diff --git a/lib/hub/hub_perp_options_calc_lib.py b/lib/hub/hub_perp_options_calc_lib.py
new file mode 100644
index 0000000..771b9ab
--- /dev/null
+++ b/lib/hub/hub_perp_options_calc_lib.py
@@ -0,0 +1,146 @@
+"""中控永期对冲计算器:永续 1 币 + 按目标盈利反推期权仓位(纯函数)."""
+from __future__ import annotations
+
+from typing import Any, Optional, Tuple
+
+from lib.trade.trade_fee_lib import estimate_roundtrip_fee_usdt, taker_fee_rate
+
+DEFAULT_CT_MULT = 0.01
+PERP_COINS = 1.0
+
+
+def _f(v: Any) -> Optional[float]:
+    if v is None or v == "":
+        return None
+    try:
+        return float(v)
+    except (TypeError, ValueError):
+        return None
+
+
+def calc_perp_options_hedge(
+    *,
+    base: str = "ETH",
+    spot: float,
+    capital_usdt: float,
+    target_profit_u: float,
+    move_mode: str = "points",
+    move_value: float,
+    perp_leverage: float,
+    option_leverage: float,
+    ct_mult: float = DEFAULT_CT_MULT,
+) -> Tuple[Optional[dict[str, Any]], Optional[str]]:
+    """测算期权开仓币数/张数,并给出永续对 / 期权对两套情景.
+
+    单币权利金 = 现价 / 期权杠杆
+    权利金预算 = 永续毛收益 − 目标盈利 − 永续开平手续费
+    期权币数 = 权利金预算 / 单币权利金
+    """
+    b = (base or "ETH").strip().upper()
+    if b not in ("ETH", "BTC"):
+        return None, "币种仅支持 BTC / ETH"
+
+    s = _f(spot)
+    capital = _f(capital_usdt)
+    target = _f(target_profit_u)
+    move = _f(move_value)
+    p_lev = _f(perp_leverage)
+    o_lev = _f(option_leverage)
+    ct = _f(ct_mult)
+    mode = (move_mode or "points").strip().lower()
+    if mode not in ("points", "pct", "percent", "rate"):
+        return None, "波动模式须为 points 或 pct"
+    if mode in ("percent", "rate"):
+        mode = "pct"
+
+    if s is None or capital is None or target is None or move is None or p_lev is None or o_lev is None:
+        return None, "参数格式错误"
+    if ct is None or ct <= 0:
+        ct = DEFAULT_CT_MULT
+    if s <= 0 or capital <= 0 or move <= 0 or p_lev <= 0 or o_lev <= 0:
+        return None, "现价、资金、波动、杠杆须大于 0"
+    if target < 0:
+        return None, "目标盈利不能为负"
+
+    # 波动对应的绝对点数(价格变动)
+    if mode == "pct":
+        move_points = s * (move / 100.0)
+    else:
+        move_points = move
+
+    if move_points <= 0:
+        return None, "波动对应价格变动须大于 0"
+
+    exit_px = s + move_points  # 永续方向对:按上涨测算 1 币多头
+    perp_gross = move_points * PERP_COINS
+    fee = estimate_roundtrip_fee_usdt(
+        s,
+        exit_px,
+        qty=PERP_COINS,
+        contract_size=1.0,
+    )
+    fee_rate = taker_fee_rate()
+
+    prem_per_coin = s / o_lev
+    if prem_per_coin <= 0:
+        return None, "单币权利金无效"
+
+    premium_budget = perp_gross - target - fee
+    if premium_budget <= 0:
+        return None, "波动收益不足以覆盖目标盈利+手续费，无法开期权"
+
+    opt_coins = premium_budget / prem_per_coin
+    opt_sheets = opt_coins / ct
+    premium_total = opt_coins * prem_per_coin  # == premium_budget
+
+    margin = (s * PERP_COINS) / p_lev
+    capital_ok = capital >= margin
+
+    # A: 永续方向对,期权权利金全亏
+    case_a_net = perp_gross - premium_total - fee
+
+    # B: 期权方向对,永续 1 币反向亏掉同等波动
+    opt_intrinsic = opt_coins * move_points
+    opt_net = opt_intrinsic - premium_total
+    perp_loss = -perp_gross
+    portfolio_net = opt_net + perp_loss
+
+    return {
+        "base": b,
+        "spot": round(s, 8),
+        "capital_usdt": round(capital, 8),
+        "target_profit_u": round(target, 8),
+        "move_mode": mode,
+        "move_value": round(move, 8),
+        "move_points": round(move_points, 8),
+        "exit_price": round(exit_px, 8),
+        "perp_coins": PERP_COINS,
+        "perp_leverage": round(p_lev, 8),
+        "option_leverage": round(o_lev, 8),
+        "ct_mult": ct,
+        "prem_per_coin": round(prem_per_coin, 8),
+        "perp_gross_u": round(perp_gross, 8),
+        "perp_fee_u": round(fee, 8),
+        "fee_rate": fee_rate,
+        "premium_budget_u": round(premium_budget, 8),
+        "opt_coins": round(opt_coins, 8),
+        "opt_sheets": round(opt_sheets, 8),
