Elenchus -- e/acc

In the Socratic method, 'if an Athenian claims to be knowledgeable about a subject, Socrates sets out to prove that this knowledge is unfounded.' 'Elenchus, though painful, is supposed to have beneficial effects on the soul of its victim.' Polemic but to wake men from slumber.

i bought zee gamma today had to hold myself back on friday upside calls in may cheapest part of curve sub 40 mkt has momentum despite conditions trump v iran either balls it up or we ball downside vega small bit of theta can be offset sel ze put looks like asymmetric payoff imao

this heats up the option dex wars synquote was 1st (now gone quiet) derive has successfully employed rfq but paradigm is the og rfq system for deribit et al simple to flip to paradex (see below) question is whether paradex dex offering justifies other dex unlikely to compete imao

The financial markets are littered with 3-sigma events that occur 10 times more frequently than a normal distribution would ever allow

@degeneratoor wen comparing notional v perps dex options notional can be created out of thin air with zero risk any delta hedge from mm will show up in the perp notional if options oi was real risk it would have higher delta hedge retardio

@0xElenchus you think it’s fair to substrat 100% of options open interest from a dex that mainly focuses on options? retardio

defillama correctly subtracted the derive options oi to make a fairer comparable between dexs now kols cant misleadingly say they are top3 dex a cynic might derive that options dexs now explore basis or perp-futures swaps to increase their notional or create pure options dex list

"But how will Saylor be able to pay the dividends?" > He'll sell the common stock $MSTR above 1x mNAV "But what if it trades at a discount to NAV?" > He'll use the USD reserve that covers 2 years "But what if the USD reserve is empty?" > He'll sell BTC or BTC derivatives "But what if BTC trades at $20k in 2 years?" > Dawg, I won't be here anymore if that happens

@Sellingvol not that one lol

@0xElenchus are u a kingmaker? lol

seeking options and perps makers of ALL sizes. comment or dm me. there is flow, we need ya

@0x_Atreyu @DeriveXYZ if ur absolutely compelled then ravedao will have good action for a week

@0x_Atreyu @DeriveXYZ imao stick to hype, btc, eth u shld know the failure of deribit to adopt new coins btc,eth have liquidity hype is a differentiator for u and successful the rest are transitory no doubt rwa but difficult at ur stage to implement

@0xElenchus @DeriveXYZ Do you have ideas beyond these?

@ScottPh77711570 damn never thought about it this way crypto is the Paralympics of trading

@PaperFlow8 @Arnouz2 ur may 3.2 calls strong bet if so

@Arnouz2 lets see if we wick to 3k+ early may.

watch the tape, watch it very closely

@DeriveXYZ honestly none of these dont dilute ur offering keep strong coin choices

Which of these coins needs an options market the most?

@deriveinsights nothing personal but i got more hype option gamma than this imagin thinking that derive positions dominate when vast amount more is otc billateral so gamma not gonna matter from your writings same for btc+eth clearly dominated on deribit+ibit insights nice idea but pls be serious

$HYPE Gamma Structure Update: Key observation: $44 and $38 strikes showing significant dealer long gamma exposure. What this means: Market makers are positioned to dampen volatility around these levels. Rather than chasing price away from strikes, long gamma incentivizes liquidity provision that absorbs directional moves — effectively creating local equilibrium zones. The $44 level in particular carries the heaviest concentration, suggesting it may act as a near-term magnet with mean-reverting dynamics if tested. Worth monitoring how price behaves on approach. Clean breaks above $44 would require genuine flow imbalance to overcome dealer hedging flows. Text and Analysis by: @derivativemonky

@DeriveXYZ @Cardano @CardanoFeed @Cardano_CF @cardano_updates my whiskers must need licking clean was unaware of ada option demand careful with product choice remember deribit with xrp and others there wasn’t real demand just transitory I hope u know smthg I don’t

$ADA Options are now live on Derive's RFQ. Use cbADA or any of our 22+ collateral types to hedge, earn yield, or run your favorite options strategies on @Cardano.

out of the major contenders the @ryskfinance @DeriveXYZ trading debate on ct resulted in rysk more reliable pricing but at a large cost in terms of price - too much imao derive better for size via rfq when mm is 'turned on' @paradex claim all paradigm flow so no1, but no proof gg

@deriveinsights @DeriveXYZ oi + p/c ratio does not lead to 'clear bullish' u dont indicate data direction to lead to conclusion also max pain irrelevant proved by many in crypto

Options Sentiment Check – Apr 10 Expiry 🔍 ~2,300 calls vs ~150 puts on @derivexyz for April 10. Call OI clusters at 72k to 77k strikes. Put/Call ratio below 0.1. Clear bullish positioning with upside bets dominating. On Deribit, 11.4k calls face 10k puts (P/C 0.47) with $1.47b+ notional. Max pain at 68k conflicts with the bullish positioning above 70k. One pulls price down into expiry, the other bets on a breakout. Watch how this tension resolves around 68k to 70k. Data by @Amberdataio & @coinglass_com Article by @moritzpike

@fiddybps1 @paradex so these flows are moving from deribit to paradex? how can u be so sure? many prefer pricing and liq via paradigm on db cld you explain pls genuine interested

~$200m notional just traded. Around 3,000 BTC, sliced across multiple clips. serious flow like this is coming to @paradex

@canikizu @kirbyongeo @ryskfinance reason why mm 'wanky' right now? edge seems good on rfqs

Derive is an Optimistic L2 and also have builder code. Technically Rysk or Hypersurface can route through Derive for better premium if they choose so. It also can facilitate big size (some are 100k HYPE), but not currently because MM is wanky right now. You can see on past trade tape, they did a lot of big size. This week is a bad week to be on spotlight as their MM is not working properly. Derive is also cash-settled. Your CSP dont give you tokens if it got exercised, your cash balance is changed.

For those wondering, here's a quick comparison between Rysk, Hypersurface, and Derive. Rysk (@ryskfinance) + Hyperliquid Native + $50M+ TVL, ~$594M cumulative notional volume + 100% collateralized, locked in smart contracts + 5K HYPE max notional per transaction (caps lifted every few days) + RFQ execution, instant execution and premiums paid upfront in USD + Institutional traction (@HyperionDeFi using Rysk Premium) + Immediate settlement at expiry + Points program is live (app.rysk.finance/join?code=rysk…) - Lower APR than competitors - Limited asset coverage Hypersurface (@hypersurface_io) +/- Multi-chain (HyperEVM + Base) + Simple UX: Deposit, pick strike + expiry, earn premium + Supports 7 other assets besides HYPE on HyperEVM + Points program live (app.hypersurface.io/rewards?referr…) + System prices option, takes position, and hedges exposure programmatically + Locked in smart contracts - Protocol can early exercise ITM options up to ~24 hours before expiry "if optimal for the protocol" - you lose timing optionality and it's unclear what "optimal" means - Reports from users that positions do not settle automatically at expiry and require manual tickets to release funds - Reports circulating that protocol trades with user collateral (not sure how true is this) Derive (@derive_xyz) + $700M+ notional volume/30d + Live since 2021 (originally Lyra) + Broadest expiry + strike selection + RFQ model + Leverage (you don't need 100% collateral locked in) - Custodial (you deposit funds into their contracts) - Not instant trades if you want to do in size - Not native to Hyperliquid - Separate chain = bridging friction - Token is already live I am a sucker for good yield and I'm not beholden to any particular project, as long as I get the most returns, and have my funds mostly in my custody. Let me know if I'm missing anything.