A bleed that measures the effect of time on an option contract (or an options portfolio) as it goes farther from its expiration date. More specifically, a backward bleed captures the effect of decreasing volatility over an option or a set of options. In this sense, it is similar to the concept of reverse time decay. Initially, a fall in volatility can decrease delta, though not all the way down.

The opposite of backward bleed is forward bleed.