llms.txt
# Crypto Spread
> Live dashboard of an automated trading bot that sells weekly credit spreads on BTC and ETH options at Deribit: account value, open positions, every deal, win rate, profit factor, Sharpe, Sortino and drawdown, updated every minute.
Crypto Spread is an automated options-trading bot with a public, read-only dashboard at https://cryptospread.trade. Every Friday at 08:05 UTC the bot sells a call spread on BTC and a put spread on ETH at Deribit: the sold strike at least 0.5 × the 14-day average daily move from the price, the bought strike 2 strikes further out, on the next Friday expiry, held to settlement. Each spread risks 1.0% of the account. It trades with limit orders only, on a $100,000 demo account on the Deribit test exchange, and this page is its live record: account value, open positions, every finished deal and the performance metrics.
Snapshot taken 18 Oct 2026 00:25 UTC; the bot refreshes it every minute. Next entry window: 23 Oct 2026 08:05 UTC to 23 Oct 2026 10:00 UTC.
## Performance
- Account value (demo): $98,628.34 ($100,000 starting capital, -$1,371.66)
- Risk per spread: 1.0% of the account = $986.28
- Deribit balance: 98,212.48 USDC, 96,323 free for margin (portfolio margin)
- Unrealised P&L: -$74.02 (2 open spreads, $1,910.08 at risk)
- Realised P&L: -$1,297.64 (10 finished deals)
## Metrics
| Metric | Value | Meaning |
| --- | --- | --- |
| Deals | 10 | 6 won, 4 lost |
| Win rate | 60.0% | 6 of 10 deals |
| Average gain per deal | -0.129% | of the account value when the deal opened |
| Average win | +0.302% | +$297.39 per winning deal |
| Average loss | -0.776% | -$770.50 per losing deal |
| Return on risk | -27.2% | average P&L per deal divided by that deal's maximum loss |
| Risk : reward | 2.59 : 1 | average loss per average win |
| Profit factor | 0.58 | gross profit divided by gross loss |
| Expectancy | -$129.76 | average P&L per deal |
| Total return | -1.37% | since 14 Sep 2026 16:34 UTC |
| Sharpe ratio | -2.02 | annualised, from 34 daily returns |
| Sortino ratio | -2.40 | like Sharpe, but only losing days count as risk |
| Max drawdown | -$3,382.94 | 3.37% from the peak |
| Best / worst deal | +0.49% / -1.04% | longest losing streak: 3 |
| Max loss : credit | 5.3 : 1 | average, as filled at entry |
## Open spreads (2 of 4 allowed)
| Coin | Type | Status | Expires | Sold / bought strike | Size | Credit | Max loss | Risk budget | Unrealised P&L | Price from sold strike | Market odds it stays safe |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BTC | call spread | safe | 23 Oct 2026 08:00 UTC (5.3 days left) | 84,000 / 86,000 | 0.57 BTC | $177.08 | $962.92 | $987.02 | +$32.80 (+3% of max loss) | 3.21% | 81% |
| ETH | put spread | safe | 23 Oct 2026 08:00 UTC (5.3 days left) | 2,350 / 2,250 | 10.4 ETH | $92.84 | $947.16 | $987.02 | -$106.82 (-11% of max loss) | 2.12% | 63% |
## Working orders (limit orders resting on Deribit)
No orders working.
## Positions on Deribit (as the exchange reports them, in USDC)
| Instrument | Size | Average price | Mark | Unrealised P&L | Delta |
| --- | --- | --- | --- | --- | --- |
| BTC_USDC-23OCT26-84000-C | -0.57 | 625.00 | 353.76 | +$154.61 | -0.120 |
| BTC_USDC-23OCT26-86000-C | +0.57 | 265.00 | 100.59 | -$93.71 | 0.043 |
| ETH_USDC-23OCT26-2250-P | +10.4 | 8.20 | 13.79 | +$58.13 | -1.643 |
| ETH_USDC-23OCT26-2350-P | -10.4 | 18.60 | 32.99 | -$149.63 | 3.575 |
## Coins and the spread the bot would open now
- BTC: price $81,384. Trading on: opens one call spread every Friday between 08:05 and 10:00 UTC. Price is above its 50-day average of $81,189. The spread now, at mid prices after fees: buy the 85,000 call, then sell the 83,000 call, expiring 23 Oct 2026 08:00 UTC (5.3 days). Size for 1.0% risk: 0.56 BTC; collects $195.45, maximum loss $924.55. Sold call is 1.99% above the price (expected move to expiry 2.70%), strikes $2,000 apart, maximum loss 4.7 × the credit, market odds of profit 75%. Margin for this spread: $934 of $96,323 free (portfolio margin).
- ETH: price $2,400. Trading on: opens one put spread every Friday between 08:05 and 10:00 UTC. Price is below its 50-day average of $2,554. The spread now, at mid prices after fees: buy the 2,200 put, then sell the 2,300 put, expiring 23 Oct 2026 08:00 UTC (5.3 days). Size for 1.0% risk: 10.4 ETH; collects $104.62, maximum loss $935.38. Sold put is 4.16% below the price (expected move to expiry 4.78%), strikes $100 apart, maximum loss 8.9 × the credit, market odds of profit 77%. Margin for this spread: $931 of $96,323 free (portfolio margin).
- SOL: not traded (switched off).
