The P2P.Army options scanner: filters, parity, alerts and a checklist
Without filters, the top of the table is taken by far out-of-the-money options with “spreads” of tens of percent — on a penny premium that is worth nothing. We look at which filters to turn on, how to switch between cross-exchange and parity, how to set alerts and what to check before entering.
We have covered cross-exchange setups (lesson 5) and parity (lesson 6). Now — how to use the scanner day to day so you see opportunities rather than noise.
Filters
| Filter | What it does | Tip |
|---|---|---|
| Underlying | The underlying: BTC, ETH, SOL, XRP, DOGE, XAU and others | Start with BTC and ETH — they have the deepest books |
| Type | Call, put or both | — |
| Strategy | Signal types: True lock, Relative value, Watch, IV only | For locks — True lock only; Relative value — deliberately |
| Exchanges | Setups with both legs on the selected exchanges | Only exchanges where you have an account and margin |
| Days to expiry | A range of days to expiry | From 7 days: the shortest options have the jumpiest prices |
| Min net % | The minimum spread after estimated fees | Do not set 0: drop setups that slippage would eat |
| Min IV spread | The minimum volatility gap (0.05 = 5 points) | For volatility signals without a price crossing |
| Near-the-money | The strike’s distance from spot |ln(K/S)| | 0.1–0.15: near the money books are tighter and quotes more reliable |
Modes: cross-exchange and parity
The switch above the table changes the mode. Cross-exchange — one option on two exchanges (lesson 5). Put-Call Parity — a call, a put and the underlying on one exchange (lesson 6), with its own filters: direction (conversion or reversal), minimum 24-hour volume, days to expiry. The Search, Favorites, Alerts and Finished modes work as in other P2P.Army scanners: search, favorites, active and fired alerts.
Alerts
Alerts require a linked Telegram account. There is also a signal subscription for all setups with your thresholds; a separate option sends any True lock regardless of thresholds — worth seeing all of them, because they are rare and disappear quickly.
Pre-entry checklist
- 1
The signal type is clear
True lock — the same settlement currency. Relative value — you hold coin against USDT and understand where the gap comes from (lesson 4). - 2
The IV spread explains the price
If the legs’ IV is the same, the price gap is more likely conversion than a market error. - 3
Order books on the exchanges
Open the instruments via the links and check that the bid and ask cover at least your position size. - 4
Fees with caps
Calculate fees for both legs, exercise and buying coin for the premium — as in lesson 5. - 5
Margin for the short leg
Find out the margin requirement on the short leg’s exchange and keep a buffer for price rises (lesson 8). - 6
Contract size
The quantity in coins on both legs must match, taking the contract multiplier into account. - 7
Setup history
A setup that has held for hours and shows on the history chart is more reliable than one that flickered.
Frequently asked questions
Which filters should I turn on in the options scanner?
Moneyness no more than 0.1–0.15, at least 7 days to expiry, only your exchanges and a minimum net % above zero. This removes phantom spreads on penny options.
What does Near-the-money mean in the filter?
The strike’s distance from spot, |ln(K/S)|. 0.15 is roughly ±15% of the current price. Near the money, books are tighter and quotes more reliable.
How does a setup alert work?
You set a threshold for net % and/or the IV spread. When the setup reaches it, Telegram sends a message and the alert closes.
How is parity mode different from cross-exchange mode?
Cross-exchange mode compares one option on two exchanges. Parity mode looks for gaps between a call, a put and the underlying on one exchange.
Sources
- 1.P2P.Army: options arbitrage scannerP2P.Army10/31/2026official
- 2.FeesDeribit10/22/2026
- 3.
- 4.Binance Options Trading FeesBinance3/6/2026
About the author
Crypto expert, arbitrage trader and investor
Crypto expert and hands-on crypto arbitrage trader, investor and software developer with over 20 years of experience. On the P2P.Army blog he covers exchange news, P2P and cross-exchange arbitrage.
- Crypto arbitrage
- P2P arbitrage
- Cross-exchange arbitrage
- Crypto exchanges
- Investing
- Software development
