Finostat
TERMINALALL STRATEGIES

Cross butterfly

The same butterfly, priced in calls and in puts. Parity says they must match; the NET column is the live gap between them.

BIASArbitrage
VOL VIEWSkew gap
RISKDefined
STRUCTURECE/PE
XBFYPAYOFF AT EXPIRY
LEGSLIVE CHAIN
ACTIONQTYTYPESTRIKELAST

A call butterfly and a put butterfly on identical strikes have the same payoff, so any price difference is a dislocation. Buy the cheap side, sell the rich side, and the payoff nets out to the difference collected up front. NET far from zero is the whole trade.

Watch it live on the terminal → See plans

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