Dream offers two types of options: Calls and Puts.
Both allow you to express a directional view on where you believe an asset like BTC is headed, but they work in opposite directions.
Call Options
Calls are used when you think the price will go up.
When you buy a Call, you are effectively long on BTC.
You are predicting that BTC will close above your chosen price level by the time your option expires.
If it does, your position finishes in the money, and you profit from the upward movement.
You want BTC’s price to rise.
Profit increases as BTC moves above your price level.
If BTC stays below, your option expires worthless ($0).
Maximum loss = the amount you paid for the option.
Put Options
Puts are used when you think the price will go down.
When you buy a Put, you are effectively short on BTC.
You are predicting that BTC will close below your chosen price level by the time your option expires.
If it does, your position finishes in the money, and you profit from the downward move.
You want BTC’s price to fall.
Profit increases as BTC moves below your price level.
If BTC stays above, your option expires worthless ($0).
Maximum loss = the amount you paid for the option.
How They Differ
While calls profit from BTC moving up, puts profit from BTC moving down.
Concept | Calls | Puts |
Direction | Long (Bullish) | Short (Bearish) |
You Profit When | BTC closes above your price level | BTC closes below your price level |
You Lose When | BTC closes below your price level | BTC closes above your price level |
In the Money (ITM) | When BTC’s price is above your price level | When BTC’s price is below your price level |
Out of the Money (OTM) | When BTC’s price is below your price level | When BTC’s price is above your price level |
What You Want at Expiry | BTC closes above your price level | BTC closes below your price level |
Directional Bias | Bullish | Bearish |
Time Decay (Theta) | Same for both | Same for both |
Both calls and puts let you express directional conviction using leverage, but each serves a different market bias.