Technical Architecture
Each PERPS+ enhancer executes one or two options trades that reshape your perp position's risk profile. This page explains exactly what happens for each enhancer type, on both long and short positions.
Limit My Loss
Purpose: Cap your maximum loss at a percentage you choose, while keeping your full profit potential.
What you configure:
Max I'm willing to lose: a percentage slider. The available range depends on your chosen duration: 5–8% for 1W, 5–10% for 2W, 5–15% for 1M, 5–20% for 2M.
Duration: how long the protection lasts (1W / 2W / 1M / 2M)
Cost: You pay a one-time premium upfront to buy the protective option.
On a Short Position
You profit when the price goes down. Your risk is the price going up.
PERPS+ buys an out-of-the-money (OTM) call option, with a strike price set above the current price at your chosen loss threshold.
If the price squeezes up past your strike, the call option gains offset your perp's losses — effectively capping your downside.
Your profit on the downside remains uncapped.
Example: You're short BTC at ~$70,000 with 10x leverage. You set "Max I'm willing to lose" to 10%. PERPS+ buys a BTC call with a ~$77,000 strike. If BTC runs to $85,000, the call pays out to offset losses beyond -10%. If BTC drops, you keep your full short profit.
Under the hood: Buys [ASSET]-[EXPIRY]-[STRIKE]-C
On a Long Position
You profit when the price goes up. Your risk is the price going down.
PERPS+ buys an out-of-the-money (OTM) put option, with a strike price set below the current price at your chosen loss threshold.
If the price drops past your strike, the put option gains offset your perp's losses.
Your profit on the upside remains uncapped.
Under the hood: Buys [ASSET]-[EXPIRY]-[STRIKE]-P
Summary
Short
Price goes up
Buy OTM Call
Capped at your chosen %
Full downside profit
Long
Price goes down
Buy OTM Put
Capped at your chosen %
Full upside profit
Get Paid to Hold
Purpose: Collect income upfront by selling away some of your profit potential.
What you configure:
Cap my profit at: a percentage slider. The available range depends on your chosen duration: 5–8% for 1W, 5–10% for 2W, 5–15% for 1M, 5–20% for 2M.
Duration: how long the income-generating position lasts (1W / 2W / 1M / 2M)
Cost: None: you receive a premium. The tighter you cap your profit (closer to the current price), the more you get paid.
On a Short Position
PERPS+ sells an out-of-the-money (OTM) put option, with a strike price set below the current price at your chosen profit cap.
You collect the put premium immediately.
If BTC drops below the put's strike, the sold put's losses offset further gains from your short — capping your profit at the chosen level.
Your loss exposure on the upside remains the same as a naked perp.
Example: You're short BTC at ~$70,000. You set "Cap my profit at" to 10%. PERPS+ sells a BTC put with a ~$63,000 strike and you receive ~$1,775 upfront. If BTC drops to $50,000, your perp profits — but the put you sold creates an offsetting loss below $63,000, capping your net gain. If BTC rallies, your position behaves exactly as it would without PERPS+.
Under the hood: Sells [ASSET]-[EXPIRY]-[STRIKE]-P
On a Long Position
PERPS+ sells an out-of-the-money (OTM) call option, with a strike price set above the current price at your chosen profit cap.
You collect the call premium immediately.
If the asset rallies above the call's strike, the sold call's losses offset further gains from your long, capping your profit.
Your loss exposure on the downside remains unchanged.
Under the hood: Sells [ASSET]-[EXPIRY]-[STRIKE]-C
Summary
Short
Sold put
Sell OTM Put
Same as naked perp (upside risk unchanged)
Capped at your chosen %
Long
Sold call
Sell OTM Call
Same as naked perp (downside risk unchanged)
Capped at your chosen %
Lock My Range
Purpose: Define both your maximum loss and maximum profit before you enter, with approximately zero net cost.
What you configure:
Set my range: a single percentage slider that anchors the loss cap; the profit cap adjusts automatically to keep the net cost near $0. The available range depends on your chosen duration: 5–8% for 1W, 5–10% for 2W, 5–15% for 1M, 5–20% for 2M.
Duration: expiry window (1W / 2W / 1M / 2M)
Cost: Approximately $0. The premium paid for the protective option is offset by the premium received from the sold option. The exact profit cap may differ from the loss cap due to options skew: for example, a 10% loss cap might pair with a 15% profit cap.
On a Short Position
PERPS+ buys an OTM call (same as Limit My Loss — caps your upside loss) and sells an OTM put (same as Get Paid to Hold — caps your downside profit).
The two premiums roughly cancel out.
You know your exact worst case and best case before entering.
Example: You're short BTC at ~$70,000. You set the range to 10%. PERPS+ buys a $77,000 call and sells a $63,000 put. Your worst case is -10% (-$7,018); your best case is +15% (+$10,527). The asymmetry (10% loss vs 15% gain) reflects the current options skew making the put premium slightly larger than the call premium.
Under the hood: Buys [ASSET]-[EXPIRY]-[STRIKE]-C · Sells [ASSET]-[EXPIRY]-[STRIKE]-P
On a Long Position
PERPS+ buys an OTM put (caps downside loss) and sells an OTM call (caps upside profit).
Net cost ≈ $0.
Under the hood: Buys [ASSET]-[EXPIRY]-[STRIKE]-P · Sells [ASSET]-[EXPIRY]-[STRIKE]-C
Summary
Short
Buy OTM Call + Sell OTM Put
Capped (your chosen %)
Capped (auto-adjusted)
~$0
Long
Buy OTM Put + Sell OTM Call
Capped (your chosen %)
Capped (auto-adjusted)
~$0
For Options Traders: What's Actually Happening
If you're already familiar with options strategies, here's the mapping:
Limit My Loss
Protective call (long OTM call)
Protective put (long OTM put)
Get Paid to Hold
Short OTM put (cash-secured by perp gains)
Covered call (short OTM call)
Lock My Range
Collar (long call + short put)
Collar (long put + short call)
The strike prices are determined by the percentage slider and the current mark price. The expiry is selected via the duration picker. PERPS+ handles all sizing, strike selection, and order execution automatically.
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