Bear put ladder
BearishLimited profitLimited loss
Bear put spread plus an extra short put: risk builds far below.
Payoff at expiry — live BTC example
Net debit
$212.16
Max profit
$787.84
Max loss
$63,012
Breakevens
63,012 / 65,588
Example legs (0.7 DTE front)
- Buy 65,800 put
- Sell 64,800 put
- Sell 63,800 put
Entry greeks (per 1 BTC notional): Δ -0.341 · Γ 0.1919 per 1% · vega $5.46/pt · theta $-81.44/day
How it works
Long put, short lower put, short an even lower put: cheap bearish exposure until price collapses through the bottom strike.
When to use it
Moderate decline thesis with a floor view.
Risks & management
A crash through the bottom strike flips the trade against you exactly when things are worst.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.