Options Strategies

Toros offers automated options-based strategies built around Toros Perpetual Options. These products span both sides of the options marketplace — income strategies for LPs (Covered Call, Short Volatility) and downside-protected leverage for traders (Protected Leveraged Tokens). All run without manual expiry or strike management.

Ticker	Strategy	Market View	Chain
BTCCOVCALL1X	Covered Call	Income in range-bound to moderately bullish conditions	Arbitrum
BTCBEARVOL1X	Short Volatility	Range-bound volatility strategy	Arbitrum
BTCBULLP1X	Protected Leveraged Token	Leveraged upside with downside protection	Arbitrum
BTCBULLP2X	Protected Leveraged Token	Leveraged upside with downside protection	Arbitrum
BTCBULLP3X	Protected Leveraged Token	Leveraged upside with downside protection	Arbitrum

Available Strategies

Covered Call

An income strategy that turns BTC exposure into recurring cash flow through the Toros Covered Call LP. Best suited for range-bound or moderately bullish conditions, with full downside and capped upside.

Learn more about Covered Call

Short Volatility

A volatility-focused strategy built for quieter BTC conditions. It combines the Toros Covered Call LP with an actively rebalanced BTC short on Aave to reduce directional exposure and focus on contained price action.

Learn more about Short Volatility

Protected Leveraged Tokens

An options-based strategy that combines leveraged upside exposure with downside protection. PLTs use Toros Perpetual Options to establish a protection floor — PLT holders pay ongoing funding and premium fees, while the Covered Call LP acts as counterparty. Available in 1x, 2x, and 3x Bitcoin leverage on Arbitrum.

Learn more about Protected Leveraged Tokens