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Options

2 published posts.

Why on-chain options keep dying

Perpetual futures took over crypto trading; on-chain options have died several times over. The reason is structural: an option is not one product but a grid of strikes, expiries, sides and sizes, and pooled designs split that grid into thin markets and sell to better-informed traders. What the numbers show, where options actually trade, and the request-for-quote design I am building instead.

Crypto

Impermanent loss looks a lot like a covered call

Working through impermanent loss with SOL at $30, I realised I had seen that payoff before, in the covered-call vault holding my ETH. The maths: where a liquidity pool and a covered call are the same trade, where they are not, and why concentrated liquidity makes the resemblance stronger.

Crypto