9/ Lyra V1 took crypto options from 0-1. V2 will take them from 1-100. And now it's gearing up for primetime. Want more capital efficiency in your life? Join the waitlist ↓

8/ Butterfly Spread 🦋 - Long $1800 call - Short $2000 calls x2 - Long $2200 call It’s effectively a short straddle with a seatbelt (i.e. the wings protect you from unlimited losses). Your max loss is limited to the net premium paid to establish the position.

6/ Short Call Spread 📉 An $1800/$2100 ETH short call spread would require $300 in collateral less the premium received, as your max loss is limited to the width of the spread minus the collected premium. The purchase of the $2100 call predefines and limits your max loss.

5/ Long Call Spread 📈 An $1800/$2100 ETH long call spread requires $0 in collateral, as your max loss is the net premium paid upfront. The sale of the $2100 call subsidizes the position, moving up your breakeven price and increasing your probability of profit.

4/ For spreads with an even ratio of expiry-aligned options of the same class, collateral requirements are $0 for long spreads and equal to the max loss of the strategy for short spreads. Let's take a look at some capital-efficient spread trading strategies V2 will enable 🔎

2/ Trading option strategies without capital-efficient spreads is one of life’s more cumbersome processes. It requires an inordinate amount of capital. The effect? Reduced buying power and leverage 👎

3/ The Lyra V2 risk engine recognizes the maximum loss thresholds and partially offsetting premiums of option spreads, shoring up excess collateral. The effect? More buying power and leverage 🔋