+        "premium_total_u": round(premium_total, 8),
+        "perp_margin_u": round(margin, 8),
+        "capital_ok": bool(capital_ok),
+        "case_a": {
+            "label": "永续方向对",
+            "perp_pnl_u": round(perp_gross, 8),
+            "premium_u": round(premium_total, 8),
+            "fee_u": round(fee, 8),
+            "net_u": round(case_a_net, 8),
+        },
+        "case_b": {
+            "label": "期权方向对",
+            "opt_intrinsic_u": round(opt_intrinsic, 8),
+            "premium_u": round(premium_total, 8),
+            "opt_net_u": round(opt_net, 8),
+            "perp_pnl_u": round(perp_loss, 8),
+            "portfolio_net_u": round(portfolio_net, 8),
+        },
+    }, None
diff --git a/manual_trading_hub/hub.py b/manual_trading_hub/hub.py
index 848d578..c381ce8 100644
--- a/manual_trading_hub/hub.py
+++ b/manual_trading_hub/hub.py
@@ -1269,6 +1269,18 @@ class RollCalculatorBody(BaseModel):
     base: str = "ETH"
 
 
+class PerpOptionsCalculatorBody(BaseModel):
+    base: str = "ETH"
+    spot: float = Field(gt=0)
+    capital_usdt: float = Field(gt=0)
+    target_profit_u: float = Field(ge=0)
+    move_mode: str = "points"
+    move_value: float = Field(gt=0)
+    perp_leverage: float = Field(gt=0)
+    option_leverage: float = Field(gt=0)
+    ct_mult: float = Field(default=0.01, gt=0)
+
+
 class CompareOptionLegBody(BaseModel):
     opt_type: str = "C"
     strike: float | None = None
@@ -1350,6 +1362,26 @@ def api_calculator_roll(body: RollCalculatorBody):
     return {"ok": True, "data": data}
 
 
+@app.post("/api/calculator/perp-options")
+def api_calculator_perp_options(body: PerpOptionsCalculatorBody):
+    from lib.hub.hub_perp_options_calc_lib import calc_perp_options_hedge
+
+    data, err = calc_perp_options_hedge(
+        base=body.base,
+        spot=body.spot,
+        capital_usdt=body.capital_usdt,
+        target_profit_u=body.target_profit_u,
+        move_mode=body.move_mode,
+        move_value=body.move_value,
+        perp_leverage=body.perp_leverage,
+        option_leverage=body.option_leverage,
+        ct_mult=body.ct_mult,
+    )
+    if err:
+        return JSONResponse({"ok": False, "msg": err}, status_code=400)
+    return {"ok": True, "data": data}
+
+
 @app.post("/api/compare/calc")
 def api_compare_calc(body: CompareBody):
     from lib.hub.hub_compare_lib import run_compare
diff --git a/manual_trading_hub/static/app.css b/manual_trading_hub/static/app.css
index 1b9c98c..177a708 100644
--- a/manual_trading_hub/static/app.css
+++ b/manual_trading_hub/static/app.css
@@ -4708,7 +4708,11 @@ body.login-page {
   }
 
   body.hub-phone .calc-layout[data-calc-tab="trend"] [data-calc-pane="roll"],
-  body.hub-phone .calc-layout[data-calc-tab="roll"] [data-calc-pane="trend"] {
+  body.hub-phone .calc-layout[data-calc-tab="trend"] [data-calc-pane="po"],
+  body.hub-phone .calc-layout[data-calc-tab="roll"] [data-calc-pane="trend"],
+  body.hub-phone .calc-layout[data-calc-tab="roll"] [data-calc-pane="po"],
+  body.hub-phone .calc-layout[data-calc-tab="po"] [data-calc-pane="trend"],
+  body.hub-phone .calc-layout[data-calc-tab="po"] [data-calc-pane="roll"] {
     display: none;
   }
 
@@ -9776,10 +9780,33 @@ body:not(.hub-phone) #page-calculator .calc-layout {
 }
 
 body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="trend"] [data-calc-pane="roll"],
-body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="roll"] [data-calc-pane="trend"] {
+body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="trend"] [data-calc-pane="po"],
+body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="roll"] [data-calc-pane="trend"],
+body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="roll"] [data-calc-pane="po"],
+body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="po"] [data-calc-pane="trend"],
+body:not(.hub-phone) #page-calculator .calc-layout[data-calc-tab="po"] [data-calc-pane="roll"] {
