Wraps of every size, long and short, each priced from the live OKX book at its own size, at the terms a user sees: a hard floor 6% out, the cap as far out as the book still pays, cash credit either way, written to the nearest Friday expiry at least three days out. Every position is settled on the Hyperliquid price path and OKX's official delivery print, protected versus unprotected. Positions are simulated; prices, fees, candles and prints are real.
LIVE · 2026-09-21 to 2026-09-29 UTCplain collar · runs to expiryweekly · Friday expiryflow · run as a book
positions quoted
730
554 open · 68 settled · 108 closed early
honest refusals
0
every quote funded
cash credited
$28,868.73
10.8 bps of notional
protected notional
$26,657,364.61
518 long · 212 short
protection vs unprotected
$2,183.60
users' P&L with the collar minus without, settled
our take
$7,217.23
published share of the credit; waived when tiny
68 settled: 0 floor saves, 1 ended past the cap ($10.00 of gains above it handed back against $13.71 of credit on those), 67 between the wings. 13 touched the cap on the way.
We carry no outcome risk
our P&L, settled
$548.44
gap $0.00 on 68 settled · both legs held to expiry
take booked at quote
$548.44
our whole side: a published share of the credit
market funded
$50,431.07
gross · OKX fees $14,345.11
venue spread paid
7.1 bps
of notional, mid vs touch: the number a better fill shrinks
The honest aggregate
cap distance written
4.1%
from price, average
cap touched
13 of 68
avg 16.3h in · nothing closed
ended past the cap
1 of 68
$10.00 handed back vs $13.71 credit
funding at open
0.108 bps/8h
Hyperliquid, average · not part of the credit
basis at open
0.7 bps
HL mark vs OKX index
rule comparison
730
730 positions since 2026-09-21 · report on request
Run as a book
about $2.0M of wraps a day in hourly batches; sizes lognormal around $15,000 (sigma 1.4), capped at $750,000; 70% long; 30% close early at live prices; every wrap priced at its own size by walking the book. Sizes, sides and arrival times are simulated; every price, fee and depth is the live OKX book at that second.
by size
wraps
notional
credit
refused
small · under $25k
459
$4,565,369.92
$5,066.50
–
medium · $25k to $150k
237
$13,396,725.54
$15,041.18
–
large · over $150k
34
$8,695,269.15
$8,761.05
–
by day
wraps
notional
2026-09-29
11
$260,898.83
2026-09-28
97
$3,434,595.43
2026-09-27
85
$2,959,387.07
2026-09-26
100
$2,961,222.13
2026-09-25
94
$3,165,896.84
2026-09-24
90
$4,132,638.39
2026-09-23
101
$3,685,540.27
Netting the book
open book
556 wraps
17 instruments · 1 expiry
hedge legs, gross → net
44080 → 30072
32% netted away
OKX fees saved
$3,486.73
of $10,971.95 leg for leg
margin saved
$662,207.97
of $2,065,790.07 leg for leg · OKX simple, est.
slippage saved
–
0 instruments with no live book
last 24h, average
32% netted
fees $3,340.92 · margin $627,608.39 per snapshot
Netted by exact instrument: a long's cap leg and a short's floor leg at the same strike and expiry cancel, and every wrap at the same strike aggregates into one order. Portfolio margin across strikes would be lower still; these are floors on the saving.
Early closes, at live prices
scheduled / done
194 / 108
13 with a leg unpriced
protection vs unprotected
$5,057.55
at the close, credit and collar unwound
unwind, crossing the book
$200.67
vs $860.14 at mids
execution edge
$659.47
what working the legs keeps
Settled most recent first · 53 more in the CSV
settled
side
size
open → settle
floor
cap
credit
result
vs unprotected
09-25 08:28 UTC
Short
$43,960.86 medium
$81,409 → $83,933
$86,000
$78,500
$28.14
between
$28.14
09-25 08:28 UTC
Long
$14,653.62 small
$81,409 → $83,933
$76,500
$85,000
$19.78
touched
$19.78
09-25 08:28 UTC
Long
$16,281.80 small
$81,409 → $83,933
$76,500
$85,000
$21.98
touched
$21.98
09-25 08:28 UTC
Long
$49,659.49 medium
$81,409 → $83,933
$76,500
$85,000
$67.04
touched
$67.04
09-25 08:28 UTC
Short
$11,443.74 small
$81,741 → $83,933
$86,000
$79,000
$10.06
between
$10.06
09-25 08:28 UTC
Long
$12,261.15 small
$81,741 → $83,933
$77,000
