Bull put ladder
Big moveLimited profitLimited loss
Short put financed into two longs: wants a hard sell-off.
Payoff at expiry — live BTC example
Net credit
$212.16
Max profit
$63,012
Max loss
$787.84
Breakevens
63,012 / 65,588
Example legs (0.7 DTE front)
- Sell 65,800 put
- Buy 64,800 put
- Buy 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
Short upper put funds two lower longs: pays off big on a collapse.
When to use it
Crash convexity financed by selling nearer premium.
Risks & management
Grind-down into the valley between strikes is the losing path.
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.