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Are Binance options a joke? What the hell happened here?

Binance

Cryptocoins Exchanges / Binance 210 Views

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Thought i'd have a 'tester' trade to put my knowledge to test via Binance app options (so American style options). I must have fucked up somehow?

I bought a daily put when the underlying asset was around $42,6xx

It gave me a strike price of $42,584 - which I thought ok w/e probably based on margin price - but then it gave me a breakeven price of $40,179???

https://imgur.com/a/I1fYswy

I thought breakeven price was strike price - premium as stated here: https://www.binance.com/en/blog/421499824684900531/how-to-get-started-with-binance-options

"Suppose you purchase a 1-day BTC put option at a strike price of $13,000 with a premium of 200 USDT.... Bitcoin must move below your breakeven price of the trade at expiration or settlement. In this scenario, the breakeven price will be as follows: $13000 - $200 = $12,800."

So how the hell did I end up with a breakeven price difference of Β£2,405 when my premium was Β£62.51?

I'm sure i've fucked up somewhere but anyone able to show me where?

TY

submitted by /u/Dreamingofren
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