How are THYP 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 THYP butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is $153.38 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a THYP butterfly?

The breakeven for the THYP butterfly priced on this page is roughly $30.40 and $33.60 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 butterfly?

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

THYP Butterfly 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 butterfly on THYP?

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.

THYP snapshot

As of August 14, 2026, spot at $32.09, ATM IV 78.50%, expected move 22.51%. The butterfly 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 butterfly 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 butterfly setup

The THYP 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 THYP at $32.09 on that close, the first option leg uses a $30.00 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	Call	$30.00	$4.20
Sell 2	Call	$32.00	$3.00
Buy 1	Call	$34.00	$2.20

THYP butterfly risk and reward

Net Premium / Debit: -$40.00
Max Profit (per contract): $153.38
Max Loss (per contract): -$40.00
Breakeven(s): $30.40, $33.60
Risk / Reward Ratio: 3.834

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.

THYP butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly 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%	-$40.00
$7.10	-77.9%	-$40.00
$14.20	-55.8%	-$40.00
$21.29	-33.6%	-$40.00
$28.39	-11.5%	-$40.00
$35.48	+10.6%	-$40.00
$42.58	+32.7%	-$40.00
$49.67	+54.8%	-$40.00
$56.76	+76.9%	-$40.00
$63.86	+99.0%	-$40.00

When traders use butterfly on THYP

Butterflies on THYP are pinning bets - traders use them when they expect THYP 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.

THYP thesis for this butterfly

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 long call butterfly is a pinning play: it pays maximum at the middle strike if THYP 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, THYP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THYP-specific events.

THYP 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. 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. Always rebuild the position from current THYP chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on THYP?: A butterfly on THYP is the butterfly strategy applied to THYP (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 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 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 THYP butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is $153.38 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a THYP butterfly?: The breakeven for the THYP butterfly priced on this page is roughly $30.40 and $33.60 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 butterfly on THYP?: Butterflies on THYP are pinning bets - traders use them when they expect THYP 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 THYP implied volatility affect this butterfly?: Current THYP ATM IV is 78.50%; IV rank context is unavailable in the current snapshot.