Short synthetic future
BearishLimited profitUnlimited loss
Short call + long put, same strike: replicates short spot.
Payoff at expiry — live BTC example
Net debit
$86.99
Max profit
$75,313
Max loss
Unlimited
Breakeven
75,313
Example legs (0.3 DTE front)
- Sell 75,400 call
- Buy 75,400 put
Entry greeks (per 1 BTC notional): Δ -1.000 · Γ 0.0017 per 1% · vega $-0.00/pt · theta $5.83/day
How it works
Mirror parity position: delta ≈ −1.
When to use it
Synthetic short when derivatives funding or quotes favor it.
Risks & management
Unlimited upside risk like any short.
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.