Deribit Strategy Index

All 33 combo book strategies supported by Deribit. Each page uses Black-76 forward-form pricing, smile-aware POP, and queries the live combo book for matched bid/ask.

Source: support.deribit.com / Combo Books

Vertical Spreads· 4 strategies

Call Spread

Bull call spread (debit). Buy lower call, sell higher call.

2 strikes

Put Spread

Bear put spread (debit). Buy higher put, sell lower put.

2 strikes

Risk Reversal

Buy OTM put, sell OTM call (synthetic short structure).

2 strikes

Risk Reversal (ITM)

RRITM

Buy ITM call, sell ITM put (synthetic long structure).

2 strikes

Advanced Vertical· 10 strategies

Call Ratio Spread 1×2

CSR12

Buy 1 lower call, sell 2 higher calls.

2 strikes

Call Ratio Spread 1×3

CSR13

Buy 1 lower call, sell 3 higher calls.

2 strikes

Call Ratio Spread 2×3

CSR23

Buy 2 lower calls, sell 3 higher calls (≡ 1×1.5 ratio).

2 strikes

Put Ratio Spread 1×2

PSR12

Buy 1 higher put, sell 2 lower puts.

2 strikes

Put Ratio Spread 1×3

PSR13

Buy 1 higher put, sell 3 lower puts.

2 strikes

Put Ratio Spread 2×3

PSR23

Buy 2 higher puts, sell 3 lower puts (≡ 1×1.5 ratio).

2 strikes

Call Ladder

CLAD

Buy lowest call, sell middle and highest calls.

3 strikes

Put Ladder

PLAD

Buy highest put, sell middle and lowest puts.

3 strikes

Call Condor

CCOND

Long call condor: +1/-1/-1/+1 across four ascending strikes.

4 strikes

Put Condor

PCOND

Long put condor: +1/-1/-1/+1 across four ascending strikes (puts).

4 strikes

Volatility· 3 strategies

Straddle

STRD

Buy a call and a put at the same strike.

1 strike

Strangle

STRG

Buy OTM put + OTM call. Cheaper than a straddle.

2 strikes

Strangle (ITM) / Guts

GUTS

Buy ITM call + ITM put. Both legs ITM.

2 strikes

Neutral· 6 strategies

Call Butterfly

CBUT

Long call butterfly: +1 / −2 / +1 across three ascending call strikes.

3 strikes

Put Butterfly

PBUT

Long put butterfly: +1 / −2 / +1 across three ascending put strikes.

3 strikes

Skinny Call Butterfly

CBUT111

+1 / −1 / +1 — only one body call instead of two.

3 strikes

Skinny Put Butterfly

PBUT111

+1 / −1 / +1 (puts) — only one body put instead of two.

3 strikes

Iron Butterfly

IBUT

Sell wings, buy body — Deribit's IBUT is a long iron fly (debit).

3 strikes

Iron Condor

ICOND

+1 put / −1 put / −1 call / +1 call across four ascending strikes (net credit).

4 strikes

Calendar / Diagonal· 6 strategies

Call Calendar Spread

CCAL

Buy far-dated call, sell near-dated call (same strike).

1 strike · 2 expiries

Put Calendar Spread

PCAL

Buy far-dated put, sell near-dated put (same strike).

1 strike · 2 expiries

Call Diagonal Calendar Spread

CDIAG

Buy far call at strike A, sell near call at strike B (different strikes).

2 strikes · 2 expiries

Put Diagonal Calendar Spread

PDIAG

Buy far put at strike A, sell near put at strike B.

2 strikes · 2 expiries

Straddle Calendar

STDC

Buy far-dated straddle, sell near-dated straddle (same strike).

1 strike · 2 expiries

Straddle Calendar (Diagonal)

DSTDC

Buy far-dated straddle at strike A, sell near-dated straddle at strike B.

2 strikes · 2 expiries

Interest Rate / Arbitrage· 3 strategies

Reversal / Conversion

REV

Synthetic long: +1 call / −1 put at the same strike.

1 strike

Box Spread

BOX

Synthetic long at X1, synthetic short at X2 — payoff = X2 − X1 always.

2 strikes

Jelly Roll

Long synthetic far + short synthetic near (same strike).

1 strike · 2 expiries

Futures Spread· 1 strategy

Future Spread

Buy far future / sell near future (or PERP).

2 expiries · futures