How are THYP bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the THYP bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is $107.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a THYP bear put spread?

The breakeven for the THYP bear put spread priced on this page is roughly $31.08 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 THYP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current THYP implied volatility affect this bear put spread?

Current THYP ATM IV is 78.50%; IV rank context is unavailable in the current snapshot.

THYP Bear Put Spread Strategy

THYP (21Shares Hyperliquid ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on NASDAQ.

The 21Shares Hyperliquid ETF, trading under the symbol THYP, is a passively managed fund designed to provide investors with indirect access to the HYPE digital currency. The valuation of its holdings is pegged to the FTSE Hyperliquid Index, which serves as a daily, U.S. dollar-denominated benchmark for HYPE's price. This index's reference rate is derived from aggregating the executed trade volumes across various Constituent Exchanges (CEXs). Additionally, an estimated intra-day value per share, also tied to the FTSE Hyperliquid Index, is updated and disseminated every 15 seconds throughout standard exchange hours, specifically from 9:30 AM to 4:00 PM Eastern Time. HYPE itself is a digital currency that can be utilized for transactions involving goods and services. On the Hyperliquid Network, it powers high-performance digital asset trading by means of an on-chain central limit order book.

THYP (21Shares Hyperliquid ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $10.8M, a beta of -0.29 versus the broader market, a 52-week range of 22.54-44.12, average daily share volume of 239K, a public-listing history dating back to 2026. These structural characteristics shape how THYP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.29 indicates THYP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. THYP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on THYP?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

THYP snapshot

As of August 14, 2026, spot at $32.09, ATM IV 78.50%, expected move 22.51%. The bear put spread on THYP 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 bear put spread structure on THYP specifically: IV rank is unavailable in the current snapshot, so regime-based timing for THYP is inferred from ATM IV at 78.50% alone, with a market-implied 1-standard-deviation move of approximately 22.51% (roughly $7.22 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 THYP expiries trade a higher absolute premium for lower per-day decay. Position sizing on THYP should anchor to the underlying notional of $32.09 per share and to the trader's directional view on THYP stock.

THYP bear put spread setup

The THYP bear put spread 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 THYP at $32.09 on that close, the first option leg uses a $32.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THYP 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 THYP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$32.00	$3.13
Sell 1	Put	$30.00	$2.20

THYP bear put spread risk and reward

Net Premium / Debit: -$92.50
Max Profit (per contract): $107.50
Max Loss (per contract): -$92.50
Breakeven(s): $31.08
Risk / Reward Ratio: 1.162

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

THYP bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on THYP. 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	-100.0%	+$107.50
$7.10	-77.9%	+$107.50
$14.20	-55.8%	+$107.50
$21.29	-33.6%	+$107.50
$28.39	-11.5%	+$107.50
$35.48	+10.6%	-$92.50
$42.58	+32.7%	-$92.50
$49.67	+54.8%	-$92.50
$56.76	+76.9%	-$92.50
$63.86	+99.0%	-$92.50

When traders use bear put spread on THYP

Bear put spreads on THYP reduce the cost of a bearish THYP stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

THYP thesis for this bear put spread

The market-implied 1-standard-deviation range for THYP extends from approximately $24.87 on the downside to $39.31 on the upside. A THYP bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on THYP, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, THYP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THYP-specific events.

THYP bear put spread positions are structurally moderately bearish; 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. THYP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THYP alongside the broader basket even when THYP-specific fundamentals are unchanged. Long-premium structures like a bear put spread on THYP are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current THYP chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on THYP?: A bear put spread on THYP is the bear put spread strategy applied to THYP (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With THYP stock at $32.09 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed THYP chain strike and the premiums come straight from that session's bid/ask midpoint.
How are THYP bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the THYP bear put spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is $107.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a THYP bear put spread?: The breakeven for the THYP bear put spread priced on this page is roughly $31.08 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 THYP market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on THYP?: Bear put spreads on THYP reduce the cost of a bearish THYP stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current THYP implied volatility affect this bear put spread?: Current THYP ATM IV is 78.50%; IV rank context is unavailable in the current snapshot.