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
$317.66
Max profit
$882.34
Max loss
$317.66
Breakeven
66,118
Example legs (0.7 DTE front)
- Buy 65,800 call
- Sell 67,000 call
Entry greeks (per 1 BTC notional): Δ 0.462 · Γ 0.2139 per 1% · vega $6.86/pt · theta $-122.00/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.