Call Ratio Backspread
Description
Selling one at-the-money call and buying two calls further out of the money, the inverse of a call ratio spread, set up for a big rally rather than a pin.
Setup
- Sell one call at the money.
- Buy two calls at a higher strike, same expiry.
Context
Used when a sharp rally is considered likely, or at least worth being positioned for cheaply, while still collecting value if the underlying stays flat or falls.
Risk Profile
Maximum loss is capped and occurs near the long strike. Below the short strike, the position is flat or profitable at its net cost; above the long strike, gain is unlimited thanks to the extra long call.
Pros
- Uncapped upside on a big rally.
- Often set up for a small credit or low cost.
- Profits if the underlying stays flat or falls, not just if it rallies.
Cons
- Worst case sits at a specific price in the middle, not at an extreme.
- Needs a genuinely large move to reach its full potential.
Effect of Time
Time decay generally hurts the position while the underlying sits near the long strike.
Effect of Volatility
A rise in implied volatility helps the position, since the long calls outnumber the short call.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Short | Call | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1949.5941 | $1912.1019 | 26.6000 | $22.4953 |
| Long | Call | 2 | $76000.0000 | 20 Nov 2026 | 38.2% | $1480.9417 | $1499.6878 | 34.8000 | $44.9906 |
Net cost, breakevens, the payoff chart and the scenario table are after costs: every leg filled by crossing the spread, estimated fees included -- the same numbers the Scanner ranks by.
Estimated Cost to Assemble
An estimate of what entering this structure right now would really cost: filling every leg by crossing the spread (the ask when buying, the bid when selling) instead of at the mid-price, plus an estimated exchange fee. Real fees and fills can differ from this estimate.
Compare venues
These exact contracts -- same strikes, expiries and ratios -- on every venue BOSS tracks for this currency, at execution: what selling (bid) or buying (ask) each leg there comes to, after that venue's own fee. Green marks the best venue for each leg and for the whole structure.
| Deribit this page | Bybit | OKX | |
|---|---|---|---|
| Index? | $74858.6500 | $74952.0677 | $74864.4000 |
| Mid-Price Cost | $1012.2893 | $1027.5000 | $956.2177 |
| Slippage? | +$74.9844 | +$7.5000 | +$56.2481 |
| Estimated Fees? | +$67.4860 | +$67.6670 | +$67.4977 |
| Total Estimated Cost | $1154.7596 | $1102.6670$52.0900 better than this page | $1079.9635$74.8000 better than this page |
| Max Profit? | Uncapped | Uncapped | Uncapped |
| Max Loss? | -$2154.7596 | -$2102.6670 | -$2079.9635 |
| Breakeven(s)? | $78154.7596 | $78102.6670 | $78079.9635 |
| Structure IV? | 38.3% | 38.3% | 38.1% |
| Open on this venue → | Open on this venue → |
Each leg: what it nets there per contract (fill price with the fee folded in), then the fill price, fee, IV and the size quoted at that price.
For comparing prices, not a recommendation: quotes move by the second, size is only what's shown at the top of the book, fees are each venue's published estimate, and the venues settle against different indexes and margin separately.
Market Context
This expiry as the Dashboard sees it: how the legs are priced against at-the-money and realized volatility, and where the expiry's forward sits against spot.
Volatility Smile?
Implied volatility across strikes at this expiry; the marked lines are this structure's strikes. Buying on the high part of the curve pays up for volatility; selling there collects it.
Leg bought Leg sold
Payoff & Greeks vs. Underlying Price
The Greeks curves are a Black-Scholes model using each leg's current implied volatility, holding time to expiry fixed -- not live exchange data at every price, which only exists at the current price (dashed line).
Payoff at Expiration
After costs At mid price
This structure's value and profit/loss at expiration, at a handful of specific prices: every leg's strike, every breakeven, the current spot, and the chart's own range.
| Underlying Price | Value at Expiration | Profit / Loss | Return on Cost |
|---|---|---|---|
| $74000.0000 | $0.0000 | -$1154.7596 | -100.0% |
| $74984.3900 current | $0.0000 | -$1154.7596 | -100.0% |
| $75000.0000 | $0.0000 | -$1154.7596 | -100.0% |
| $76000.0000 | -$1000.0000 | -$2154.7596 | -186.6% |
| $77000.0000 | $0.0000 | -$1154.7596 | -100.0% |
| $78154.7596 breakeven | $1154.7596 | $0.0000 | +0.0% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:35:48 UTC), priced at execution like everything above.
Same payoff through other strategies
None found in the latest scan.
Other strikes and widths of this strategy
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Call Ratio Backspread78000/81000 | Deribit · BTC | — | -$59.9897 | Uncapped | -$2940.0103 | 78% | — |
| Call Ratio Backspread77000/80000 | Deribit · BTC | — | -$119.9904 | Uncapped | -$2880.0096 | 74% | — |
| Call Ratio Backspread77000/81000 | Deribit · BTC | — | -$7.4994 | Uncapped | -$3992.5006 | 73% | — |