What is the max profit of a short synthetic future?

Unlimited: the profit keeps growing the further the price moves its way. The calculator gives the figure for your strikes and expiration.

What is the max loss of a short synthetic future?

Unlimited: the loss keeps growing the further the price moves against it. The calculator gives the figure for your strikes and expiration.

How do I calculate a short synthetic future's profit and loss?

Open the short synthetic future in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Short synthetic future calculator

Short call and long put at the same strike. Behaves like short stock.

Open in the calculator All strategies

OutlookBearish

Max profitUnlimited

Max lossUnlimited

LevelExpert

What is a short synthetic future?

A synthetic short is a put minus a call at A. Delta is near −1. Profit as the stock falls; losses are unlimited on a rally.

Legs

Sell a call at A
Buy a put at A

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net credit$266.00

Max lossUnlimited

Max profit$45,644.60

Chance of profitLocked: ProUpgrade

BreakevenBelow $758.66 (+0.4%)At expiration

Est. margin$73,680.00

756C−112/18 · $19.20
756P+112/18 · $16.54

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 756 call and buy 1 756 put. Net credit $266. Max profit $45,644.60; max loss unlimited. Breakeven at expiration: Below $758.66 (+0.4%).

Open this short synthetic future in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a short synthetic future?: A synthetic short is a put minus a call at A. Delta is near −1. Profit as the stock falls; losses are unlimited on a rally.
When does a short synthetic future make money?: Short call and long put at the same strike. Behaves like short stock.
What is the max profit of a short synthetic future?: Unlimited: the profit keeps growing the further the price moves its way. The calculator gives the figure for your strikes and expiration.
What is the max loss of a short synthetic future?: Unlimited: the loss keeps growing the further the price moves against it. The calculator gives the figure for your strikes and expiration.
How do I calculate a short synthetic future's profit and loss?: Open the short synthetic future in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.