   display: none;
 }
 
+#page-calculator .calc-po-cases {
+  display: grid;
+  gap: 12px;
+  margin-top: 12px;
+}
+
+#page-calculator .calc-po-case {
+  padding: 10px 12px;
+  border: 1px solid var(--border-soft, rgba(255, 255, 255, 0.08));
+  border-radius: 10px;
+  background: color-mix(in srgb, var(--panel, #12161f) 88%, transparent);
+}
+
+#page-calculator .calc-po-case h4 {
+  margin: 0 0 8px;
+  font-size: 13px;
+  font-weight: 600;
+}
+
 body:not(.hub-phone) #page-calculator .calc-card {
   padding: 0;
   background: transparent;
diff --git a/manual_trading_hub/static/calculator.js b/manual_trading_hub/static/calculator.js
index b542d71..317eba4 100644
--- a/manual_trading_hub/static/calculator.js
+++ b/manual_trading_hub/static/calculator.js
@@ -572,8 +572,135 @@
     }
   }
 
+  function renderPerpOptionsResult(data) {
+    const box = $("calc-po-result");
+    if (!box) return;
+    const a = data.case_a || {};
+    const b = data.case_b || {};
+    const capitalHint = data.capital_ok
+      ? "资金充足(参考)"
+      : "保证金高于交易资金(仅提示)";
+    box.classList.remove("hidden");
+    box.innerHTML =
+      '<div class="calc-summary">' +
+      "<div><span>标的</span><strong>" +
+      esc(data.base || "—") +
+      " · 永续 " +
+      fmtTrim(data.perp_coins, 4) +
+      " 币</strong></div>" +
+      "<div><span>单币权利金</span><strong>" +
+      fmt(data.prem_per_coin, 4) +
+      "U</strong></div>" +
+      "<div><span>永续毛收益</span><strong class=\"" +
+      pnlClass(data.perp_gross_u) +
+      '">' +
+      fmtU(data.perp_gross_u) +
+      "</strong></div>" +
+      "<div><span>永续手续费</span><strong>" +
+      fmt(data.perp_fee_u, 4) +
+      "U</strong></div>" +
+      "<div><span>权利金预算</span><strong>" +
+      fmt(data.premium_budget_u, 4) +
+      "U</strong></div>" +
+      "<div><span>期权开仓</span><strong>" +
+      fmtTrim(data.opt_coins, 6) +
+      " 币 / " +
+      fmtTrim(data.opt_sheets, 4) +
+      " 张</strong></div>" +
+      "<div><span>永续保证金</span><strong>" +
+      fmt(data.perp_margin_u, 2) +
+      "U</strong></div>" +
+      "<div><span>开仓参考</span><strong>" +
+      esc(capitalHint) +
+      "</strong></div>" +
+      "</div>" +
+      '<div class="calc-po-cases">' +
+      '<section class="calc-po-case">' +
+      "<h4>情景 A · 永续方向对</h4>" +
+      '<div class="calc-summary">' +
+      "<div><span>永续盈亏</span><strong class=\"" +
+      pnlClass(a.perp_pnl_u) +
+      '">' +
+      fmtU(a.perp_pnl_u) +
+      "</strong></div>" +
+      "<div><span>权利金(全亏)</span><strong>" +
+      fmt(a.premium_u, 4) +
+      "U</strong></div>" +
+      "<div><span>手续费</span><strong>" +
+      fmt(a.fee_u, 4) +
+      "U</strong></div>" +
+      "<div><span>净利</span><strong class=\"" +
+      pnlClass(a.net_u) +
+      '">' +
+      fmtU(a.net_u) +
+      "</strong></div>" +
+      "</div></section>" +
+      '<section class="calc-po-case">' +
+      "<h4>情景 B · 期权方向对</h4>" +
+      '<div class="calc-summary">' +
+      "<div><span>期权内在</span><strong>" +
+      fmtU(b.opt_intrinsic_u) +
+      "</strong></div>" +
+      "<div><span>权利金</span><strong>" +
+      fmt(b.premium_u, 4) +
+      "U</strong></div>" +
+      "<div><span>期权净利</span><strong class=\"" +
+      pnlClass(b.opt_net_u) +
+      '">' +
+      fmtU(b.opt_net_u) +
+      "</strong></div>" +
+      "<div><span>永续盈亏</span><strong class=\"" +
+      pnlClass(b.perp_pnl_u) +
+      '">' +
+      fmtU(b.perp_pnl_u) +
+      "</strong></div>" +
+      "<div><span>组合净利</span><strong class=\"" +
+      pnlClass(b.portfolio_net_u) +
+      '">' +
+      fmtU(b.portfolio_net_u) +
+      "</strong></div>" +
+      "</div></section></div>";
+  }
+
+  async function submitPerpOptions(e) {
+    e.preventDefault();
+    const body = {
+      base: ($("calc-po-base") && $("calc-po-base").value) || "ETH",
+      spot: num("calc-po-spot"),
+      capital_usdt: num("calc-po-capital"),
+      target_profit_u: num("calc-po-target"),
