Bull call spread (debit)
BullishLimited profitLimited loss
Buy a call, sell a higher call: cheaper upside, capped profit.
Payoff at expiry — live BTC example
Net debit
$415.21
Max profit
$984.79
Max loss
$415.21
Breakeven
78,015
Example legs (0.8 DTE front)
- Buy 77,600 call
- Sell 79,000 call
Entry greeks (per 1 BTC notional): Δ 0.254 · Γ 0.0508 per 1% · vega $3.03/pt · theta $-41.82/day
How it works
The short upper call finances part of the long call: cost drops, but profit caps at the upper strike.
When to use it
You expect a move up to (not through) a target level, or want long-call exposure at lower cost when IV is rich.
Risks & management
Both legs bleed differently: near expiry the P&L between the strikes is very path-dependent. Max loss is the full debit if price stalls below the long strike.
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.