The Hidden Cost of 'Free' Token Loans
April 15, 2026
Most market-making proposals include option tranches that transfer significant economic value from the project treasury. We quantify the real cost using Black-Scholes pricing and show what founders should demand in return.
ReadReading the Vol Surface: What Skew Tells You About Positioning
April 8, 2026
A framework for interpreting BTC options skew across tenors, and what shifts in the smile reveal about dealer positioning, hedging pressure, and directional sentiment.
ReadEvaluating Market-Maker KPIs: What Good Looks Like
April 1, 2026
Data-driven benchmarks for spread, depth, and uptime commitments across exchange tiers. How to tell if your market maker is actually performing — and what to negotiate before signing.
ReadWeekly Commentary: March 28, 2026
March 28, 2026
BTC vol surface steepening as front-end IV reprices post-FOMC. Skew dynamics, funding rate divergence, and what the absence of aggressive put buying tells us about positioning.
Coming SoonFrom Rugs to Riches: Memecoin Market Structure
November 20, 2024
A deep dive into how memecoin markets actually work — from launch mechanics and liquidity bootstrapping to the structural dynamics that separate survivors from rugs.
ReadWeekend Wrap — Options and Derivatives Market Recap
April 15, 2023
A recurring weekly series covering BTC and ETH options activity, vol surface dynamics, skew shifts, and key positioning signals from the derivatives market.
ReadThe Art of Options Market Making
March 15, 2023
How options market makers think about risk, manage inventory, and provide liquidity — from quoting mechanics to Greeks management and the role of vol models.
ReadUnderstanding Gamma
February 15, 2023
A practitioner's guide to gamma — what it measures, why it matters for both traders and market makers, and how gamma exposure shapes market dynamics around key strikes.
ReadRatio Spreads
January 15, 2023
Breaking down ratio spread construction, payoff profiles, and practical applications — when to use them, how to size them, and what the embedded risk looks like.
ReadCalendar Spreads
November 15, 2022
How calendar spreads express a view on term structure and vol differentials across expiries, with practical examples from crypto options markets.
ReadButterflies
September 15, 2022
Butterfly spreads as a tool for expressing precise views on price distribution — construction, payoff, and how practitioners use them for pinning and vol plays.
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