# Payoff Dynamics

The following diagram shows the payoff dynamics for a Passage (2-day, 2x) with a BTC spot price of $16,500 and a width of 2% above and below spot. The high range is $16,830 and the low range is $16,170. BTC spot price must remain within that price range for the full 48 hours to achieve 100% profit (2x). The breakeven of a Passage would be the term divided by the multiple, so a 2x (48 hr) would breakeven in 24 hours.\ <br>

<figure><img src="/files/XdhX6i4xnvk8cPlg0Ox7" alt=""><figcaption></figcaption></figure>

**Scenario, Matched Trade between Stay In and Breakout investors**

**Stay In Investor**\
Asset: BTC\
Spot price: $16,500\
Investment: Stay in, $100

Range width (%): 2%\
Range ($): $16,830 - 16,170\
Contract term: 2-day\
Contract max profit: 100%\
First breakout: 12 hrs\
\
**Breakout Investor**\
Asset: BTC\
Spot price: $16,500\
Investment: Breakout, $100

Range width (%): 2%\
Range ($): $16,830 - 16,170\
Contract term: 2-day\
Contract max profit: 100% \
First breakout: 12 hrs\
\
**Payoff calculation for 2x 2 day contract above**\
\
2X \* Fraction of term (12/48hrs) 0.25 = 0.5X\
\
**Stay In: 200\*0.5X = $50**\
**Breakout: 200 - ($50.00) = $150**


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