Short combo (reverse risk reversal)
BearishLimited profitUnlimited loss
Sell an OTM call to finance an OTM put: bearish risk reversal.
Payoff at expiry — live BTC example
Net debit
$7.79
Max profit
$75,192
Max loss
Unlimited
Breakeven
75,192
Example legs (0.2 DTE front)
- Buy 75,200 put
- Sell 77,600 call
Entry greeks (per 1 BTC notional): Δ -0.321 · Γ -0.0087 per 1% · vega $0.03/pt · theta $-56.84/day
How it works
Mirror risk reversal: short call funds the long put.
When to use it
Bearish with unlimited-risk tolerance above the call.
Risks & management
The naked call is the whole risk; rallies hurt without bound.
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.