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
$344.69
Max profit
$74,145
Max loss
$855.31
Breakevens
74,145 / 77,055
Example legs (0.7 DTE front)
- Sell 77,400 put
- Buy 76,200 put
- Buy 75,000 put
Entry greeks (per 1 BTC notional): Δ 0.297 · Γ -0.0615 per 1% · vega $-2.89/pt · theta $53.66/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.