Call Ratio Spread (Front Spread)
Description
Buying one at-the-money call and selling two calls further out of the money, financing most or all of the long call with the extra short premium.
Setup
- Buy one call at the money.
- Sell two calls at a higher strike, same expiry.
Context
Used when a moderate rise up to the short strike is expected, and the trader is willing to accept uncapped risk beyond it in exchange for a very low, or negative, cost of entry.
Risk Profile
Maximum gain occurs at the short strike. Above it, the extra uncovered short call creates loss that grows without bound; below the long strike, the position is flat at its net cost.
Pros
- Very low, sometimes negative, cost of entry.
- Maximum profit at the short strike can be large relative to the cost.
- Benefits from time decay on the short calls.
Cons
- Uncapped risk above the short strike.
- Needs active management if the underlying rallies hard.
Effect of Time
Time decay generally helps, since there are more short options than long ones.
Effect of Volatility
A rise in implied volatility generally hurts the position, since the short calls outnumber the long call.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Long | Call | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1949.5692 | $1987.0609 | 73.7000 | $22.4950 |
| Short | Call | 2 | $76000.0000 | 20 Nov 2026 | 38.2% | $1462.1769 | $1424.6852 | 113.1000 | $44.9901 |
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? | $74857.6500 | $74952.0677 | $74863.0000 |
| Mid-Price Cost | -$974.7846 | -$1022.5000 | -$956.2126 |
| Slippage? | +$112.4751 | +$12.5000 | +$56.2478 |
| Estimated Fees? | +$67.4851 | +$67.6672 | +$67.4974 |
| Total Estimated Cost | -$794.8244 | -$942.3328$147.5100 better than this page | -$832.4674$37.6400 better than this page |
| Max Profit? | $1794.8244 | $1942.3328 | $1832.4674 |
| Max Loss? | Uncapped | Uncapped | Uncapped |
| Breakeven(s)? | $77794.8244 | $77942.3328 | $77832.4674 |
| 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 | $794.8244 | +100.0% |
| $74984.4300 current | $0.0000 | $794.8244 | +100.0% |
| $75000.0000 | $0.0000 | $794.8244 | +100.0% |
| $76000.0000 | $1000.0000 | $1794.8244 | +225.8% |
| $77000.0000 | $0.0000 | $794.8244 | +100.0% |
| $77794.8244 breakeven | -$794.8244 | $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 Spread (Front Spread)78000/81000 | Deribit · BTC | — | -$262.4852 | $3262.4852 | Uncapped | 92% | — |
| Call Ratio Spread (Front Spread)77000/80000 | Deribit · BTC | — | -$22.4982 | $3022.4982 | Uncapped | 91% | — |
| Call Ratio Spread (Front Spread)76000/80000 | Deribit · BTC | — | -$37.5082 | $4037.5082 | Uncapped | 90% | — |