Parity-implied financing rate by expiry, deep ITM AAPL strikes
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.
| expiry | parity_rate_pct | tenor_label | strike_count |
|---|---|---|---|
| Jan 2027 | 6.17 | 2.3 months | 18 |
| Feb 2027 | 5.06 | 3.4 months | 7 |
| Mar 2027 | 3.84 | 4.4 months | 5 |
| Apr 2027 | 5.35 | 5.3 months | 9 |
| Sep 2027 | 4.29 | 10.3 months | 12 |
| Dec 2027 | 4.38 | 13.3 months | 8 |
| Jan 2028 | 4.37 | 14.5 months | 7 |
| Mar 2028 | 4.37 | 16.3 months | 2 |
- Rows × columns
- 8 × 4
- 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 |
|---|---|---|---|
expiry |
text | 8 distinct values (Apr 2027, Dec 2027, Feb 2027…) | |
parity_rate_pct |
number | 3.84 to 6.17 | percent |
tenor_label |
text | 8 distinct values (10.3 months, 13.3 months, 14.5 months…) | |
strike_count |
number | 2 to 18 | US dollars |
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.
SELECT
formatDateTime(expiration_date, '%b %Y') AS expiry,
round(avg(rate_pct), 2) AS parity_rate_pct,
concat(toString(round(avg(term_days) / 30.44, 1)), ' months') AS tenor_label,
toUInt32(count()) AS strike_count
FROM
(
SELECT
expiration_date,
strike_price,
max(days_to_expiry) AS term_days,
100 * log(toFloat64(strike_price) / (avg(toFloat64(underlying_close))
- avgIf(toFloat64(option_close), leg = 'call')
+ avgIf(toFloat64(option_close), leg = 'put')))
/ (max(days_to_expiry) / 365.0) AS rate_pct
FROM
(
SELECT
expiration_date,
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 toFloat64(option_close) > 0
AND days_to_expiry BETWEEN 45 AND 600
AND toDayOfWeek(expiration_date) = 5
AND toDayOfMonth(expiration_date) BETWEEN 15 AND 21
AND toFloat64(strike_price) / toFloat64(underlying_close) BETWEEN 0.60 AND 0.90
)
GROUP BY expiration_date, strike_price
HAVING countIf(leg = 'call') > 0
AND countIf(leg = 'put') > 0
)
GROUP BY expiration_date
HAVING count() >= 2
ORDER BY expiration_date
LIMIT 12
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