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.
4,613 documents
The document explains FMEX's proposed credit-unlocking mechanism, which allocates rewards through two channels: a daily share based on a user's portion of pair-wide volume, and a minute-cycle allocation based on that cycle's volume share. Its analysis…
This guide explains how exchange subaccounts can partition funds, positions, and access when the main account uses cross leverage. Each subaccount has a separate balance and margin pool, so losses or liquidation in one do not directly consume the equity of…
This market note reviews Bitcoin and Ether derivatives positioning during a holiday period marked by falling realized and implied volatility. It describes active selling of very short-dated gamma and reduced front-month option volatility, alongside a…
The article explains how a bitcoin miner can reduce the risk that falling BTC prices make fiat-denominated operating costs exceed the value of mining income. It compares short futures with bought puts. A futures short can lock in a sale value without an…
This trade note describes a short-dated, moderately bullish BTC options position built around a potential advance toward $70,000. It proposes selling one March 8 $68,500 call and buying one March 8 $70,000 call. The author’s rationale is that BTC had…
This trade note proposes a Bitcoin bull put spread for a market view in which price pauses or bounces near a support area. The structure sells a put at the higher strike and buys a put at a lower strike with the same expiry. The example uses June options…
This guide explains how USDC-collateralized linear perpetuals differ from BTC-collateralized inverse contracts. Both can express exposure to a cryptocurrency against the dollar, and equivalent positions can produce the same dollar profit or loss. Their…
This lesson explains how to calculate profit and loss for BTC options on Deribit, with the same approach stated to apply to ETH. For a position closed before expiry, subtract the opening premium from the closing trade price; the option’s strike and…
The document outlines a long call butterfly on Bitcoin for traders expecting a modest short-term rise. The structure buys one call at a lower strike, sells two calls at the middle strike, and buys one call at a higher strike. In the cited example, the…
The article reviews disclosed positions associated with Michael Burry and Nancy Pelosi, then focuses on why an investor might use deep in-the-money call options instead of buying shares outright. Using a Google call example, it compares the capital required…
This year-in-review collection discusses crypto market structure, regulation, and the failures that followed the 2022 downturn. Its risk-management section argues that cascading losses were enabled by excessive leverage, concentrated exposures, and weak…
This guide explains how an options strategy selection tool maps a trader’s forecast to candidate positions. It first introduces intrinsic and extrinsic option value, noting that time to expiration, implied volatility, and implied futures interest rates…
The article describes a bullish call butterfly spread for Bitcoin, framed around a breakout from a symmetrical triangle and increased open interest at the middle strike. The position buys one lower-strike call, sells two calls at a higher strike, and buys…
The tutorial defines leverage as position size divided by collateral and margin as the funds supporting a position. It distinguishes initial margin, needed to open a trade, from maintenance margin, needed to keep it open. Worked arithmetic examples show how…
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…
The article outlines a planned change to initial and maintenance margin calculations for standard margin accounts on Deribit. It applies to futures and perpetual contracts; options use a separate calculation that the article says will remain unchanged. The…
The document explains how USDC collateral changes the experience of trading linear perpetual futures compared with BTC-collateralized inverse contracts. Both contract types can produce the same dollar profit or loss for equivalent BTC exposure, but settle…
This tutorial explains how an exchange price ladder supports rapid order entry by placing or canceling orders directly at displayed price levels. It describes the layout: market bids and asks, the trader’s own orders, the selected instrument, order settings,…
The guide explains an option strategy selector that compares strategies against a trader’s forecast for an asset price on a chosen date. Users specify the currency, expected price, forecast date, and maximum investment. The tool uses current option-market…
This podcast discussion examines a crypto market sell-off linked in the episode to renewed trade tensions with China and large liquidations of leveraged positions. The hosts and guest discuss heightened volatility, pronounced Ethereum put skew, pressure on…
The note explains how a trader whose margin is held in BTC can reduce fluctuations in the USD value of that collateral by shorting an inverse BTC perpetual. It illustrates the hedge with a BTC balance valued first at one price and then at a lower price,…
This study tests a short-volatility strategy that sells a 0.35-delta Bitcoin strangle shortly before the weekend, holding the options to expiry and accounting for fees and assumed slippage. It extends an earlier historical test through April 2025, then…
This market commentary examines how rising expectations of U.S. approval for spot ETH ETFs drove a sharp rally in Ether and repriced crypto options. It tracks higher realized volatility, an inverted ETH volatility term structure, stronger call skew, and a…
This market commentary examines Bitcoin and Ether derivatives during a rally supported by halving expectations and ETF inflows. It discusses realized and implied volatility, volatility carry, term-structure inversion, call skew, futures positioning, and the…