01 · Actual price history and selected time
Hyperliquid same ticker PERP Use completed candles as the common underlying price. Not exchange cash-equity prices or Callput Not historical option quotes. ETF SPY·QQQ are not replaced with other indices. Entry·Exit is at the selected candle close KST is displayed. Stocks PERP may trade while the cash market is closed.
02 · Equal starting capital
Long-option premium·Short-option collateral·Spot purchase capital·PERP Allocate equal starting capital to isolated margin. Entry fees are included in the budget. Fractional units do not reproduce US option 100 share contract·Minimum order sizes are not reproduced. One-way fees apply to option trading premium, Spot and PERP Applied to notional value. Slippage·Bid–Ask·Gas is excluded.
03 · Options are Black–Scholes Theoretical model
Fix the strike at entry and apply the input IV·Rates·Use the same dividend yield throughout. European theoretical prices, not historical IV·Quote·Early exercise is excluded. Long call·Short call·Long put·Compare single-leg short puts.
At expiry, settle intrinsic value at the last completed pre-expiry close. Settlement is approximated at candle resolution. After settlement, retain net assets without automatic re-entry. No exit trading fee is charged at expiry settlement.
Short options use comparison-only collateral assumptions. For calls, collateral per unit is entry spot, For puts, collateral is the strike per unit 100%is allocated as cash collateral. Quantity = Starting capital / (Collateral per unit + Entry premium × Fee rate). Premium received stays in cash and is not reused to increase quantity. P&L = Quantity × (Entry premium − Option value at exit) − Fees. Pay intrinsic value at expiry without a buyback fee.
This collateral is not exchange·Not an actual broker margin rule. Option margin call·Forced liquidation·Early assignment·Physical delivery is excluded. Standalone short calls are uncovered and have unlimited loss. If net assets are negative 0 and show the unpaid debt instead of flooring at. Short puts assume cash collateral equal to the strike.
IV The slider uses the latest completed data up to entry 31 daily candles 30 log returns are used HV based on 0.5~2 Adjust the multiplier. Sample standard deviation √365 Multiply to annualize, Cash equity 252 Trading day HV rather than PERP Reference-price basis. Use daily candles regardless of chart interval, Post-entry prices are excluded. Disable the multiplier when history is insufficient or discontinuous IV Show direct input. Selected IV is fixed throughout the simulation and is not historical market IV is not.
04 · PERP Funding and liquidation approximations
Funding uses initial notional, the assumed 8-hour rate and elapsed time. Positive funding is paid by Long and received by Short; negative funding reverses this. Long liquidation checks subsequent candle lows and downward gaps. Short liquidation checks subsequent candle highs and upward gaps. Entry candle extremes are excluded. After liquidation the remaining cash is held. Opening liquidation stops funding at the open. Intrabar liquidation uses the less favorable funding endpoint; exact execution time is unknown.
This is a simplified isolated Long/Short model, using assumed funding rather than historical funding. It does not reproduce exchange mark prices, margin tiers, liquidation fees, insurance funds or intrabar execution order.
