Short Combo
Description
Selling an out-of-the-money call and buying an out-of-the-money put, a cheaper, more leveraged stand-in for a short position in the underlying.
Setup
- Sell one out-of-the-money call.
- Buy one out-of-the-money put, same expiry.
Context
Used as a lower-cost, higher-leverage alternative to a short future or perpetual, when a decline is expected and the gap between the strikes is an acceptable dead zone.
Risk Profile
Below the put strike, gain grows as the underlying falls, bounded only by zero. Above the call strike, loss grows without bound. Between the strikes, the position is flat at its net cost.
Pros
- No short future or perpetual needed, so no exposure to changing funding rates; the carry is locked into the option prices.
- Large gain potential on a decline.
- Can often be set up for a small credit or low cost.
Effect of Time
Time decay has a modest net effect, since the two legs partially offset each other.
Effect of Volatility
A change in implied volatility has a limited net effect, since the call and put move in opposite ways that partially cancel out.
Look-Alike Strategies
Live Structure
| Position? | Right? | Ratio | Strike | Expiry | IV? | Premium? | Fill Price? | Liquidity? | Est. Fee? |
|---|---|---|---|---|---|---|---|---|---|
| Short | Call | 1 | $76000.0000 | 20 Nov 2026 | 38.2% | $1500.0128 | $1462.5125 | 8.5000 | $22.5002 |
| Long | Put | 1 | $74000.0000 | 20 Nov 2026 | 39.2% | $1500.0128 | $1537.5131 | 65.8000 | $22.5002 |
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? | $74877.7500 | $74971.8621 | $74879.7000 |
| Mid-Price Cost | $0.0000 | -$40.0000 | $37.5047 |
| Slippage? | +$75.0006 | +$5.0000 | +$37.5047 |
| Estimated Fees? | +$45.0004 | +$45.0803 | +$45.0056 |
| Total Estimated Cost | $120.0010 | $10.0803$109.9200 better than this page | $120.0150$0.0100 worse than this page |
| Max Profit? | Uncapped | Uncapped | Uncapped |
| Max Loss? | Uncapped | Uncapped | Uncapped |
| Breakeven(s)? | $73879.9990 | $73989.9197 | $73879.9850 |
| Structure IV? | 38.7% | 38.4% | 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 | $2000.0000 | $1879.9990 | +1566.7% |
| $73879.9990 breakeven | $120.0010 | $0.0000 | +0.0% |
| $74000.0000 | $0.0000 | -$120.0010 | -100.0% |
| $75000.6400 current | $0.0000 | -$120.0010 | -100.0% |
| $76000.0000 | $0.0000 | -$120.0010 | -100.0% |
| $78000.0000 | -$2000.0000 | -$2120.0010 | -1766.7% |
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
None found in the latest scan.