How One Options Trade Became 15% of Hyperliquid's S&P 500 Volume
A trader bought a $7,100 bet on the S&P 500 falling. The market maker on the other side spent the next 15 hours hedging it on Hyperliquid, and traded $14.8 million doing it.
Latest research
Updated weeklyBABA Is Priced as Commerce. Its Long-Dated Options Ignore the AI Rewrite.
Alibaba's commerce engine funds Cloud, Qwen, and T-Head. The stock carries a China discount; long-dated options barely price the chance that the company changes category.
SanDisk Is Up 3,585%. The Options Market Has Scheduled the Verdict for 2028
How a memory-card company became the purest AI storage trade on US markets: the inference storage problem from first principles, the NAND squeeze, an 84.6% gross margin quarter, $93.9B of contracts, HBF, and what four vol surfaces say about each other.
The Next Trillion Dollars of Stablecoins Will Be Built on Options
Vitalik proposed replacing debt and liquidations with option pairs as the base layer for synthetic dollars. We explain the idea from first principles, price it on live Deribit data, and backtest it through nine years of ETH crashes. The missing piece is an options venue.
RPI: The Execution Model Between RFQ and CLOB
The RFQ vs CLOB debate misses the point. RPI gives you a transparent orderbook with a pre-trade auction that guarantees price improvement. Here is how it works, why options need it, and what it means for perps.
SpaceX Paid $10 Billion for a Call Option on Cursor. That's a Great Deal.
The biggest AI deal of the year is a structured option hiding in plain sight. We decompose the SpaceX-Cursor acquisition right into a Black-Scholes framework, back out the implied vol, and compare it to every asset class we can price.
The Generational Oil Roll Happened on Hyperliquid: Why It Couldn't Have Happened Anywhere Else
How a published oracle walk between dated CME contracts turned the April WTI roll into the loudest trade in crypto — and why HIP-3 is the only venue this instrument could have existed on.
Vanilla Options on Top of HIP-4
HIP-4 extends way beyond prediction markets. We are building real vanilla options on Hypercall with native HIP-4 thresholds underneath them and portfolio margin that can finally credit the whole writer hedge stack.
Is AI Cooked?
Semis are crashing, Iran closed the Strait of Hormuz, tariffs are landing, and everyone is asking if the AI trade is over. We looked at the options market. The answer is more interesting than yes or no.
Everyone Is Hedged. Now What?
433M of BTC put premium in one week. 3.2x put/call ratio on ETH. Zero funding. Fear and Greed at 8. The most crowded trade in crypto is short. History says that is where bottoms form.
The JPM Collar: Why One Options Trade Moved the Entire Market
The JPMorgan Hedged Equity Fund's quarterly collar trade expired today. Here's what happened, why it matters, and what comes next.
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