+      move_mode: ($("calc-po-move-mode") && $("calc-po-move-mode").value) || "points",
+      move_value: num("calc-po-move"),
+      perp_leverage: num("calc-po-perp-lev"),
+      option_leverage: num("calc-po-opt-lev"),
+      ct_mult: num("calc-po-ct-mult") || 0.01,
+    };
+    try {
+      const r = await fetch("/api/calculator/perp-options", {
+        method: "POST",
+        credentials: "same-origin",
+        headers: { "Content-Type": "application/json" },
+        body: JSON.stringify(body),
+      });
+      const j = await r.json();
+      if (!j.ok) {
+        showErr("calc-po-result", j.msg || "计算失败");
+        return;
+      }
+      renderPerpOptionsResult(j.data);
+    } catch (err) {
+      showErr("calc-po-result", String(err));
+    }
+  }
+
+  function syncPoMoveLabel() {
+    const mode = ($("calc-po-move-mode") && $("calc-po-move-mode").value) || "points";
+    const lab = $("calc-po-move-label");
+    if (lab) lab.textContent = mode === "pct" ? "波动率 %" : "波动点数";
+  }
+
   function applyCalcTab(tab) {
-    const t = tab === "roll" ? "roll" : "trend";
+    const t = tab === "roll" || tab === "po" ? tab : "trend";
     const layout = page.querySelector(".calc-layout");
     if (layout) layout.setAttribute("data-calc-tab", t);
     page.querySelectorAll(".calc-m-tab").forEach(function (btn) {
@@ -609,13 +736,20 @@
     await loadCalculatorExchanges();
     const trendForm = $("calc-trend-form");
     const rollForm = $("calc-roll-form");
+    const poForm = $("calc-po-form");
     const dirSel = $("calc-trend-direction");
+    const poMode = $("calc-po-move-mode");
     if (trendForm) trendForm.addEventListener("submit", submitTrend);
     if (rollForm) rollForm.addEventListener("submit", submitRoll);
+    if (poForm) poForm.addEventListener("submit", submitPerpOptions);
     if (dirSel) {
       dirSel.addEventListener("change", syncTrendAddLabel);
       syncTrendAddLabel();
     }
+    if (poMode) {
+      poMode.addEventListener("change", syncPoMoveLabel);
+      syncPoMoveLabel();
+    }
     bindRollLegsUI();
     bindMarket("calc-trend");
     bindMarket("calc-roll");
diff --git a/manual_trading_hub/static/index.html b/manual_trading_hub/static/index.html
index a7493e9..f35085d 100644
--- a/manual_trading_hub/static/index.html
+++ b/manual_trading_hub/static/index.html
@@ -16,7 +16,7 @@
   <link rel="preconnect" href="https://fonts.gstatic.com" crossorigin />
   <link href="https://fonts.googleapis.com/css2?family=JetBrains+Mono:wght@400;500;600&family=Orbitron:wght@500;600;700&display=swap" rel="stylesheet" media="print" onload="this.media='all'" />
   <noscript><link href="https://fonts.googleapis.com/css2?family=JetBrains+Mono:wght@400;500;600&family=Orbitron:wght@500;600;700&display=swap" rel="stylesheet" /></noscript>
-      <link rel="stylesheet" href="/assets/app.css?v=20260724-opt-archive" />
+      <link rel="stylesheet" href="/assets/app.css?v=20260728-po-calc" />
   <link rel="stylesheet" href="/assets/trade_stats_calendar.css?v=4" />
   <link rel="stylesheet" href="/assets/account_risk_badge.css?v=4" />
   <script src="/assets/account_risk_badge.js?v=4"></script>
@@ -818,6 +818,9 @@
           <button type="button" class="calc-m-tab" data-calc-tab="roll" role="tab" aria-selected="false">
             <span class="calc-tab-label-mobile">滚仓</span><span class="calc-tab-label-desktop">滚仓计算器</span>
           </button>
+          <button type="button" class="calc-m-tab" data-calc-tab="po" role="tab" aria-selected="false">
+            <span class="calc-tab-label-mobile">永期对冲</span><span class="calc-tab-label-desktop">永期对冲计算器</span>
+          </button>
         </div>
         <div class="calc-layout" data-calc-tab="trend">
         <section class="calc-card card" data-calc-pane="trend">
@@ -958,6 +961,69 @@
             </aside>
           </div>
         </section>
+
+        <section class="calc-card card" data-calc-pane="po">
