Calendar put spread

Neutral / rangeLimited profitLimited loss

Put-built calendar: same time-decay differential, same tent.

Payoff at front expiry — live BTC example

Net debit

$257.23

Max profit

$167.27

Max loss

$257.23

Breakevens

65,401 / 66,195

Example legs (0.7 DTE front)

Sell 65,800 put · 2026-07-23
Buy 65,800 put · 2026-07-24

Entry greeks (per 1 BTC notional): Δ -0.021 · Γ -0.1624 per 1% · vega $6.46/pt · theta $46.36/day

How it works

Identical tent-shaped front-expiry payoff built from puts.

When to use it

Same pin-and-decay thesis; sometimes better priced on the put side of skew.

Risks & management

Same move-and-vol-crush sensitivities.

Open in payoff builder →

Related structures

Calendar call spread
Diagonal call spread
Diagonal put spread
Double diagonal

Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.