Best exchange and customer support ever! @DeribitExchange @options_insight @davidbrickell80 🔥

liquidview.app app for @Lighter_xyz is wrong. The 300ms advantage for MMs is there for a reason... Here is data from algo that actually is DOING trading. You cannot just look at the book and calculate spread. It's not enough

Future of finance... They can’t keep their Alchemy bill paid or run their own server. @stable @hourglasshq

glad to see @paradex lowering their fees

Scalable Sharpe ratio of 9.71? 1,420 transactions in the last 24 hours. gLighter is printing🕯️@hansolar21 @satoshiheist @Lighter_xyz

well, I'm recording every trade on lighter for my algo and it says lighter low was below 10k and it had 3 downtime periods for couple of minutes each

Coinbase selling seems to accelerate during US sessions

Those are DSOB trades aggregated. There is no way they now the clientId or something to identify the trader. This is assumption based maybe on trading style or execution at most. But for sure it's not one entity.

Rising vol does not mean rushing for puts ... Look at trades. They are mostly outright calls. Spot up = vol up regime is back

study the tape

You both have elements correct. At the max pain point MMs can have a lot of Gamma - at THAT specific strike. But critically it doesn't mean that the crypto market is driven to that strike from elsewhere. eg max pain this time at 85k doesn't mean there was gravity pulling it from 108k; it might make a small difference if we were initially at 86k. 85k is a long long way away to say there was influence; likewise ETH point. The small gravitational pull in crypto is because the options market is a tiny fraction of the spot/perp/futures market, whereas in tradfi (eg S&P) options outsize spot futures by a multiple. Tail wags the dog, rather than dog wagging tail. In tradfi, I used to have one of (if not) the largest euro equity index options books, and I know that one time even I couldn't move the market away from a long options strike; in crypto, if suitably motivated it would be much easier. But the amount of money made or lost in equity options or fx are a magnitde larger than crypto pin risk. So in crypto it IS a Meme. And despite that, many continue to talk about it. It's a great advertising tool. Greeks live continue to mention it every month, as do Deribit - even Deribit!; after all this time I am self-conscious it is just to annoy me ;-). Thankfully I have thick skin. They are both wrong; it is not influential or relevant in gamma terms; spot decides where we expire, not options - YET. I think the last time I mentioned it was this dismissive thread: enjoy. x.com/PelionCap/status/13753…

3) It's based on the assumption that all options were sold by market makers and bought by takers. Completly false assumption.

2) Not to mention that crypto's options market is still way too small to pin the market (assuming long gamma). In contrast to max pain, gamma could be useful to monitor but max pain is completely irrelevant. insights.deribit.com/educati…

1) Max pain has nothing to do with gamma. Market makers' gamma varies by exposure to a strike/expiration. It's not a linear value, but it's still based on assumptions estimating the market maker's side.

hedging is only one factor. max pain is based on the OI which makes it completely irrelevant. assuming all OI is buying options is naive, c'mon sir :)

learn how to price things

Was working on that for more than a year now after hours. New system for managing any kind of algos. Any type of data. Any exchange. It's not fully HFT yet but 100ms charts, giving good overview on what's happening in the books.

Non existing chain launching in Q5. $200m TVL in few days. New shiny L1 coming? $BERA

Munchables exploited. #rekt for 11 ETH. My pets will be never be petted again 💀