+          <div class="calc-pane-split">
+            <div class="calc-input-panel">
+              <h2>永期对冲计算器</h2>
+              <p class="calc-hint">永续固定 1 币;单币权利金 = 现价 / 期权杠杆;权利金按全亏;只扣永续开平手续费(各 0.05%).主要反推期权开仓币数/张数.</p>
+              <form id="calc-po-form" class="calc-form">
+                <div class="calc-form-grid">
+                  <label class="calc-field">
+                    <span>币种</span>
+                    <select id="calc-po-base">
+                      <option value="ETH" selected>ETH</option>
+                      <option value="BTC">BTC</option>
+                    </select>
+                  </label>
+                  <label class="calc-field">
+                    <span>现价</span>
+                    <input id="calc-po-spot" type="number" min="0" step="any" value="1800" required />
+                  </label>
+                  <label class="calc-field">
+                    <span>交易资金 (U·参考)</span>
+                    <input id="calc-po-capital" type="number" min="0.01" step="any" value="3000" required />
+                  </label>
+                  <label class="calc-field">
+                    <span>目标盈利 (U)</span>
+                    <input id="calc-po-target" type="number" min="0" step="any" value="15" required />
+                  </label>
+                  <label class="calc-field">
+                    <span>波动模式</span>
+                    <select id="calc-po-move-mode">
+                      <option value="points" selected>波动点数</option>
+                      <option value="pct">波动率 %</option>
+                    </select>
+                  </label>
+                  <label class="calc-field">
+                    <span id="calc-po-move-label">波动点数</span>
+                    <input id="calc-po-move" type="number" min="0" step="any" value="50" required />
+                  </label>
+                  <label class="calc-field">
+                    <span>永续杠杆</span>
+                    <input id="calc-po-perp-lev" type="number" min="0.01" step="any" value="10" required />
+                  </label>
+                  <label class="calc-field">
+                    <span>期权杠杆</span>
+                    <input id="calc-po-opt-lev" type="number" min="0.01" step="any" value="100" required />
+                  </label>
+                  <label class="calc-field">
+                    <span>合约乘数 ct_mult</span>
+                    <input id="calc-po-ct-mult" type="number" min="0.0001" step="any" value="0.01" required />
+                  </label>
+                </div>
+                <div class="calc-actions">
+                  <button type="submit" class="primary">计算</button>
+                </div>
+              </form>
+            </div>
+            <aside class="calc-result-panel" aria-label="永期对冲结果推算">
+              <h3 class="calc-result-title">结果推算</h3>
+              <p class="calc-result-placeholder">填写左侧参数后点击「计算」</p>
+              <div id="calc-po-result" class="calc-result hidden"></div>
+            </aside>
+          </div>
+        </section>
         </div>
       </div>
     </div>
@@ -1674,7 +1740,7 @@
   <script src="/assets/chart_draw.js?v=20260720-option-day-1600"></script>
   <script src="/assets/chart.js?v=20260720-option-day-1600"></script>
   <script src="/assets/plan.js?v=20260720-autofill"></script>
-  <script src="/assets/calculator.js?v=20260715-calc-tabs"></script>
+  <script src="/assets/calculator.js?v=20260728-po-calc"></script>
   <script src="/assets/compare.js?v=20260723-compare"></script>
   <script src="/assets/trade_stats_calendar.js?v=3"></script>
   <script src="/assets/archive.js?v=20260724-opt-archive"></script>
diff --git a/tests/test_hub_perp_options_calc_lib.py b/tests/test_hub_perp_options_calc_lib.py
new file mode 100644
index 0000000..c2aa59a
--- /dev/null
+++ b/tests/test_hub_perp_options_calc_lib.py
@@ -0,0 +1,86 @@
+"""hub_perp_options_calc_lib 永期对冲测算."""
