PURR Iron Condor Strategy
PURR (Hyperliquid Strategies Inc Common Stock), in the Basic Materials sector, (Agricultural Inputs industry), listed on NASDAQ.
Hyperliquid Strategies, Inc. is a holding and operating company, which engages in the business of crypto asset management. The firm operates as a digital asset treasury company which focuses on the Hyperliquid ecosystem. The company was founded on July 2, 2025 and is headquartered in New York, NY.
PURR (Hyperliquid Strategies Inc Common Stock) trades in the Basic Materials sector, specifically Agricultural Inputs, with a market capitalization of approximately $752.5M, a beta of 0.18 versus the broader market, a 52-week range of 3.01-7.09, average daily share volume of 5.4M, a public-listing history dating back to 2025. These structural characteristics shape how PURR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.18 indicates PURR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a iron condor on PURR?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current PURR snapshot
As of May 15, 2026, spot at $7.01, ATM IV 108.10%, expected move 30.99%. The iron condor on PURR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this iron condor structure on PURR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for PURR is inferred from ATM IV at 108.10% alone, with a market-implied 1-standard-deviation move of approximately 30.99% (roughly $2.17 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PURR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PURR should anchor to the underlying notional of $7.01 per share and to the trader's directional view on PURR stock.
PURR iron condor setup
The PURR iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PURR near $7.01, the first option leg uses a $7.36 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PURR chain at a 34-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 PURR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $7.36 | N/A |
| Buy 1 | Call | $7.71 | N/A |
| Sell 1 | Put | $6.66 | N/A |
| Buy 1 | Put | $6.31 | N/A |
PURR iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
PURR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PURR. 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.
When traders use iron condor on PURR
Iron condors on PURR are a delta-neutral premium-collection structure that profits if PURR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PURR thesis for this iron condor
The market-implied 1-standard-deviation range for PURR extends from approximately $4.84 on the downside to $9.18 on the upside. A PURR iron condor is a delta-neutral premium-collection structure that pays off when PURR stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. As a Basic Materials name, PURR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PURR-specific events.
PURR iron condor positions are structurally neutral / range-bound; 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. PURR positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PURR alongside the broader basket even when PURR-specific fundamentals are unchanged. Short-premium structures like a iron condor on PURR carry tail risk when realized volatility exceeds the implied move; review historical PURR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PURR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PURR?
- A iron condor on PURR is the iron condor strategy applied to PURR (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With PURR stock trading near $7.01, the strikes shown on this page are snapped to the nearest listed PURR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PURR iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the PURR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 108.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PURR iron condor?
- The breakeven for the PURR iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current PURR market-implied 1-standard-deviation expected move is approximately 30.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on PURR?
- Iron condors on PURR are a delta-neutral premium-collection structure that profits if PURR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PURR implied volatility affect this iron condor?
- Current PURR ATM IV is 108.10%; IV rank context is unavailable in the current snapshot.