7.50
$17.33	-11.5%	-$7.50
$21.66	+10.6%	-$7.50
$25.99	+32.7%	-$7.50
$30.32	+54.8%	-$7.50
$34.65	+76.9%	-$7.50
$38.98	+99.0%	-$7.50

When traders use butterfly on HYPG

Butterflies on HYPG are pinning bets - traders use them when they expect HYPG to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

HYPG thesis for this butterfly

The market-implied 1-standard-deviation range for HYPG extends from approximately $15.53 on the downside to $23.65 on the upside. A HYPG long call butterfly is a pinning play: it pays maximum at the middle strike if HYPG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, HYPG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HYPG-specific events.

HYPG butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. HYPG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HYPG alongside the broader basket even when HYPG-specific fundamentals are unchanged. Always rebuild the position from current HYPG chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on HYPG?: A butterfly on HYPG is the butterfly strategy applied to HYPG (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With HYPG stock at $19.59 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HYPG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are HYPG butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the HYPG butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.30%), the computed maximum profit is $83.79 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HYPG butterfly?: The breakeven for the HYPG butterfly priced on this page is roughly $19.05 and $20.95 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The HYPG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on HYPG?: Butterflies on HYPG are pinning bets - traders use them when they expect HYPG to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current HYPG implied volatility affect this butterfly?: Current HYPG ATM IV is 72.30%; IV rank context is unavailable in the current snapshot.