+
+import unittest
+
+from lib.hub.hub_perp_options_calc_lib import calc_perp_options_hedge
+
+
+class HubPerpOptionsCalcTests(unittest.TestCase):
+    def test_example_1800_50_15_100(self):
+        data, err = calc_perp_options_hedge(
+            base="ETH",
+            spot=1800,
+            capital_usdt=3000,
+            target_profit_u=15,
+            move_mode="points",
+            move_value=50,
+            perp_leverage=10,
+            option_leverage=100,
+            ct_mult=0.01,
+        )
+        self.assertIsNone(err)
+        assert data is not None
+        self.assertEqual(data["prem_per_coin"], 18.0)
+        self.assertEqual(data["perp_gross_u"], 50.0)
+        # fee = (1800+1850)*0.0005 = 1.825
+        self.assertAlmostEqual(data["perp_fee_u"], 1.825, places=6)
+        self.assertAlmostEqual(data["premium_budget_u"], 33.175, places=6)
+        self.assertAlmostEqual(data["opt_coins"], 33.175 / 18.0, places=6)
+        self.assertAlmostEqual(data["opt_sheets"], data["opt_coins"] / 0.01, places=4)
+        self.assertAlmostEqual(data["case_a"]["net_u"], 15.0, places=6)
+        # B: opt_net = coins*50 - coins*18 = coins*32; portfolio = opt_net - 50
+        coins = data["opt_coins"]
+        self.assertAlmostEqual(data["case_b"]["opt_net_u"], coins * 32.0, places=6)
+        self.assertAlmostEqual(data["case_b"]["portfolio_net_u"], coins * 32.0 - 50.0, places=6)
+        self.assertAlmostEqual(data["perp_margin_u"], 180.0, places=6)
+        self.assertTrue(data["capital_ok"])
+
+    def test_pct_mode(self):
+        data, err = calc_perp_options_hedge(
+            base="BTC",
+            spot=100000,
+            capital_usdt=5000,
+            target_profit_u=100,
+            move_mode="pct",
+            move_value=1,
+            perp_leverage=5,
+            option_leverage=50,
+            ct_mult=0.01,
+        )
+        self.assertIsNone(err)
+        assert data is not None
+        self.assertAlmostEqual(data["move_points"], 1000.0, places=6)
+        self.assertAlmostEqual(data["perp_gross_u"], 1000.0, places=6)
+        self.assertAlmostEqual(data["prem_per_coin"], 2000.0, places=6)
+
+    def test_budget_too_small(self):
+        data, err = calc_perp_options_hedge(
+            base="ETH",
+            spot=1800,
+            capital_usdt=3000,
+            target_profit_u=60,
+            move_mode="points",
+            move_value=50,
+            perp_leverage=10,
+            option_leverage=100,
+        )
+        self.assertIsNone(data)
+        self.assertIn("无法开期权", err or "")
+
+    def test_bad_base(self):
+        data, err = calc_perp_options_hedge(
+            base="SOL",
+            spot=100,
+            capital_usdt=1000,
+            target_profit_u=10,
+            move_mode="points",
+            move_value=5,
+            perp_leverage=5,
+            option_leverage=20,
+        )
+        self.assertIsNone(data)
+        self.assertIsNotNone(err)
+
+
+if __name__ == "__main__":
+    unittest.main()