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
$299.98
Max profit
$900.02
Max loss
$72,100
Breakevens
72,100 / 74,900
Example legs (0.4 DTE front)
- Buy 75,200 put
- Sell 74,000 put
- Sell 73,000 put
Entry greeks (per 1 BTC notional): Δ -0.165 · Γ -0.0199 per 1% · vega $-2.43/pt · theta $287.53/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.