Long Put Ladder
Description
A put ratio spread extended with a third, lower strike: buying a higher put and selling one put at each of two lower strikes.
Setup
- Buy one put at a higher strike.
- Sell one put at a middle strike.
- Sell one put at a lower strike, same expiry.
Context
Used when a decline down to the middle strike is expected, extending the profit plateau of a straight bear put spread by giving up more downside to collect more up-front credit.
Risk Profile
Maximum gain is reached between the lowest and middle strike. Below the lowest strike, the extra uncovered short put creates loss that grows as the underlying keeps falling.
Pros
- Wide plateau of maximum profit.
- Lower, or negative, cost of entry than a bear put spread.
- Benefits from time decay on the two short puts.
Cons
- Uncapped downside risk below the lowest strike.
- Needs active management if the underlying sells off hard through all three strikes.
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.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Long | Put | 1 | $76000.0000 | 20 Nov 2026 | 38.2% | $2475.1967 | $2512.6997 | 18.0000 | $22.5018 |
| Short | Put | 1 | $75000.0000 | 20 Nov 2026 | 38.5% | $1950.0920 | $1912.5903 | 28.7000 | $22.5011 |
| Short | Put | 1 | $74000.0000 | 20 Nov 2026 | 39.2% | $1500.0708 | $1462.5690 | 115.3000 | $22.5011 |
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 | $74973.4513 | $74882.9000 |
| Mid-Price Cost | -$974.9662 | -$950.0000 | -$993.9244 |
| Slippage? | +$112.5065 | +$15.0000 | +$56.2599 |
| Estimated Fees? | +$67.5039 | +$67.6255 | +$67.5118 |
| Total Estimated Cost | -$794.9557 | -$867.3745$72.4200 better than this page | -$870.1527$75.2000 better than this page |
| Max Profit? | $1794.9557 | $1867.3744 | $1870.1527 |
| Max Loss? | -$72205.0443 | -$72132.6255 | -$72129.8473 |
| Breakeven(s)? | $72205.0443 | $72132.6255 | $72129.8473 |
| Structure IV? | 38.6% | 38.6% | 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 |
|---|---|---|---|
| $72000.0000 | -$1000.0000 | -$205.0443 | -25.8% |
| $72205.0443 breakeven | -$794.9557 | $0.0000 | +0.0% |
| $74000.0000 | $1000.0000 | $1794.9557 | +225.8% |
| $75000.0000 current | $1000.0000 | $1794.9557 | +225.8% |
| $76000.0000 | $0.0000 | $794.9557 | +100.0% |
| $78000.0000 | $0.0000 | $794.9557 | +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
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 Put Ladder71000/72000/73000 | Deribit · BTC | — | -$270.0019 | $1270.0019 | -$69729.9981 | 86% | 0.02× |
| Long Put Ladder72000/73000/74000 | Deribit · BTC | — | -$382.5027 | $1382.5027 | -$70617.4973 | 81% | 0.02× |
| Long Put Ladder73000/74000/75000 | Deribit · BTC | — | -$532.5038 | $1532.5038 | -$71467.4962 | 76% | 0.02× |