tempest

10 free reads to the full JTX report here members.delphidigital.io/reports/jtx-so…

Smart Fill is a great flagship feature for JTX. I put this quick visual in our recent report to show how it works

Something is building in BTC's end-of-month expiry. July 31 expiry shows $7.7B of call open interest against $2.8B of puts. $1.79B sits at the 70k strike and $1.38B at 72k. Those two strikes hold 41% of the expiry's call OI. $665M of the 70k calls and $680M of the 72k traded today alone, which are likely call spreads. Someone could be taking advantage of cheap potential upside with volatility close to historical lows.

@BittexXBT What a legend they have, congrats bro

Living in perp books through all the cycles, I realized I could have shared way more experience than I did. Felt some regret that I fumbled supporting & helping out growing the space I'm spending so much time in. Happy to announce I'm joining RISEx as Advisor, a fully onchain CLOB DEX built on Rise with <5ms latency for a CEX-like experience. Still early, private beta, lots of milestones ahead & I'm glad I can be part of shaping this space to break free from toxic CEXs.

@TheOneandOmsy Banger

Still early, but the tokenized equity money lego games playing out on-chain are the beginning of a brand-new era. Crypto primitives are being applied to assets the whole world recognizes on open, global infrastructure. And although prices across the space are getting tattooed, if you look under the hood, you can see the next generation of financial products and businesses starting to take shape

Structured product vaults are gonna be huge as more stocks + other RWAs come onchain. Otherwise idle assets for most ppl are now 24/7 and fully composable with access to defi's full suite of yield opportunities

@_machi47 Let’s ride king

@tempst0 Bro posting actually interesting as fuck shitnconstantly now tf

Robinhood Chain's biggest edge is its own parent app. Most of the attention on RH chain has been on memecoin trading, but as we've seen many times, that activity is not sustainable. And for existing crypto natives, there isn't much reason else to bridge over. The most interesting part today imo is Robinhood Earn - the first step they've taken to actually onboard the next wave of everyday ppl onchain, even US customers. A full retail brokerage app embedding DeFi to deliver new products, cleaner UX, instant settlement + more. For my 2026 year ahead I wrote "brokerage accounts become self-custodied wallets" and it becomes more true each day. The Morpho Steakhouse USDG vault beneath Earn is holding almost $100M in deposits across 14K wallets that all come directly from the RH app. The median deposit is just $100 and the avg $ 7K. These are regular RH customers now buying and lending stablecoins without ever thinking about how to get onchain, what network, what wallet, what app, etc. It's all abstracted away for them. Earn is the first one here but this is the whole play. Moving their existing 25M+ customers to blockchain rails without them even realizing in order to offer new products and simple UX. Every customer from the RH app could eventually have native borrow / lend on their stocks, structured vaults to deposit into, other RWAs & collectibles, Lighter perps sitting right next to the trad futures, an options protocol sitting next to the trad options chain enabling 24/7 options on any asset, endless opportunities.

@akolody47 the current rfq model still relies on OLP as the intraday settlement layer for opening/closing trades before they get hedged out, and that only works with legit trades ofc

@tempst0 I thought they pivoted to an RFQ model, with the OLP as a backstop?

Horrible to see the Ostium exploit, bad for everyone in the industry and really sucks. The protocol lost approximately $23.7 million from its OLP vault on Arbitrum across several txns. Traders on Ostium trade against a liquidity vault that acts as counterparty to every position, so trader profit is paid out of it. The hack essentially let fake/fabricated profitable trades via oracle exploit get paid out in USDC from the vault: - open a BTC/USD position with USDC margin - fulfill the open order at $5K/BTC using a fabricated self-signed low opening price - close the position - fulfill the close order at $60K/BTC using a fabricated self-signed high price Inside the first batch call of trades alone, five cycles of this paid out $10K, $90K, $800K, $7M, and $5.3M for a total of $11.86M 2nd attack: $4.5M 3rd: $3.6M 4th: $2.7M 5th: $1M Ostium uses a signed oracle. The verifier takes a price report, recovers the signer from the signature, and checks that the signer is on an authorized list. It validates the signer's identity, not whether the price is accurate. The attacker held an authorized oracle-signer key and a registered keeper (PriceUpKeep) forwarder, which is the role that fulfills pending orders. Both of these roles should only be granted by Ostium governance/timelock and cannot be self-assigned. This was a key compromise, not a market-based oracle manipulation (no flash loan, no manipulation of a spot price on a thin pool. Whether the key was stolen externally or misused by someone with access is not yet confirmed. The attacker has since swapped into ETH and is distributing out large amounts to various wallets. The vault currently holds approximately $9.0M, down 72.5% from $32.7M immediately before the attack.

JTX is building for today's active traders. Solana isn't short on ways to trade, but it has lacked a home for the retail cohort that wants a pro UX with advanced orders and superior execution across any asset. Many have left for other platforms, and @jtx_trade wants to bring them back. For spot, it packages DFlow rather than building a router of its own. DFlow doesn't lock in a route when you sign. It keeps checking prices and can reroute inside the same transaction to whichever venue offers the best fill. Smart Fill is the flagship order type that reduces slippage on large trades. A single large order can eat through the order book and push the price up as it fills. Smart Fill breaks that order into dozens of smaller trades spread over seconds. Each one fills closer to fair value for better execution. Execution is the key test for these traders. JTX is betting this is what wins them back.

Excited to see @jtx_trade go live, I put this report together because I think it can really alter the trading landscape over the next few months as everything goes live. Solana today is the chain to trade everything, but has been missing this pro-venue that packages it all together - great spot UX across assets with a focus on stocks/RWAs, perps on any asset, solid prediction markets. Now it's coming out right as activity is heating up again, def something to watch!

@zuler @jtx_trade 100% of that 80% share of JTX rev that they receive just to clarify

there's a current proposal to commit 100% of @jtx_trade revenue share to solana:jtojtomepa8beP8AuQc6eXt5FriJwfFMwQx2v2f9mCL buybacks. will Jupiter follow the same path with GUM?

@minnus Nice piece 🙏 many similar thoughts

seems huge for collector crypt, curious how much new revenue this will drive

@0xdaft he was watching good will hunting

Wow just returned to my GPT chat about solving one of the Erdos Problems Found 5.6 Sol browsing through rotten tomatoes for a good 15mins. wtf man

And in comes a new pro trading/brokerage layer with superior UI and execution that Solana desperately needed to make use of its full asset depth, @jtx_trade Full report next week 😁

Spent this morning catching up on a lot of the great content our team @Delphi_Digital has been pushing out lately. Wanted to share some of my favorites as well as gift links so anyone interested can enjoy them below. Great weekend reading material.

vol crushing but puts bleeding faster than calls - skew near its tightest in weeks while call flow dominates the tape seems like the panic has been flushed out, looks gud