Implied financing rate at each AAPL LEAPS strike, versus the 1-year Treasury
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-11-07, from LEAPS vs Margin Loan: The Financing Cost.
| strike | parity_rate_pct | dividend_adjusted_pct | treasury_1y_pct | dividend_adjustment_bps |
|---|---|---|---|---|
| $180 | 3.46 | 3.97 | 4.28 | 51 |
| $220 | 3.4 | 3.82 | 4.28 | 42 |
| $240 | 4.68 | 5.07 | 4.28 | 39 |
| $250 | 4.5 | 4.87 | 4.28 | 37 |
| $270 | 4.38 | 4.73 | 4.28 | 34 |
| $280 | 4.62 | 4.95 | 4.28 | 33 |
| $290 | 4.56 | 4.88 | 4.28 | 32 |
| $300 | 4.47 | 4.78 | 4.28 | 31 |
| $310 | 4.38 | 4.68 | 4.28 | 30 |
| $320 | 4.07 | 4.36 | 4.28 | 29 |
- Rows × columns
- 10 × 5
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
strike |
text | 10 distinct values ($180, $220, $240…) | |
parity_rate_pct |
number | 3.4 to 4.68 | percent |
dividend_adjusted_pct |
number | 3.82 to 5.07 | percent |
treasury_1y_pct |
number | every row is 4.28 | percent |
dividend_adjustment_bps |
number | 29 to 51 |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH
(
SELECT round(toFloat64(yield_1_year), 2)
FROM global_markets.treasury_yields
WHERE date <= (
SELECT max(date)
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
)
ORDER BY date DESC
LIMIT 1
) AS treasury_1y,
(
SELECT round(sum(paid), 4)
FROM
(
SELECT max(toFloat64(cash_amount)) AS paid
FROM global_markets.stocks_dividends
WHERE ticker = 'AAPL'
AND ex_dividend_date <= (
SELECT max(date)
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
)
AND ex_dividend_date > subtractDays(
(
SELECT max(date)
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
), 365)
GROUP BY ex_dividend_date
)
) AS trailing_dividends
SELECT
strike,
round(100 * log(strike_k / financed) / term_years, 2) AS parity_rate_pct,
round(100 * log(strike_k / (financed - trailing_dividends)) / term_years, 2) AS dividend_adjusted_pct,
treasury_1y AS treasury_1y_pct,
round(10000 * (log(strike_k / (financed - trailing_dividends))
- log(strike_k / financed)) / term_years, 0) AS dividend_adjustment_bps
FROM
(
SELECT
concat('$', toString(toUInt32(strike_price))) AS strike,
toUInt32(strike_price) AS strike_sort,
toFloat64(strike_price) AS strike_k,
avg(toFloat64(underlying_close))
- avgIf(toFloat64(option_close), leg = 'call')
+ avgIf(toFloat64(option_close), leg = 'put') AS financed,
max(days_to_expiry) / 365.0 AS term_years
FROM
(
SELECT
strike_price,
underlying_close,
option_close,
days_to_expiry,
if(lower(toString(option_type)) LIKE 'c%', 'call', 'put') AS leg
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND date = (
SELECT max(date)
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
)
AND expiration_date = (
SELECT expiration_date
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND date = (
SELECT max(date)
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
)
AND days_to_expiry >= 200
AND toDayOfWeek(expiration_date) = 5
GROUP BY expiration_date
ORDER BY abs(toInt32(max(days_to_expiry)) - 450) ASC
LIMIT 1
)
AND toFloat64(option_close) > 0
AND toFloat64(strike_price) / toFloat64(underlying_close) BETWEEN 0.50 AND 0.95
AND modulo(toUInt32(strike_price), 10) = 0
)
GROUP BY strike_price
HAVING countIf(leg = 'call') > 0
AND countIf(leg = 'put') > 0
ORDER BY strike_price
LIMIT 12
)
ORDER BY strike_sort
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