How are THYP 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 THYP iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a THYP iron condor?

The breakeven for the THYP iron condor priced on this page is roughly $29.33 and $34.68 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 iron condor?

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

THYP Iron Condor 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 iron condor on THYP?

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.

THYP snapshot

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

The THYP iron condor 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 $34.00 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)
Sell 1	Call	$34.00	$2.20
Buy 1	Call	$35.00	$1.95
Sell 1	Put	$30.00	$2.20
Buy 1	Put	$29.00	$1.78

THYP iron condor risk and reward

Net Premium / Debit: +$67.50
Max Profit (per contract): $67.50
Max Loss (per contract): -$32.50
Breakeven(s): $29.33, $34.68
Risk / Reward Ratio: 2.077

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.

THYP iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor 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%	-$32.50
$7.10	-77.9%	-$32.50
$14.20	-55.8%	-$32.50
$21.29	-33.6%	-$32.50
$28.39	-11.5%	-$32.50
$35.48	+10.6%	-$32.50
$42.58	+32.7%	-$32.50
$49.67	+54.8%	-$32.50
$56.76	+76.9%	-$32.50
$63.86	+99.0%	-$32.50

When traders use iron condor on THYP

Iron condors on THYP are a delta-neutral premium-collection structure that profits if THYP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

THYP thesis for this iron condor

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 iron condor is a delta-neutral premium-collection structure that pays off when THYP 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 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 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. 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. Short-premium structures like a iron condor on THYP carry tail risk when realized volatility exceeds the implied move; review historical THYP earnings reactions and macro stress periods before sizing. Always rebuild the position from current THYP chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on THYP?: A iron condor on THYP is the iron condor strategy applied to THYP (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 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 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 THYP iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is $67.50 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a THYP iron condor?: The breakeven for the THYP iron condor priced on this page is roughly $29.33 and $34.68 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 iron condor on THYP?: Iron condors on THYP are a delta-neutral premium-collection structure that profits if THYP stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current THYP implied volatility affect this iron condor?: Current THYP ATM IV is 78.50%; IV rank context is unavailable in the current snapshot.