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:
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!
CEXs today offer users yield upfront by selling options under the term of 'Dual Income Investment' Products
Their products require KYC, requires you to deposit into their accounts first, and offers lower yield than Leaps Finance.
Leaps Finance is built by the RPS team, a company specializing in Solana on-chain liquidity management, supported by @SuperteamBlack and backed by @OrangeDAOxyz @Delphi_Ventures and Wintermute Construct.
Top 5 misconceptions around selling defi options
1. Your call or put triggers the moment the price hits - Options are not limit orders, the outcome is determined on the day of expiry, not whenever the price touches your strike.
2. The "60% yield" upfront is too good to be true - its not just yield, its payment: you are being compensated for taking the risk of promising to sell or buy at a future date by the option buyer. This yield is being paid to thousands of option sellers (institutions and individuals) daily in tradfi and crypto.
3. You have to give back the upfront cash (premium) if the option triggers - no you keep this cash no matter the outcome.
4. You need BTC to sell BTC options - no, you need BTC if you want to sell a covered call, but you use USDC to sell a BTC cash secured put. If it triggers, you will buy BTC lower, but if it doesn't, you earn and stack USDC.
5. Options are hard to learn and very risky - Leaps makes options into a simple yield farming activity that you can repeat weekly: only 3 clicks to get started. Its a limit order that pays you upfront no matter if it triggers or not.
Which one surprised you most?
Leaps Finance retweeted
整体来看，通过做市商竞价拍卖将复杂期权抽象为极简的 Upfront 现金体验，极大降低了用户心智门槛。
TL;DR for English frens: A breakdown of how @leaps_finance redefines capital efficiency for Solana spot holders via upfront yield. Highly intuitive & composable. cc @richardkingxyz