What is the result of buying a long put with a higher strike price in relation to a short put?

When buying a long put with a higher strike price in relation to a short put, the result is that it hedges the position. This is because the long put option provides protection against adverse price movements in the underlying asset, effectively offsetting potential losses from the short put position.

The long put with a higher strike price gives the holder the right to sell the underlying asset at a price that is more favorable compared to the short put's obligations. If the market price of the underlying asset falls significantly, the long put can gain value and help mitigate losses incurred from the short put, thus enhancing the overall risk management strategy.

In this context, using a long put as a hedge helps to create a synthetic position that can manage risk, providing a form of insurance. This method is particularly useful in volatile markets where the underlying asset's price may fluctuate considerably.