Iron Butterfly
IBUTIBUT-E1-X1_X2_X3Sell wings, buy body — Deribit's IBUT is a long iron fly (debit).
Per Deribit's combo legs: sell lower put, buy middle call+put, sell upper call. This is a long (debit) iron butterfly that profits from large moves or vol expansion. Note: Deribit's text description differs from the leg list — we follow the legs as canonical.
Pick an expiry and 3 strikes to build the combo.