Ethereum options

XRP-Backed ETH Options Strategy: 14.6% Return While Cutting Risk by 80%

On April 23, 2026, a smaller XRP-denominated account managed separately from the main Terramatris strategies initiated a structured crypto options income strategy on Bybit.

The account holder approved the strategy specifically to generate additional income from long-term XRP holdings without liquidating the underlying XRP position.

At the time, the account held 751 XRP valued at approximately $1,000, while ETH traded near $2,321.

Instead of selling XRP, the strategy used XRP as collateral for selling ETH put options.

The initial exposure size was approximately…

How to Sell a Synthetic Covered Call on ETH

At TerraMatris Crypto Hedge Fund, we actively deploy a range of options strategies to generate income and manage directional exposure. Today, I want to share an elegant and capital-efficient technique we’re using: the synthetic covered call—a method that replicates the payoff profile of a traditional covered call, without the need to hold the underlying crypto asset.

What Is a Synthetic Covered Call?

Traditionally, a covered call involves owning a crypto asset (like ETH) and selling a call option against it. This generates premium income while capping upside beyond the strike price.…