Cryptarbitrage

1/ Going to use this thread to post links to a few useful resources. For any google docs just download a copy to your own drive if you want to edit. First up a very simple google sheet to show the P/L graph of BTC options (fees not included): docs.google.com/spreadsheets/d…

@DeriveXYZ What do the colours represent? Option vs perp volume?

Just shy of 2 billion for the month of April. It took us 4 years to get to our first billion. Let's see what May brings.

images are from the Deribit metrics page here: deribit.com/statistics/BTC…

Basis is in the toilet, and has generally been heading steadily lower for many months. Zero incentive to do standard basis trades currently as holding cash/bonds/USDC pays better. Cross exchange funding arbs still available though for those willing to do a bit of extra work.

@nikitabier Bring back X pro UI to premium subscribers!

Today we're announcing two product changes for organizing communities on X: 1. XChat now supports joinable links for groupchats. Create a public link & share direct to Timeline. With support for 350 members per chat (and growing), Groupchat Links are the fastest way to bring people together on X. 2. Due to declining usage, we're deprecating X Communities on May 6. To migrate your Community's members, pin your groupchat link so people can join it over the next 2 weeks. This is part of our broader effort to simplify the experience on X. Make no mistake: we are investing heavily in niche communities with the launch of Custom Timelines—and much more to come.

Well this is an annoying thing to log in to. X Pro (Tweetdeck) is now locked behind only the most expensive subscription.

@HD_Derive @Amberdataio @skewdotcom @coinbase On a drive at Coinbase somewhere I assume. Coinbase bought them in 2021. As Deribit is also now part of Coinbase, there could be something to benefit from there I think. coinbase.com/en-es/blog/coi…

@cryptarbitrage @Amberdataio @skewdotcom @coinbase Skew!!!! Sadly market data without trading is a hard biz to survive - even Bloomberg realized it long time ago. Where's the code? Asking for a fren 😀

No more free option metrics from @Amberdataio after April 😭 Who remembers @skewdotcom ? They were bought by @coinbase and the website was discontinued for some reason, but I believe the code is all there still ready to be rebooted. Maybe we should add it to the Deribit website? 🤔

@andremallta @GreeksLive Yes sometimes. In fact i'm using it right now in one account for a long vol position.

@cryptarbitrage @GreeksLive Hey friend, do you still use auto ddh?

I finally made it back @GreeksLive 😅

@HD_Derive No worries. Definitely! Even in the announcement post at that time, it was being sold as a time saver rather than a security solution. Unlocking US will be huge. Soon ™️ Hopefully on chain options explode in popularity too.

@cryptarbitrage Thanks for clarifying ser 🫡 From outside - it felt like Copper Clearloop came into picture in 2022 but guess nobody cared about Crypto custody until FTX. #Respect - Deribit has always set a standard for Institutional grade liquidity + security, hope to see it in US soon!

First of a kind - this is charting a new territory in Security 🤝Liquidity. It took Deribit and other centralized exchanges years to reluctantly accept off-exchange custody post-FTX. Having it available for a #DeFi protocol - that too #1 Options protocol - is a game changer.

@lalleclausen @CryptoHayes @DefiLtam That would indeed be the point Hayes is missing if accurate. Is there a source for this 30% figure?

@CryptoHayes @DefiLtam Something like 30% of the outstanding USDT supply are undistributed profits of the company.

The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls. A roughly 30% decline in the gold + $BTC position would wipe out their equity, and then USDT would be in theory insolvent. I'm sure some large holders and exchanges will demand a real-time view of their B/S so they can assess the solvency risk of Tether. Get out your popcorn, I expect the MSM to run wild with this, especially all the editors with TDS who want to shit on Lutnick and Cantor for backing this stablecoin.

@PelionCap Also half the people copying it to post don't even realise that expiry is in the morning, so they often post well after the expiry has already happened 😂

Stealing this for future use, for every time there is an over-dramatic options expiry statement - particularly using a notional amount when the vast proportion are out-of-the-money worthless bets that have gone to zero.

@KyanExchange @vec0zy @vxdenton @Sellingvol @wekaaxyz @vx_linda @crypto_linn @HackermanAce @blocmates @therollupco Where's the best place to send feedback/bug reports?

Kyan Trading Competition going Live at 2PM UTC/9AM EST Launch AMA Community Call at 4PM UTC/11AM EST Stay tuned 🫡

@Beastlyorion I don't think up is ever truly max pain.

How are we holding up?

@VolSignals Those GoSports hoops are so much fun!

gm future neighbors while I'm sure you'll miss NYC at the Key Largo office, you can just do things

@satoshiheist @Lighter_xyz @vnovakovski I love that table. That was a great idea.

@cryptarbitrage @Lighter_xyz @vnovakovski That would be interesting too. The zero fees also enables a lot of x exchange arbs they even have a page that tracks it app.lighter.xyz/quant

The CEO of @Lighter_xyz just did an interview in Russian. I took the transcript from YouTube and asked ChatGPT to summarize it. There's some key points here not mentioned in English speaking spaces or interviews previously. 1. Security (2FA): Optional 2-factor for withdrawals is on the roadmap. Vlad notes it’s helpful but not a silver bullet (attackers could still trade against you), so users should also harden overall op-sec. 2. Spot launch & fees: Spot goes live ~late Oct / early Nov. First listings will be core assets (ETH, BTC; possibly WBTC), then selected memecoins/partners. Fees will be zero or very low (lower than competitors); exact schedule to be announced. 3. Roadmap highlights (next ~6–12 months): Cross-Margin by year-end (use Spot as collateral for perps). EVM “sidecar”/smart-contract extensibility early next year (custom apps that share collateral with the exchange). RWA derivatives (metals first; crypto-adjacent equities like COIN, etc.) targeted for year-end; options next year; dark pools later next year. 4. Ecosystem strategy: Built atop Ethereum (L2-style), so DeFi apps like Aave/Morph/Uniswap can integrate natively—no need to reinvent an ecosystem or bridge. Example: tokenize LLP as an ERC-20 for L1 use; external DeFi positions can be used as Lighter collateral. 5. Revenue model & transparency: Retail trading via GUI is free; pro MM/HFT flow pays a (still low) fee tier, which has driven revenue above expectations. Lighter will publish revenue soon once tiering rules are finalized. 6. Airdrops, points, and token: 25–30% of tokens earmarked for Season 1 + Season 2 points airdrop; total community allocation = 50% (rest used for future airdrops/partners/grants). Season 2 runs up to (roughly) TGE; weekly Friday grants resume (this week a larger drop to catch two weeks, then ~weekly cadence). Expect buybacks and multiple token utilities: access to exclusive/experimental LP pools & markets, lower fees for MMs, potential staking; governance deferred until the system is more decentralized (likely ≈2 years). 7. Sybil Detection: Multi-account self-trading to farm points is detected; past points aren’t clawed back, but future points go to zero for offenders. True high-speed traders may be placed in the premium (paying-fee) tier even if they click via GUI. 8. Market view: After the recent volatility, Vlad expects 1–2 weeks of range-bound chop (buy-low/sell-high regime). Key takeaway: tighten risk management to avoid liquidations when the next shock hits.

@vs62187383 @satoshiheist @Lighter_xyz @vnovakovski You would hope if the cross margining between spot amd perps is done well it at least shouldn't liquidate due to price alone, but ADL would still be a concern indeed.

@cryptarbitrage @satoshiheist @Lighter_xyz @vnovakovski Hope it doesn’t liquidate the cash carry like binance on Friday