Start with what you hold
10 units bought at a reference price of 100. Every point the price falls costs you 10. Below 100 the line keeps sliding all the way to zero.
positionPnl = 10 × (S_T − 100)
Protective put planning · open beta
Claritybefore thehedge.
Cushion shows what a protective put really buys you: the premium, the contracts, the coverage and your position at expiry, side by side, before you go to any venue.
3candidates side by side
201points per payoff curve
0orders ever placed
MARKETS
Connecting to CoinGecko…
How it works
Watch a floor form under a falling price.
One holding, one put, three curves. Scroll to build the hedge step by step.
Your position, unhedgedSandbox data
Price a put that pays when it falls
Ten puts struck at 90 cost 2 each, plus a 1-unit fee. Above 90 they expire worthless, so the cost of 21 is all you see. Below 90 they pay 10 for every point.
putPnl = 10 × max(90 − S_T, 0) − 21
Add them together
The combined line flattens at −121. That is your floor at expiry for any price under 90. Above it, you keep the upside minus the 21 you paid.
combined = positionPnl + putPnl → floor −121
Try it
Move the market. Change the cover.
Drag the expiry price and the share of your holding you protect. Partial cover leaves part of the position exposed below the strike, and the chart shows it.
Unhedged−400
With puts−121
Hedge cost21
Worst case−121
Sandbox: DEMO spot 100, 10 units, put K 90 at 2 per contract, fee 1. Not a live quote.
UnhedgedWith puts
Why Cushion
Built to be checked, not trusted.
Exact decimal arithmetic
Every premium, fee and payoff is computed with arbitrary-precision decimals. Floating point only ever places pixels on a chart.
0.1 + 0.2 = 0.3 ✓ decimal
0.1 + 0.2 = 0.30000000000000004 ✕ float
Every number is labeled
Sandbox, live, stale or unavailable. You always know where a quote came from and when.
Frozen revisions
Saving locks inputs and quotes together. Refreshing writes a new revision instead of rewriting the old one.
Live market context
Spot prices from CoinGecko and an options chain from Deribit's public API, read straight from your browser.
Export everything
JSON or CSV with every assumption and all 201 scenario points, ready for your own spreadsheet.
Honest about what's missing
Unsupported settlement, a missing multiplier, an expiry before your horizon or a budget too small for one contract each get their own plain message.
Private by design
Your hedges stay in your browser. Nothing about your holdings is sent anywhere, and no wallet or API key is ever requested.
Boundaries
What Cushion will never do.
✕Place an order or move funds
✕Call a saved plan "protected"
✕Model short options or leverage
✕Guess a contract convention
✕Swap a dead feed for sample data
✕Forecast prices or recommend trades
Community
Follow the build.
Release notes, new venues and questions about the math. Official channels only; Cushion will never DM you first or ask for keys.
Ready when you are
Know the price of your floor.
Open the Studio with the sandbox loaded, or switch to live Deribit quotes and set your own fee assumptions.
Hedge Studio
Build and compare.
Describe the holding, pick up to three puts, read the outcome at expiry.
Option chain
Result at option expiry
Comparison
Click a column to sortOutcome table
PnL after premium and fees
Markets
Live context.
Spot prices and listed puts, read from free public APIs in your browser. Shown for reference; a quote only enters a hedge when you bring it into the Studio.
Spot
Put chain explorer
Source: Deribit public API (get_instruments, get_book_summary_by_currency).
My Hedges
Saved scenarios.
Each hedge keeps every revision with its frozen inputs and quotes. They live in this browser only.
← My Hedges