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With 10 days to expiry the highest theta in the table occurs when the underlying is $99.25 while, with 5 days to expiry, the highest theta occurs at $99.50. Clearly, unlike a conventional option where the highest theta remains static at the strike over time, with a binary the highest theta shifts towards the strike over time.

Fig 2.5.1 illustrates the downbet thetas where clearly the peak and trough of the theta approach the strike as time erodes. The theta of the 50-day binary is zero across the underlying range indicating that, irrespective of the underlying, the passage of time has zero impact on the price of the bet.