Long Synthetic Future
You just want a bet on the upside — like buying the coin or a future, but assembled from options (sometimes more capital-efficient). If it rises you profit like a plain long, if it falls the loss is the same too.
How the Long Synthetic Future works
The bought call gives the upside, the sold put funds it and adds downside risk — together a linear payoff like a future, at near-zero cost. The loss on a drop is nearly the same as an outright long.
Placing the strike at GEX levels
Set the shared strike at the Gamma Flip or current price. The ideal regime is bullish, above the Gamma Flip; the sold put fits at the Put Wall (support). This is a full market-risk position, not a hedge.
The Gamma Flip and Put Wall are computed live in the GEX Terminal — Position Builder.
When to open, the Greeks and managing the position
Use it for long-term bullish positions with more capital efficiency and protection from daily variation margin, and in arbitrage (conversion/reversal) when options and the real future are mispriced. Breakeven = strike + (call premium − put premium). The loss is linear and large (down to the asset reaching zero).
Greeks: position delta is always ≈ +1.0 (it fully tracks the asset), while vega and theta are near-neutral — the opposite options at one strike cancel each other's sensitivity. Management: for American options there is early-exercise risk on the sold put to account for.
FAQ
To replicate a long future/spot via options at near-zero cost — e.g. when it is cheaper or more margin-efficient.
Like a long future: a large loss if price falls toward zero.
Build the Long Synthetic Future on live BTC and ETH quotes in the Position Builder.
Open the Position BuilderRelated strategies
Information is for educational purposes only and does not constitute investment advice. Options trading carries high risk.