TheSkewLab

Synthetic put (short spot + call)

BearishLimited profitLimited loss

Short spot + long call: behaves like a long put.

Payoff at expiry — live BTC example

spot 77,206
Net credit
$76,731
Max profit
$76,731
Max loss
$468.95
Breakeven
76,731
Example legs (0.7 DTE front)
  • Sell spot
  • Buy 77,200 call

Entry greeks (per 1 BTC notional): Δ -0.495 · Γ 0.2603 per 1% · vega $13.33/pt · theta $-344.99/day

How it works

The long call caps the upside loss of the short spot, recreating a put payoff.

When to use it

When actual puts are expensive or illiquid relative to calls.

Risks & management

Carry/funding on the short spot leg; the call premium is the insurance cost.

Open in payoff builder →

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.