Covered Calls

Why Rolling SOL Options Can Be More Difficult Than BTC or ETH

TerraMatris research note, September 2026. This article describes our own positions and execution experience. It is not investment advice and does not treat option premium as a substitute for risk management.

On September 4, 2025, TerraMatris launched its dedicated Solana strategy: long SOL exposure with selective covered calls and cash-secured puts. A year is long enough to move past the first impression of a new market. We can now ask a more useful question than whether SOL options exist: after one year of using them, has the market matured enough to support systematic covered-call…

Ep 160 / Bitcoin Buy-Write Returns to TerraM Multi Asset as Ethereum Options Strategy Rebuilds

Another interesting week across crypto markets.

Bitcoin fell and traded around $76,800, Ethereum declined approximately 0.5–1% over the week, while Solana underperformed slightly after its recent rally, trading near $99–100.

The broader market was driven by renewed macro pressure: rising oil prices, higher Treasury yields, inflation concerns, and increased expectations of a more restrictive Federal Reserve path. Crypto ETF flows provided some support earlier in the week, but risk appetite weakened as markets focused on inflation data and the upcoming Fed decision.

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Trading Covered Calls on XRP with Deribit

At Terramatris we are always exploring new ways to structure option strategies around crypto assets. One of the more interesting challenges we've faced recently is figuring out how to trade covered calls on XRP.

Covered calls are one of the most popular options income strategies because they allow investors to generate option premium while maintaining long-term exposure to an asset. If you're new to covered calls, start with our guide: How to Generate Income With Ethereum Covered Calls.

While Ethereum options markets are relatively mature, XRP options remain more challenging…

Selling Covered Calls on Borrowed Bitcoin: Strategic Yield with Asymmetric Risk

On May 25, 2025, we executed a position that perfectly illustrates a niche but compelling setup in the crypto derivatives space. We:

Borrowed 0.01 BTC (worth $1,080 at the time),Posted 0.54 ETH as collateral (worth $1,350),And sold a cash-settled call option on 0.01 BTC with a strike price of $110,000,Collecting a premium of $17 with weekly expiry (May 30).

Let’s break down the rationale, benefits, risks, and variations of this strategy — and why, despite its synthetic nature, it can be a valuable tool in Terramatris' option yield strategies.

The Core Strategy

The basic idea is…

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.…