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
$30.31
Max profit
Unlimited
Max loss
$72,830
Breakeven
72,830
Example legs (0.6 DTE front)
- Buy 72,800 call
- Sell 72,800 put
Entry greeks (per 1 BTC notional): Δ 1.000 · Γ -0.0036 per 1% · vega $0.00/pt · theta $-4.90/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.