Earn yield upfront by selling options on SOL, BTC, stables and more on Solana. Backed by @wintermute_t @delphi_ventures @superteamblack
Solana
Joined October 2025
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Most DeFi yield pays you slowly over months.
Leaps is different.
You pick a deal to potentially buy or sell on SOL, BTC or stables next week → get paid the premium TODAY in stablecoins.
Here’s how it works:
83% of BTC options sold on Leaps are puts.
That means 83% of users are opting to either buy BTC lower or hold and earn steady yield on USDC.
Sell your first cash secured put on BTC on Leaps Beta live now.
Leaps Finance retweeted
I had a people asking about what part of the options txn is rent, Solana txn fee, etc.
We made a quick UI update on @leaps_finance beta
Your "My Positions' tab now contain a dropdown that shows your transaction history and link to Solana block scan.
Covered calls and puts limited at $100K in options per week.
Beta is live and public.
The options market is changing, and crypto has first mover.
Over the last decade the options market moved to the front end.
In 2016, contracts expiring within a week were 29% of S&P 500 options volume. Contracts with more than a month to run were 41%.
By 2023 that had inverted. Inside a week: 68%, with same-day expiries alone at 43%. More than a month: 20%.
Research shows there is a shift to retail. Over 75% of retail trades in S&P 500 options are same-day, and institutions largely do not take those positions.
Short-dated options are where the majority of option traders actually trade.
The average short call/put position on Leaps runs 3.79 days.
Leaps is the liquidity engine for crypto retail options.
Sources: Cboe, August 2023.
Observation: over the last 14 days the gap between BTC implied and realized volatility has widened.
Premiums are richer for vol sellers.
Sell covered calls and cash secured puts on cbBTC/USDC on Solana on Leaps
Data: Deribit
Leaps Finance retweeted
Wow people are sniping the SOL covered call option caps the moment options expire, within minutes.
Caps. Are. Full. Again.
How to take advantage of grid trading with BTC on Leaps while earning extra yield on top.
1) Pick a low price and a high price.
2) Sell a put at the low one: if BTC drops there, you buy it.
3) Sell a call at the high one: if BTC rises there, you sell it.
Each time, you're paid the premium upfront.
Then you rotate and do it again.
Leaps options provide you with liquidity upfront.
The yield arrives in your wallet the moment you open a position, instead of trickled over time.
This also means options selling is a semi-active yield strategy, where sellers re-orient their market views on a weekly basis.
Since launch, we noticed that half of our users that have sold an option, will sell another option when it expires.
Users are interested in being paid yield upfront continuously.
Leap options are not like perps.
On the designated expiry day, the buyer of your option takes the deal or returns it.
You keep your upfront payment either way.
What happens to your options position when it expires?
I get the same question over and over when it comes to earning yield with selling on-chain options.
Here's what closing the options and withdrawing your funds look like on @leaps_finance
1. If the price crosses before expiry, nothing happens. The options only trigger on the day of expiry.
2. You get the keep the upfront yield regardless of the outcome.
3. You can withdraw your deposit whenever you want after expiry.
Leaps Finance retweeted
I get the same question over and over when it comes to earning yield with selling on-chain options.
Here's what closing the options and withdrawing your funds look like on @leaps_finance
1. If the price crosses before expiry, nothing happens. The options only trigger on the day of expiry.
2. You get the keep the upfront yield regardless of the outcome.
3. You can withdraw your deposit whenever you want after expiry.
Of the 126 Leaps positions expiring last week, 93 of them did not end up triggering.
93 positions, users deposited and withdrew.
33 positions, users deposited and buy or sold at their price.
All 126 got paid yield upfront regardless of the positions triggering.
Create Leaps positions with SOL, USDC, and BTC and earn yield upfront!
