Thalex
@ThalexGlobal
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Trade futures, options & combos https://t.co/hVLtWQBzr2 Services may not be available to all clients in all jurisdictions TG https://t.co/3SSzeDYXx9
Joined December 2020
“Options are fundamentally complementary to perpetuals. Perpetuals are implicitly a bet on trend where options allow you to resist chop.” - @minus1_12 at Gamma Summit @ThalexGlobal x Bitfinex Derivatives
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⏳ Join the Gamma Summit tomorrow! Hosted by @ThalexGlobal & Bitfinex Derivatives (@bitfinex), this invite-only event brings together the brightest minds in Bitcoin derivatives to discuss options, futures, volatility, hedging & liquidity.
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“I don’t understand options.” We hear this more than anything else. Our funded campaign is the first attempt to change that, with a low-risk path to learn options with real capital: • Start with $100 • Hit 10% rPnL, and we’ll bump you to $1,000 If you already trade perps
Options are convex. So is the new Thalex Funded Account Campaign. • Deposit ≥ $100 USDT • Prove you can be profitable • Get a $1000 funded account Your $1000 funded account is an option. An option to trade options. Trade them well and you keep 100% of your profits. We are
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The trade: Buy a low strike, sell two middle strikes, buy a high strike. If you’re projecting a grind up, you can shift the butterfly higher: • buy 112k call, sell two 117k calls, buy 122k call • profit: Breakevens at 113.1k and 120.8k. Max profit at 117k You're selling
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BTC is chopping without a clear trend since Oct 10. Selling a straddle would allow you to monetize this chop, but then you’re vulnerable to a breakout. If you buy a strangle around it, the position is set for a hybrid outcome: • Short volatility in the current range • We flip
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Keep the call naked, and it works in your favor; it has a fixed cost and unlimited upside. Sell a 115k call against it, everything changes. You collect premium from the sold call, capping your upside at $115k but moving your breakeven down to $111,820 and increasing your chance
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You’re looking at the options chain and expect BTC to top out around $115k. The $110k call has a 45 delta and costs $3,385 (the premium), putting your breakeven at $113,385. Delta is a rough proxy for the odds of an OTM option finishing above its strike, while strike
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Your breakeven price is your north star. Options trading isn’t hard. It all comes down to one number: your breakeven price. Your read of the market says we’re going higher and you’re sitting on some dry powder. How do you best position yourself for the leg up?
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Options take away the worry of getting stopped out. They do leave the worry of when to take profit. BTC-24OCT25-115000-C 10x round-tripped in a day.
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When you buy a call option, you're simply betting on price to go up, right? Right!? You're not just betting on a directional price move. You're betting on the magnitude of the directional price move exceeding market expectations. If the options market is pricing in a 20%
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The goal is sustainability. We inverted the traditional airdrop: You get capital first. If you're profitable, you generate recurring fees for Thalex, while we keep the given collateral. Options are not zero-sum, both sides can win. Who pays? Directional traders on Tier 1
The biggest difference between our airdrop and any other, instead of only farming volume & fees, you get paid by being a profitable trader. The typical airdrop structure has users trading at a loss to create maximum volume with minimum market impact, and then traders hope that
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The beauty of options: You can buy what you think will happen, by selling what you think won't happen. Yesterday, you could fund a 113K call by selling a 100K put and receive a net premium. The trade idea was very simple: • Price was coiled up at 106K • Options looked scared
So, what's the trade? Let's look at the trade-off: • Call skew is where value lies • Put skew is dangerous to fade The heroic choice is to buy a risk reversal. If BTC recovers, you will make money quickly on delta and vol as vanna smiles upon you. But you must face the
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The price of vol has been changing significantly post 10/10: • ATM IV has gone up • Puts went up vs calls • Call wings got cheap In this context, think carefully about maturity. Not just by way of forecasting a move, but by way of choosing which sensitivities you want. For
On the topic of retaining optionality: This is the ratio of vega/theta for different $btc maturities.
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Sunday AM CET is a great time to position long vol. When is there not a tweet on Sunday?
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So, what's the trade? Let's look at the trade-off: • Call skew is where value lies • Put skew is dangerous to fade The heroic choice is to buy a risk reversal. If BTC recovers, you will make money quickly on delta and vol as vanna smiles upon you. But you must face the
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This options market is not being subtle. It prices 25-delta put skew at April levels, and that's after we already crashed. This market is positioned for a second leg down.
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Few things to note, 24 Oct expiry as reference. (1) Heavy put skew — For the same abs delta, puts are a lot more expensive. The 14 delta put is marked at 498, the 14 delta call at 388. (2) Cheap call wings — Usually, otm calls have higher IV than atms. Not true at the moment.
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Join now using code "FUNDING" and start scaling your trading: https://t.co/bqXogjXLz9
thalex.com
Prove you can manage risk and we will give you a $1,000 account.
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