--- title: "Can I arbitrage put call parity | RupeeCase" description: "Put call parity ties a call, a put, the future and the strike at one expiry together, and a gap between the two sides can be traded." source_url: "https://www.rupeecase.com/learn/questions/put-call-parity-arbitrage" --- A call and a put at one strike are tied together through the future, so a gap must beat the costs Show all columnsShow fewer columns | Calls | Calls | Strike | Puts | Puts | | --- | --- | --- | --- | --- | | Settle | Volume | Volume | Settle | | 405.90 | 5,259 | 23,100 | 13,856 | 258.10 | | 374.55 | 1,012 | 23,150 | 1,598 | 278.95 | | 347.70 | 26,937 | 23,200 | 37,893 | 300.60 | | Spot 23,214.95 | Spot 23,214.95 | | 321.65 | 10,854 | 23,250ATM | 9,004 | 322.05 | | 294.60 | 43,490 | 23,300 | 43,913 | 347.65 | | 272.55 | 12,012 | 23,350 | 9,057 | 371.80 | | 248.10 | 38,990 | 23,400 | 37,272 | 398.75 | Shaded cells are in the money. Outlined cells hold the most open interest among the strikes shown. OI is in units and volume is in contracts; L is lakh and Cr is crore. Settle prices and volume for the 30 Jun 2026 Nifty expiry from the 10 Jun 2026 chain, around the at the money strike, which is the strike nearest the future. Source: NSE end of day data, computed by RupeeCase. As of 10 Jun 2026. For index options at one expiry, a call and a put at the same strike are tied together through the future. The call less the put should equal the discounted future less the discounted strike. If they do not, buying the cheap side and selling the dear side locks in the gap at expiry, in theory. Nifty options are European and cash settled, so early exercise does not break the relation, and both sides settle in cash at expiry. The table below sets the call and the put side by side around the at the money strike, which for a monthly is the strike nearest the future. The gap is usually smaller than the costs. Four legs trade, and each leg carries charges. STT at 0.15% applies to each option premium sold and to the intrinsic value of an exercised option, from 1 Apr 2026. Exchange and SEBI fees, GST at 18% on brokerage and exchange charges, stamp duty and the spread on each leg come off the gap. Short legs also tie up margin, which has a funding cost. A gap that looks large often comes from a stale quote, a strike with little volume, or a settle price that is a theoretical value rather than a trade. Check the volume beside each price before you read a gap as a signal. The payoff builder below draws any combination of these legs on the same dated chain. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) Can I arbitrage put call parity?Put call parity ties a call, a put, the future and the strike at one expiry together, and a gap between the two sides can be traded, but only when it is larger than the full cost of the legs and the margin they tie up. For a retail account the gap is usually smaller than those costs, so the trade is not a free profit. LGo deeper ## Where Learn teaches this. [Go deeperThe call option, told as a story8 min, Beginner](/learn/path-14/module-14-1-call-option-explained)[Go deeperThe put option, told as a story8 min, Beginner](/learn/path-14/module-14-2-put-option-explained)[Try itPayoff builderLegs from a dated chain, the expiry and before expiry curves, breakevens and the charges.](/learn/tools/payoff-builder) SSources ## Go to the source. 1. [NSE, equity derivatives contract specifications (expiry cycle, lot size and strike rules)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE 2. [NSE circular NSE/FATAX/73524 (STT rates from 1 Apr 2026)](https://nsearchives.nseindia.com/content/circulars/FATAX73524.pdf) NSE ?Questions people ask ## Related questions. 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