Long synthetic future
BullishUnlimited profitLimited loss
Long call + short put, same strike: replicates long spot with options.
Payoff at expiry — live BTC example
Net debit
$96.93
Max profit
Unlimited
Max loss
$65,897
Breakeven
65,897
Example legs (0.7 DTE front)
- Buy 65,800 call
- Sell 65,800 put
Entry greeks (per 1 BTC notional): Δ 0.999 · Γ -0.0071 per 1% · vega $0.00/pt · theta $-4.44/day
How it works
By put-call parity the pair reproduces the underlying almost exactly: delta ≈ 1, no optionality.
When to use it
Useful when options quote a better effective entry than the perp/spot, or to convert an existing leg.
Risks & management
Full linear downside like spot; the short put carries assignment mechanics.
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.