Long Put Condor
Description
The put-only equivalent of the long call condor: buying a lower put, selling two puts at the next two strikes up, and buying a higher put.
Setup
- Buy one put at the lowest strike.
- Sell one put at each of the next two strikes up.
- Buy one put at the highest strike.
Context
Used when the underlying is expected to settle within a range; economically equivalent to the call version, built with puts instead.
Risk Profile
Maximum loss is the small net debit paid, at either extreme. Maximum gain is the width between adjacent strikes minus that debit, anywhere between the two middle strikes.
Pros
- Wider profit zone than a butterfly.
- Small, defined maximum loss.
- Does not require pinpointing an exact settlement level.
Cons
- Maximum gain is smaller than a comparable butterfly.
- Still loses the full debit if the underlying finishes outside the outer strikes.
Effect of Time
Time decay generally helps as expiry nears, so long as the underlying stays within the middle range.
Effect of Volatility
A rise in implied volatility tends to hurt the position, since it makes a move outside the range more likely.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Long | Put | 1 | $73000.0000 | 20 Nov 2026 | 40.0% | $1143.8020 | $1162.5529 | 2.1000 | $22.5010 |
| Short | Put | 1 | $74000.0000 | 20 Nov 2026 | 39.2% | $1500.0230 | $1462.5224 | 115.3000 | $22.5003 |
| Short | Put | 1 | $76000.0000 | 20 Nov 2026 | 38.2% | $2475.1125 | $2437.6108 | 17.9000 | $22.5010 |
| Long | Put | 1 | $77000.0000 | 20 Nov 2026 | 37.9% | $3112.5477 | $3187.5489 | 1.0000 | $22.5003 |
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? | $74882.4300 | $74973.4449 | $74882.9000 |
| Mid-Price Cost | $281.2142 | $270.0000 | $243.7881 |
| Slippage? | +$168.7543 | +$20.0000 | +$93.7663 |
| Estimated Fees? | +$90.0027 | +$90.1662 | +$90.0156 |
| Total Estimated Cost | $539.9712 | $380.1662$159.8100 better than this page | $427.5699$112.4000 better than this page |
| Max Profit? | $460.0288 | $619.8338 | $572.4301 |
| Max Loss? | -$539.9712 | -$380.1662 | -$427.5699 |
| Breakeven(s)? | $73539.9712, $76460.0288 | $73380.1662, $76619.8338 | $73427.5699, $76572.4301 |
| Structure IV? | 38.8% | 38.6% | 38.6% |
| 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 |
|---|---|---|---|
| $69000.0000 | $0.0000 | -$539.9712 | -100.0% |
| $73000.0000 | $0.0000 | -$539.9712 | -100.0% |
| $73539.9712 breakeven | $539.9712 | $0.0000 | +0.0% |
| $74000.0000 | $1000.0000 | $460.0288 | +85.2% |
| $75001.1500 current | $1000.0000 | $460.0288 | +85.2% |
| $76000.0000 | $1000.0000 | $460.0288 | +85.2% |
| $76460.0288 breakeven | $539.9712 | $0.0000 | +0.0% |
| $77000.0000 | $0.0000 | -$539.9712 | -100.0% |
| $81000.0000 | $0.0000 | -$539.9712 | -100.0% |
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
| Strategy | Market | vs. this one | Credit/Debit | Max Profit? | Max Loss? | Prob. of Profit? | Max Profit / Max Loss? |
|---|---|---|---|---|---|---|---|
| Short Iron Condor73000/74000/76000/77000 | Bybit · BTC | $164.8164 | -$624.8452 | $624.8452 | -$375.1548 | 26% | 1.67× |
| Long Call Condor73000/74000/76000/77000 | Bybit · BTC | $144.8164 | $395.1548 | $604.8452 | -$395.1548 | 26% | 1.53× |
| Short Iron Condor73000/74000/76000/77000 | OKX · BTC | $125.0505 | -$585.0793 | $585.0793 | -$414.9207 | 26% | 1.41× |
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 Put Condor66000/69000/77000/80000 | Deribit · BTC | — | $2413.1421 | $586.8579 | -$2413.1421 | 63% | 0.24× |
| Long Put Condor65000/68000/76000/79000 | Deribit · BTC | — | $2181.5837 | $818.4163 | -$2181.5837 | 61% | 0.38× |
| Long Put Condor67000/69000/77000/79000 | Deribit · BTC | — | $1605.0233 | $394.9767 | -$1605.0233 | 61% | 0.25× |