UPXI Butterfly Strategy
UPXI (Upexi, Inc.), in the Healthcare sector, (Software - Services industry), listed on NASDAQ.
Upexi, Inc. engages in the development, manufacture, and distribution of consumer products. It offers nail grinder and healthy all-natural pet supplements under the LuckyTail brand; energy solutions under the PRAX brand; functional mushrooms under the Cure Mushrooms brand; cannabinoid under the Moonwlkr brand; and gummies and other products under the Gumi Labs brand name. The company sells its products through direct-to-consumer network, wholesale partnerships, and third-party platform. It also focuses on cryptocurrency industry and management of cash assets. The company was formerly known as Grove, Inc. and changed its name to Upexi, Inc. in August 2022. Upexi, Inc. was incorporated in 2018 and is headquartered in Tampa, Florida.
UPXI (Upexi, Inc.) trades in the Healthcare sector, specifically Software - Services, with a market capitalization of approximately $58.5M, a beta of -0.33 versus the broader market, a 52-week range of 0.54-10.62, average daily share volume of 3.0M, a public-listing history dating back to 2021, approximately 59 full-time employees. These structural characteristics shape how UPXI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.33 indicates UPXI 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 butterfly on UPXI?
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.
Current UPXI snapshot
As of June 30, 2026, spot at $0.79, ATM IV 354.94%, IV rank 83.69%, expected move 101.76%. The butterfly on UPXI 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 31-day expiry.
Why this butterfly structure on UPXI specifically: UPXI IV at 354.94% is rich versus its 1-year range, which makes a premium-buying UPXI butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 101.76% (roughly $0.80 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UPXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on UPXI should anchor to the underlying notional of $0.79 per share and to the trader's directional view on UPXI stock.
UPXI butterfly setup
The UPXI butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With UPXI near $0.79, the first option leg uses a $0.75 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UPXI chain at a 31-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 UPXI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.75 | N/A |
| Sell 2 | Call | $0.79 | N/A |
| Buy 1 | Call | $0.83 | N/A |
UPXI butterfly 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 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.
UPXI butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on UPXI. 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 butterfly on UPXI
Butterflies on UPXI are pinning bets - traders use them when they expect UPXI 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.
UPXI thesis for this butterfly
The market-implied 1-standard-deviation range for UPXI extends from approximately $-0.01 on the downside to $1.59 on the upside. A UPXI long call butterfly is a pinning play: it pays maximum at the middle strike if UPXI settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current UPXI IV rank near 83.69% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on UPXI at 354.94%. As a Healthcare name, UPXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UPXI-specific events.
UPXI 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. UPXI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UPXI alongside the broader basket even when UPXI-specific fundamentals are unchanged. Always rebuild the position from current UPXI chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on UPXI?
- A butterfly on UPXI is the butterfly strategy applied to UPXI (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 UPXI stock trading near $0.79, the strikes shown on this page are snapped to the nearest listed UPXI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UPXI 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 UPXI butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 354.94%), 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 UPXI butterfly?
- The breakeven for the UPXI butterfly 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 UPXI market-implied 1-standard-deviation expected move is approximately 101.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on UPXI?
- Butterflies on UPXI are pinning bets - traders use them when they expect UPXI 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 UPXI implied volatility affect this butterfly?
- UPXI ATM IV is at 354.94% with IV rank near 83.69%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.