How are THYP straddle max profit and max loss calculated?

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the THYP straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$605.88 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a THYP straddle?

The breakeven for the THYP straddle priced on this page is roughly $25.88 and $38.13 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 straddle?

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

THYP Straddle 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 straddle on THYP?

A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.

THYP snapshot

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

The THYP straddle 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	Call	$32.00	$3.00
Buy 1	Put	$32.00	$3.13

THYP straddle risk and reward

Net Premium / Debit: -$612.50
Max Profit (per contract): Unbounded
Max Loss (per contract): -$605.88
Breakeven(s): $25.88, $38.13
Risk / Reward Ratio: Unbounded

Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.

THYP straddle payoff curve

Modeled P&L at expiration across a range of underlying prices for the straddle 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%	+$2,586.50
$7.10	-77.9%	+$1,877.08
$14.20	-55.8%	+$1,167.67
$21.29	-33.6%	+$458.25
$28.39	-11.5%	-$251.17
$35.48	+10.6%	-$264.41
$42.58	+32.7%	+$445.00
$49.67	+54.8%	+$1,154.42
$56.76	+76.9%	+$1,863.84
$63.86	+99.0%	+$2,573.25

When traders use straddle on THYP

Straddles on THYP are pure-volatility plays that profit from large moves in either direction; traders typically buy THYP straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.

THYP thesis for this straddle

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 straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. 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 straddle positions are structurally neutral / high-volatility (long premium); 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 straddle on THYP?: A straddle on THYP is the straddle strategy applied to THYP (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the 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 straddle max profit and max loss calculated?: Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the THYP straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 78.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$605.88 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a THYP straddle?: The breakeven for the THYP straddle priced on this page is roughly $25.88 and $38.13 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 straddle on THYP?: Straddles on THYP are pure-volatility plays that profit from large moves in either direction; traders typically buy THYP straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
How does current THYP implied volatility affect this straddle?: Current THYP ATM IV is 78.50%; IV rank context is unavailable in the current snapshot.