Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
1,232 documents
The article describes Deribit’s migration to a new matching engine designed to reduce order-handling latency and make it more consistent. It compares six-day periods before and after broad adoption, reporting substantial reductions in median,…
The document explains DVOL, a forward-looking measure of annualized 30-day Bitcoin implied volatility, and how Deribit derives it from option prices. It describes selecting expiries around the 30-day horizon, estimating prices from order book depth, and…
The article presents a defined-risk bullish options trade on Bitcoin, motivated by expectations of a possible Federal Reserve rate cut, recent U.S. spot Bitcoin ETF inflows, and repeated tests of a price supply zone. The proposed position buys a lower-strike…
The article compares Compound’s COMP liquidity mining with proof-of-work mining. Both mechanisms distribute tokens in exchange for a service: miners attest to blocks, while liquidity providers support lending and borrowing markets. The author argues that the…
This weekly market recap interprets Bitcoin and Ether derivatives indicators alongside macroeconomic developments. It describes BTC reaching a reported $124K high after CPI news, then retreating after a stronger wholesale inflation report and trading in a…
This trade note describes a bullish Polygon (MATIC) options setup tied to expectations that SEC amendments to spot Ethereum ETF filings could improve the prospects for ETF approval and support altcoin prices. It also cites Polygon’s Miden development and a…
This trade note uses a technical resistance thesis to motivate a defined-risk bearish options position in Solana. It argues that $160, previously treated as support, became resistance after a breach during a market sell-off that coincided with a SOL token…
The document proposes a BTC call debit spread for a moderately bullish outlook. It buys a call at the lower strike and sells a call at a higher strike with the same expiry, paying a net debit. At expiry, the position benefits from a rise through the upper…
This guide compares last-traded, mark, and index prices as triggers for stops on a crypto derivatives exchange. A last-price trigger responds directly to trades in that venue, so it reacts quickly but may activate on a brief wick or unusually deep execution.…
This market review examines a period of subdued BTC and ETH prices and volatility alongside bearish derivatives positioning. It describes low historical and implied volatility, declining options skew with puts priced above calls, and falling futures…
This weekly commentary interprets BTC and ETH options positioning after a spot rally. It describes put hedges being taken off or rolled to lower strikes, a sharp decline in near-dated skew, and call buying across several expiries and strikes. The author uses…
The note interprets recent Bitcoin and Ether options activity as continued demand for downside protection. It describes in the money puts being rolled to lower strikes, fresh out of the money put purchases, and put spreads, alongside firm put skew and…
This podcast summary presents a discussion of crypto market conditions with a lending industry guest. It describes a shift in borrowing demand away from basis trade compression toward reserve, over the counter, and yield strategies, alongside stablecoin…
The article describes delta hedging as a way to reduce directional exposure and focus an option position on volatility. A trader offsets option delta with the underlying, then adjusts the hedge as the option’s sensitivity changes with price. The discussion…
The document explains how limit and market orders execute on a derivatives exchange. A limit order sets a maximum buy price or minimum sell price, protecting the chosen price but leaving execution uncertain. A market order seeks an immediate fill by…
This educational article explains when leveraged positions can be liquidated and how Deribit’s process works. Liquidation begins when maintenance margin exceeds account equity, which is calculated using mark prices rather than last traded prices. Initial…
This weekly report compares a sharp Bitcoin spot rally with signals from crypto derivatives. It says Bitcoin rose 16% month to date to a twelve-week high above $79,000, alongside nine consecutive days of spot ETF inflows and $2.8 billion of Strategy buying.…
The note examines strong Bitcoin downside-option demand during a continuing decline. It reports demand for 58k puts and describes put spreads and risk reversals as ways funds are structuring bearish or protective exposure. The author cites implied volatility…
The article presents a long put butterfly as a limited-cost strategy for a trader expecting Bitcoin weakness around a target price. The example buys one put at the higher strike, sells two puts at the middle strike, and buys one put at the lower strike,…
This market note interprets Bitcoin and Ether options flows during a volatile week. In Bitcoin, it reports that short-term traders accumulated puts around the stated 54–58k strikes and took profit after a break, while funds added October-to-March calls…
The article reads Bitcoin and Ether options positioning against thin spot liquidity and an upcoming Federal Reserve meeting. It links weekend price swings and a shrinking exchange supply to the possibility that macro news could produce a sharp move in either…
This desk commentary examines Bitcoin and Ether trading around a court decision affecting crypto markets. It describes how market makers, including automated participants, withdrew liquidity as the news arrived, leaving streaming options quotes wider or…
This market note proposes monitoring positioning after a large Bitcoin options expiry to gauge how participants may be setting up for the next quarter. It highlights three indicators: the call-to-put mix, total derivatives volume, and the share of options…
This market commentary describes an overwriting approach in which a trader sells out-of-the-money ETH calls with maturities roughly two months or more away, then later buys back the nearer short call and sells a farther-dated call to collect additional…