Long Put
Description
Buying a put option to profit from a decline in the underlying, paying a fixed premium for downside participation.
Setup
- Buy one put option, typically at or near the money.
- Choose an expiry that gives the expected decline room to happen.
Context
Used when you expect a sizeable downward move, or want to speculate on weakness without having to short a future or perpetual on the underlying.
Risk Profile
Maximum loss is the premium paid, realized if the underlying finishes at or above the strike. Maximum gain is large but finite: the underlying cannot fall below zero.
Pros
- Small, known maximum loss.
- Large gain potential on a sharp decline.
- No short future or perpetual to hold, so no liquidation level to watch and no exposure to changing funding rates -- the carry to expiry is already in the option's price.
Cons
- Premium decays every day that passes without a move.
- Underlying must fall enough to clear the breakeven before expiry.
Effect of Time
Time decay works against the position; theta erodes the premium every day.
Effect of Volatility
A rise in implied volatility increases the option's value and helps the position even before the underlying moves.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Long | Put | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1984.7260 | $2022.1736 | 22.4000 | $22.4686 |
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? | $74773.0900 | $74868.5977 | $74775.6000 |
| Mid-Price Cost | $1984.7260 | $1955.0000 | $2003.1936 |
| Slippage? | +$37.4477 | +$5.0000 | +$18.7214 |
| Estimated Fees? | +$22.4686 | +$22.5056 | +$22.4657 |
| Total Estimated Cost | $2044.6422 | $1982.5056$62.1400 better than this page | $2044.3808$0.2600 better than this page |
| Max Profit? | Uncapped | Uncapped | Uncapped |
| Max Loss? | -$2044.6422 | -$1982.5056 | -$2044.3808 |
| Breakeven(s)? | $72955.3578 | $73017.4944 | $72955.6192 |
| Structure IV? | 38.5% | 38.7% | 38.4% |
| 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 | $12955.3578 | +633.6% |
| $72955.3578 breakeven | $2044.6422 | $0.0000 | +0.0% |
| $74895.3200 current | $104.6800 | -$1939.9622 | -94.9% |
| $75000.0000 | $0.0000 | -$2044.6422 | -100.0% |
| $90000.0000 | $0.0000 | -$2044.6422 | -100.0% |
Delta (model)?
Gamma (model)?
Vega (model)?
Theta (model)?
Rho (model)?
Alternatives
From the Scanner's latest pass (21:23:48 UTC), priced at execution like everything above.
Same payoff through other strategies
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Protective Call75000 | Bybit · BTC | $108.2359 | -$73063.5937 | Uncapped | -$1936.4063 | 36% | — |
| Protective Call75000 | OKX · BTC | -$2.2524 | -$72953.1053 | Uncapped | -$2046.8947 | 36% | — |
| Protective Call75000 | Deribit · BTC | -$30.6113 | -$72924.7465 | Uncapped | -$2075.2535 | 35% | — |
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 Put78000 | Deribit · BTC | — | $3991.8731 | Uncapped | -$3991.8731 | 44% | — |
| Long Put77000 | Deribit · BTC | — | $3280.3760 | Uncapped | -$3280.3760 | 42% | — |
| Long Put76000 | Deribit · BTC | — | $2606.3276 | Uncapped | -$2606.3276 | 39% | — |