Half a month ago, I sold 2,000 ETH December 26th expiry, $5,000 strike price Calls on Binance. At the time, I was in a rush to open the position, so I only prepared half the margin, which was like adding a bit of leverage, but the overall risk wasn’t too high. Now, the margin for these 2,000 ETH is fully in place, meaning the Calls are completely covered. At the same time, I’ve converted all the ETH into WBETH, which means I can still enjoy an additional layer of staking rewards before December 26th. It’s worth mentioning that Binance’s options liquidation mechanism is different from Deribit’s. On Binance, the seller faces “manual liquidation” instead of fully automated triggers, which essentially gives you some buffer time for a margin call. If you use a covered call strategy, convert ETH to WBETH, and then sell Calls, the risk is basically manageable. This is also why I think Binance has an edge over Deribit when it comes to back-to-back Call selling strategies.