Long Straddle
Description
Buying a call and a put at the same strike and expiry, profiting from a large move in either direction.
Setup
- Buy one call at the money.
- Buy one put at the same strike and expiry.
Context
Used ahead of an event expected to cause a large move but whose direction is unknown, such as an FOMC decision, a CPI release, an ETF approval decision or a large token unlock.
Risk Profile
Maximum loss is the combined premium paid, realized if the underlying finishes exactly at the strike. Gain is unlimited on a large enough move in either direction.
Pros
- Profits from a big move regardless of direction.
- Simple, symmetric structure.
- No need to predict direction, only magnitude.
Cons
- Two premiums to pay makes the breakeven range wide.
- Loses value quickly if the underlying stays quiet.
- Needs a large move just to cover the combined cost.
Effect of Time
Time decay is the biggest enemy: both long options bleed value every day the underlying fails to move.
Effect of Volatility
A rise in implied volatility benefits both legs and can produce a profit even without the underlying moving.
Compared with
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% | $1950.1542 | $1987.6571 | 70.4000 | $22.5018 |
| Long | Put | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1950.1500 | $1987.6529 | 63.8000 | $22.5017 |
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? | $74881.7500 | $74973.4017 | $74883.0000 |
| Mid-Price Cost | $3900.3042 | $3890.0000 | $3863.2036 |
| Slippage? | +$75.0059 | +$5.0000 | +$37.5068 |
| Estimated Fees? | +$45.0035 | +$45.0862 | +$45.0082 |
| Total Estimated Cost | $4020.3136 | $3940.0862$80.2300 better than this page | $3945.7186$74.5900 better than this page |
| Max Profit? | Uncapped | Uncapped | Uncapped |
| Max Loss? | -$4020.3136 | -$3940.0862 | -$3945.7186 |
| Breakeven(s)? | $70979.6864, $79020.3136 | $71059.9138, $78940.0862 | $71054.2814, $78945.7186 |
| Structure IV? | 38.5% | 38.9% | 38.3% |
| 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 |
|---|---|---|---|
| $60000.0000 | $15000.0000 | $10979.6864 | +273.1% |
| $70979.6864 breakeven | $4020.3136 | $0.0000 | +0.0% |
| $75000.0000 current | $0.0000 | -$4020.3136 | -100.0% |
| $79020.3136 breakeven | $4020.3136 | $0.0000 | +0.0% |
| $90000.0000 | $15000.0000 | $10979.6864 | +273.1% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:31:48 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? |
|---|---|---|---|---|---|---|---|
| Long Straddle78000 | Deribit · BTC | — | $4770.0359 | Uncapped | -$4770.0359 | 43% | — |
| Long Straddle77000 | Deribit · BTC | — | $4357.5308 | Uncapped | -$4357.5308 | 42% | — |
| Long Straddle76000 | Deribit · BTC | — | $4095.0354 | Uncapped | -$4095.0354 | 42% | — |