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…

Trading Covered Calls on XRP with Deribit

At Terramatris we are always exploring new ways to structure option strategies around crypto assets. One of the more interesting challenges we've faced recently is figuring out how to trade covered calls on XRP.

Covered calls are one of the most popular options income strategies because they allow investors to generate option premium while maintaining long-term exposure to an asset. If you're new to covered calls, start with our guide: How to Generate Income With Ethereum Covered Calls.

While Ethereum options markets are relatively mature, XRP options remain more challenging…