In CoinEx Dual Investment, returns are not calculated based on unpredictable market fluctuations, but rather on a mathematically precise “fixed-income contract” that is fully locked in at the moment of purchase. Your final return is determined by two core variables: the promised annualized yield (APY) and the product term. The calculation model is clear and transparent, like a precise clock that automatically pays out after the predetermined time.
The core formula is straightforward: Actual Return = Invested Principal × Promised Annualized Yield × (Investment Days / 365). All parameters are completely determined when you place your order. For example, if you invest 1 Bitcoin (BTC) and choose a bullish dual-currency product with a promised annualized yield of 15% and a term of 30 days, your Bitcoin return would be: 1 BTC × 15% × (30 / 365) ≈ 0.01233 BTC. Regardless of whether the price of Bitcoin surges to $100,000 or falls to $30,000 after 30 days, this 0.01233 BTC interest remains unchanged and belongs to you. The platform clearly displays the calculation results, eliminating the need for users to perform the calculations themselves.
So, how is the crucial “promised annualized return” generated? This isn’t arbitrarily set by the platform; it’s calculated in real-time by a professional option pricing model (such as a variant of the Black-Scholes model), with implied volatility as its core input variable. Implied volatility reflects the market’s expectation of future price volatility. During bear market panics or bull market frenzies, market volatility intensifies, and implied volatility can surge from the normal 50% to over 100%. At such times, the annualized return offered by dual-currency investments often surges in tandem, potentially reaching 30%, 50%, or even higher. For example, during the market turmoil triggered by the LUNA crash in 2022, related volatility indicators skyrocketed, and the returns of such products were significantly higher than during calmer periods.
In actual settlement, the form of return realization depends on the comparison between the maturity price and the strike price, but the fixed interest portion remains absolutely unchanged. Using the example above (investing 1 BTC, 30 days, 15% annualized return, strike price set at $62,000), let’s assume the spot price of Bitcoin at maturity is $68,000 (higher than $62,000). In this case, the contract is exercised, and your principal BTC will be sold at the strike price of $62,000. You ultimately receive: 62,000 USDT + 0.01233 BTC in fixed interest. Your total return is “cash + interest”.
Conversely, if the spot price at maturity is $58,000 (lower than $62,000), the contract is not exercised. Your principal of 1 BTC will be returned, and you will still receive 0.01233 BTC in interest. You ultimately hold: 1 BTC + 0.01233 BTC. In this case, your return is exactly equal to the 15% annualized yield (in BTC terms).
Therefore, when calculating returns, it is essential to understand “opportunity cost” or “price difference profit/loss”. In the first scenario where the option is exercised, your total asset value needs to be compared to the strategy of “holding 1 BTC until maturity.” You earned 0.01233 BTC in interest, but sold the BTC at $62,000 instead of $68,000, incurring a $6,000 price difference loss (opportunity cost). The final profit and loss needs to be calculated comprehensively. The platform guarantees the payment of fixed interest, but does not guarantee that your total asset value will necessarily be better than simply holding the BTC.
The same principle applies to calculating the return on a bearish dual-currency investment using stablecoins (such as USDT). Assuming an investment of 10,000 USDT, an annualized return of 18%, and a term of 14 days, the fixed interest would be: 10,000 USDT × 18% × (14 / 365) ≈ 69.04 USDT. If the price of the maturing asset is lower than the strike price, you will buy the underlying asset at the strike price and receive 69.04 USDT in interest; if it is higher than the strike price, you will recover your 10,000 USDT principal and earn 69.04 USDT in interest.
After understanding the return calculation, the key to optimizing your strategy lies in choosing appropriate product parameters based on your market outlook. If you are strongly bullish, you can choose a strike price significantly higher than the market price to earn fixed interest with a very high probability (e.g., over 85%), although the yield may only be 8% annualized, but there is almost no risk of exercise. If you believe the market will fluctuate wildly but the direction is unclear, you can choose a strike price close to the market price, in which case the annualized yield may be as high as 25% or more, but the probability of exercise is also close to 50%. Your potential return (interest) is always proportional to the risk you bear (probability of exercise).
In short, the return calculation for CoinEx Dual Investment is an art combining certainty and choice. The certainty lies in the fact that the fixed interest, written in black and white, is like a bond coupon at maturity—it will definitely be paid out. The selectivity lies in the fact that by actively choosing the exercise price and term, you determine the market risk exposure you will bear to receive this interest. It eliminates the difficulty of directional prediction, anchoring returns to time value and volatility premium. Before participating, please carefully read the return examples on the product page, which simulate calculations using your actual investment, allowing you to clearly see all possible return outcomes before pressing the confirmation button.