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Yeah, it's the most liquid, I guess, or on Derive
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Separately, I can recommend the Deribit support chat, where they also actively help with questions about options: they’ll recommend literature, help with developing a strategy, etc.
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European, but on Ether the liquidity is fine, so you should be able to sell too, in theory, just maybe not right at the moment of sharp moves.
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I’m wherever there’s trading)))) It depends on the goals, the base is of course Deribit, ludilka - okh mostly, alts and non KYC - coincall (if needed I can make maximum VIP there), Bybit when money is just lying there on other positions or I want to hedge right away on that account
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Well, I'm speaking strictly in the context of hedging a margin position, so as not to repeat history.
As for options trading - yes, Deribit is second to none.
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a) After a year of trading, Deribit itself wrote me an email, like, you’re a decent guy, we reduced your fee to 0.025
b) Block trades, there it’s 0.015
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Oh, and today I passed verification for block trades on Grayscale. It’s super easy there. But I haven’t traded through them yet; tomorrow I’m planning to try for the first time. Before this there wasn’t a situation where I wanted to take 25+ options on BTC.
What I accumulated before that—I took from the order book. At that moment the ask was right around the theoretical price and the volume fully satisfied me. I couldn’t take it via a block trade, because I didn’t really understand how much margin I had enough for.
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another question about fees
0.03% of the face value is, damn, expensive
are there ways to reduce the fee?
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There’s a small (maybe big) shitstorm on Twitter about “Deribit are scammers.” Spoiler – no.
What happened?
In one of the TG chats for corporate traders, a guy posted a screenshot showing he had a Long BTC 02Aug-80000-call x500 position. And that’s not the most liquid strike. Another corporate, not being a fool, went and looked at the block trade history and said the first guy was lying since there were no such trades in the block trades.
The first guy made a video recording with his voice where this position is shown.
The second said that the position is still fake and he’s ready to put $10k on it. The first accepted the bet.
Amberdata, Laevitas, Greekslive joined the case. They checked their block trades – and indeed there were no such trades there, even if they were done not at once but in parts. On Twitter, debates started to flare up that Deribit is faking volumes, that there’s a hidden order pool, and so on.
No one guessed that the person could have built such a position not via a block trade, but manually in parts. Lol, kek. To his credit, the second guy paid the 10k, and Deribit showed the transaction history and dispelled all the rumors. The second guy is now sitting in the chat complaining that “building such a position manually is unfair.”
What did the first trader, who won the bet, do? He used that 10k to buy more calls ))) Below is his full position. So you don’t have to count, there are calls for about ~$450k.
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They did it, but the liquidity there is so-so
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Threw part of the stables onto Deribit, converted to ether on spot with 0 fee and shorted inverse futures 1x (i.e., stayed in stables) to increase the account’s margin.
Deribit, by the way, introduced an unscheduled expiration on November 8 - election date. Very happy about this, since September is too close for some trades, and December is too far )
Immediately bought a ladder on BTC for November 8: long 1x 70k call, short 1x 80k call, short 1x 90k call. Position price = 0, profit with BTC at 70-90k.
For July 19 I got the BTC price forecast wrong, thought 62-63, it’s 65 so far. I’m waiting for theta to decay so I can roll to August, most likely to 70-72k strikes. A direct proof that time = money, by the way ) The further you roll, the further strikes you can use.
To roll these calls later relatively safely, I bought a bull call spread 70-78 for August. I.e., later, by rolling the calls I will turn it into a long call ladder.
On ether I did a rebalance:
-Had bought 26Jul 100 put 3300, 26Jul 100 put 3200. Against the 3300 sold for August at 3200 - diagonal bull put spread, and the ones at 3200 for July I farmed by selling nearer weekly puts. Now the 3200s have depreciated a lot, while theta is high enough. I don’t expect that at the July expiration we’ll be below 3200, so I sold 200 puts at 3200 for July 26, i.e., flipped the position. By the way, max pain for July is 3200. That is, we could still go down by the end of the month. Grayscale left a 2.5% management fee, which hints at the same scenario as with BTC. I don’t know, I don’t know.
-Long 8Nov 100x 5k call, Short 30Aug 100x 4.6k call. I think that by August it won’t be able to reach 4.6. But you have to consider that I already had calls bought for August, which now constitute a calendar spread with the second leg in July. In any case, if there’s strong growth, I can close this structure up to 5k at any time in profit.
-Long vertical call spread 27 Dec 100x 3.9k call - 5k call, and under it I sold for September at 4.4k 100 calls. If at the September expiration we’re below 4.4k, the December structure free-rolls, but, as in the previous point, I have long-opened call spreads for September that hedge an expiration above 4.4k.
#crypto #tradesmade
Upd. Well, in simple terms: I’m expecting growth in BTC and ETH, but limited by time frames and amplitude. Overall I’m expecting/want to see BTC at 100, ETH at 8, but later )
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