XRP

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…

XRP Options on Deribit: Covered-Call Strategy and Risks

XRP options on Deribit can be used to structure a covered-call approach for an existing XRP position. This article explains the strategy concept, how the trade works in practice, and the main risks involved.

In XRP terms, a covered-call structure begins with holding XRP or maintaining equivalent XRP exposure, then selling a call option against that position. The premium received is not a guaranteed return: it is exchanged for accepting capped upside if the option is exercised or assigned. Strike selection, expiration, and the ability to close or roll the position all affect the…