$85,000
$20.23
touched
$20.23
09-25 08:28 UTC
Long
$40,870.50 medium
$81,741 → $83,933
$77,000
$85,000
$67.43
touched
$67.43
09-25 08:28 UTC
Long
$133,237.83 medium
$81,741 → $83,933
$77,000
$85,000
$219.84
touched
$219.84
09-25 08:28 UTC
Short
$31,847.40 medium
$81,660 → $83,933
$86,000
$79,000
$28.02
between
$28.02
09-25 08:28 UTC
Long
$13,882.20 small
$81,660 → $83,933
$77,000
$85,000
$24.15
touched
$24.15
09-25 08:28 UTC
Short
$32,664.00 medium
$81,660 → $83,933
$86,000
$79,000
$28.74
between
$28.74
09-25 08:28 UTC
Long
$6,529.84 small
$81,623 → $83,933
$76,500
$85,000
$11.56
touched
$11.56
09-25 08:28 UTC
Short
$1,632.46 small
$81,623 → $83,933
$86,000
$78,500
$0.26
between
$0.26
09-25 08:28 UTC
Long
$130,596.80 medium
$81,623 → $83,933
$76,500
$85,000
$231.15
touched
$231.15
09-25 08:28 UTC
Long
$215,461.09 large
$83,837 → $83,933
$79,000
$88,000
$96.96
between
$96.96
Closed early at live prices, most recent first
closed
side
size
open → close
floor
cap
credit
vs unprotected
unwind edge
09-29 03:09 UTC
Long
$91,094.76 medium
$84,347 → $82,873
$79,000
$87,000
$192.21
$201.16
$8.95
09-29 02:54 UTC
Long
$18,486.82 small
$84,031 → $82,914
$79,000
$87,000
$27.18
$27.18
$1.82
09-29 02:09 UTC
Long
$2,591.10 small
$86,370 → $82,944
$81,000
$91,000
$1.46
$12.16
$0.25
09-29 01:54 UTC
Long
$92,324.10 medium
$83,931 → $83,012
$79,000
$87,000
$152.34
$143.21
$9.13
09-29 01:39 UTC
Long
$16,027.45 small
$84,355 → $82,828
$79,000
$88,000
$11.86
$24.45
$1.57
09-29 00:09 UTC
Long
$35,146.86 medium
$83,683 → $83,485
$79,000
$87,000
$36.55
$4.99
$3.51
09-28 23:39 UTC
Long
$70,991.76 medium
$84,514 → $83,563
$79,000
$88,000
$65.31
$65.31
$7.02
09-28 22:39 UTC
Short
$16,056.90 small
$84,510 → $83,421
$90,000
$80,000
$10.44
-$19.67
$1.58
09-28 21:54 UTC
Short
$98,465.91 medium
$84,159 → $83,207
$89,000
$80,000
$55.14
-$120.09
$9.73
09-28 21:54 UTC
Long
$1,689.10 small
$84,455 → $83,207
$79,000
$88,000
$1.40
$1.73
$0.17
A close marked legs unpriced fell due while the snapshot carried no live book for one of its legs. It is recorded as it was and never re-marked at a later price.
Open next to settle first
opened
side
size
price
floor
cap
credit
settles
09-22 08:38 UTC
Long
$83,317.18 medium
$85,894
$81,000 -5.7%
$90,000 +4.8%
$126.64
10-02 08:00 UTC
09-22 08:38 UTC
Long
$93,624.46 medium
$85,894
$81,000 -5.7%
$90,000 +4.8%
$142.31
10-02 08:00 UTC
09-22 09:38 UTC
Short
$8,604.50 small
$86,045
$91,000 -5.8%
$83,000 +3.5%
$13.08
10-02 08:00 UTC
09-22 10:38 UTC
Long
$11,174.80 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$3.58
10-02 08:00 UTC
09-22 10:38 UTC
Long
$15,472.80 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$4.95
10-02 08:00 UTC
09-22 10:38 UTC
Short
$6,876.80 small
$85,960
$91,000 -5.9%
$83,000 +3.4%
$13.20
10-02 08:00 UTC
09-22 10:38 UTC
Long
$8,596.00 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$2.75
closes 09-29 23:16 UTC
09-22 10:38 UTC
Long
$4,298.00 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$1.38
10-02 08:00 UTC
09-22 10:38 UTC
Long
$19,770.80 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$6.33
10-02 08:00 UTC
09-22 10:38 UTC
Long
$3,438.40 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$1.10
10-02 08:00 UTC
09-22 10:38 UTC
Long
$14,613.20 small
$85,960
$81,000 -5.8%
$91,000 +5.9%
$4.67
10-02 08:00 UTC
09-22 11:38 UTC
Short
$16,363.94 small
$86,126
$91,000 -5.7%
$83,000 +3.6%
$24.87
10-02 08:00 UTC
How to read it
Protection vs unprotected is the user's P&L with the collar and credit minus the P&L of the bare position.
Floor save: the floor clamped the loss. Past the cap: gains above the cap this cycle were handed back; they paid for the floor. Touched: price reached the cap on the Hyperliquid path; nothing closed. The whole credit is the user's in every case.
Our take is the published share of the net credit. Both legs are hedged leg for leg on OKX and held to expiry, so the take is our whole side: our P&L equals the take booked.
Venue spread is what crossing the OKX book costs versus mid; it is the number a better fill would shrink.