{"slug":"leaps-vs-margin-loan-financing-cost","qid":"rate_by_expiry","label":"rate_by_expiry","post_title":"leaps-vs-margin-loan-financing-cost","post_url":"/blog/leaps-vs-margin-loan-financing-cost#q-rate_by_expiry","columns":["expiry","parity_rate_pct","tenor_label","strike_count"],"rows":[{"expiry":"Nov 2026","parity_rate_pct":3.77,"tenor_label":"1.9 months","strike_count":11},{"expiry":"Dec 2026","parity_rate_pct":5.09,"tenor_label":"2.8 months","strike_count":16},{"expiry":"Jan 2027","parity_rate_pct":4.28,"tenor_label":"3.7 months","strike_count":15},{"expiry":"Feb 2027","parity_rate_pct":4.21,"tenor_label":"4.9 months","strike_count":4},{"expiry":"Mar 2027","parity_rate_pct":4.2,"tenor_label":"5.8 months","strike_count":4},{"expiry":"Apr 2027","parity_rate_pct":4.53,"tenor_label":"6.7 months","strike_count":5},{"expiry":"Sep 2027","parity_rate_pct":4.66,"tenor_label":"11.8 months","strike_count":6},{"expiry":"Dec 2027","parity_rate_pct":4.5,"tenor_label":"14.8 months","strike_count":2},{"expiry":"Jan 2028","parity_rate_pct":4.8,"tenor_label":"15.9 months","strike_count":7}],"shape":"ranking","sql":"SELECT\n    formatDateTime(expiration_date, '%b %Y')                        AS expiry,\n    round(avg(rate_pct), 2)                                         AS parity_rate_pct,\n    concat(toString(round(avg(term_days) / 30.44, 1)), ' months')   AS tenor_label,\n    toUInt32(count())                                               AS strike_count\nFROM\n(\n    SELECT\n        expiration_date,\n        strike_price,\n        max(days_to_expiry) AS term_days,\n        100 * log(toFloat64(strike_price) / (avg(toFloat64(underlying_close))\n            - avgIf(toFloat64(option_close), leg = 'call')\n            + avgIf(toFloat64(option_close), leg = 'put')))\n            / (max(days_to_expiry) / 365.0) AS rate_pct\n    FROM\n    (\n        SELECT\n            expiration_date,\n            strike_price,\n            underlying_close,\n            option_close,\n            days_to_expiry,\n            if(lower(toString(option_type)) LIKE 'c%', 'call', 'put') AS leg\n        FROM global_markets.options_greeks\n        WHERE underlying_symbol = 'AAPL'\n          AND date = (\n                SELECT max(date)\n                FROM global_markets.options_greeks\n                WHERE underlying_symbol = 'AAPL'\n          )\n          AND toFloat64(option_close) > 0\n          AND days_to_expiry BETWEEN 45 AND 600\n          AND toDayOfWeek(expiration_date) = 5\n          AND toDayOfMonth(expiration_date) BETWEEN 15 AND 21\n          AND toFloat64(strike_price) / toFloat64(underlying_close) BETWEEN 0.60 AND 0.90\n    )\n    GROUP BY expiration_date, strike_price\n    HAVING countIf(leg = 'call') > 0\n       AND countIf(leg = 'put') > 0\n)\nGROUP BY expiration_date\nHAVING count() >= 2\nORDER BY expiration_date\nLIMIT 12","computed_at":"2026-09-25T15:04:25.660322+00:00","elapsed":0.00481602}