## Finished deals (10)
| Coin | Type | Opened | Finished | Settlement price | Sold / bought strike | Size | Credit | Max loss | P&L | % of account | % of max loss | Result |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BTC | call spread | 9 Oct 2026 08:15 UTC | 16 Oct 2026 08:00 UTC | $82,111 | 84,000 / 86,000 | 0.59 | $218.56 | $961.44 | +$218.58 | +0.223% | +22.7% | win |
| ETH | put spread | 9 Oct 2026 08:10 UTC | 16 Oct 2026 08:00 UTC | $2,451 | 2,450 / 2,300 | 14.8 | $368.50 | $1,851.50 | +$448.09 | +0.457% | +24.2% | win |
| BTC | call spread | 2 Oct 2026 08:11 UTC | 9 Oct 2026 08:00 UTC | $82,484 | 89,000 / 92,000 | 0.35 | $106.44 | $943.56 | +$106.42 | +0.108% | +11.3% | win |
| ETH | put spread | 2 Oct 2026 08:10 UTC | 9 Oct 2026 08:00 UTC | $2,500 | 2,650 / 2,550 | 10.9 | $101.96 | $988.04 | -$996.28 | -1.007% | -100.8% | loss |
| BTC | call spread | 25 Sep 2026 08:15 UTC | 2 Oct 2026 08:00 UTC | $85,876 | 86,000 / 88,000 | 0.56 | $206.94 | $913.06 | +$206.84 | +0.211% | +22.7% | win |
| ETH | put spread | 25 Sep 2026 08:10 UTC | 2 Oct 2026 08:00 UTC | $2,728 | 2,600 / 2,500 | 22.8 | $346.42 | $1,933.58 | +$485.41 | +0.494% | +25.1% | win |
| ETH | put spread | 15 Sep 2026 07:54 UTC | 25 Sep 2026 08:00 UTC | $2,671 | 2,400 / 2,300 | 12.7 | $318.99 | $951.01 | +$319.00 | +0.322% | +33.5% | win |
| BTC | call spread | 15 Sep 2026 07:54 UTC | 25 Sep 2026 08:00 UTC | $83,931 | 78,000 / 80,000 | 0.65 | $353.52 | $946.48 | -$962.84 | -0.973% | -101.7% | loss |
| BTC | put spread | 14 Sep 2026 16:57 UTC | 15 Sep 2026 08:00 UTC | $77,025 | 78,500 / 78,000 | 2.32 | $169.88 | $990.12 | -$1,043.68 | -1.044% | -105.4% | loss |
| SOL | put spread | 14 Sep 2026 16:53 UTC | 15 Sep 2026 08:00 UTC | $100.57 | 102 / 101 | 100 | $23.83 | $76.17 | -$79.17 | -0.079% | -104.0% | loss |
## Account value by day (the equity curve)
The last value of each UTC day. "Strategy P&L" is realised plus unrealised profit of this bot's deals, at Deribit's marks.
| Date | Account value | Strategy P&L | Record |
| --- | --- | --- | --- |
| 2026-09-14 | $100,000.00 | $0.00 | real |
| 2026-10-14 | $98,096.11 | -$1,903.89 | real |
| 2026-10-15 | $98,440.45 | -$1,559.55 | real |
| 2026-10-16 | $98,654.28 | -$1,345.72 | real |
| 2026-10-17 | $98,633.82 | -$1,366.18 | real |
| 2026-10-18 | $98,629.35 | -$1,370.65 | real |
## How the bot trades
- Entry: Every Friday at 08:05 UTC the bot sells a call spread on BTC and a put spread on ETH at Deribit: the sold strike at least 0.5 × the 14-day average daily move from the price, the bought strike 2 strikes further out, on the next Friday expiry, held to settlement. Each spread risks 1.0% of the account.
- A credit spread is two options of the same type and expiry: one sold closer to the price, one bought further out as protection. The premium difference is collected up front (the credit); the most it can lose is the distance between the strikes minus the credit.
- Size: each spread is sized so that its maximum loss is 1.0% of the current account value, with at most 4 spreads open. The whole spread is one position with one risk; it is never resized to fit margin, only skipped.
- Orders: limit orders only. Each leg rests at the mid price for 15 minutes; after that it may cross to the other side of the order book for 15 minutes, never past the price the risk budget allows. No market orders.
- Leg order: the protective (bought) option is bought first, then the short option is sold for exactly the amount that filled, so the account never holds an uncovered short option. When closing, the short option is bought back first.
- If the short leg does not fill, the bought leg is sold back and the deal is recorded as "unwound" with its small realised cost; a bought option is never held on its own.
- Exit: spreads are held to expiry and settled at Deribit's delivery price (08:00 UTC).
- Costs: Deribit charges 0.03% of the underlying per option leg (capped at 12.5% of the option price) and a 0.015% delivery fee on legs that expire in the money; every figure here is after fees.
- Instruments: Deribit's dollar-settled (USDC) linear options, for example BTC_USDC-25SEP26-78000-C; prices, profit and loss are in US dollars.
- Account: a $100,000 demo account on the Deribit test exchange. Percentages are measured against the account value when each deal opened.
- Infrastructure: a Cloudflare Worker runs one bot cycle a minute and keeps its state in a Cloudflare D1 database. The website is read-only: nothing reachable from the internet can place or change an order.
## Links
- [Live dashboard](https://cryptospread.trade/): interactive, needs JavaScript
- [This page as Markdown](https://cryptospread.trade/llms.txt): the same content as text, always current
- [All dashboard data as JSON](https://cryptospread.trade/api/state): account, metrics, equity series, positions, deals, plans
- [Source code](https://github.com/ivan-getiashvili/bitcoin-credit-spread-strategy): TypeScript: the bot, the Cloudflare Worker, the dashboard, the backtests
