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1) My threads are written with options specialists in mind. However, I also appreciate and am humbled by the large number of followers that are interested in the commentary as a process to learn about and interpret option market activity. This thread will hopefully help a little.
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$PEAR, the flagship token behind Pear Protocol, is live on Hyperliquid spot.
app.hyperliquid.xyz/trade/PEAR/USDC
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'was' and 'is' semantics
$LIT is a free long here if most people think they "lost the Robinhood integration"...
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My friend @hufhaus9's project is already a successful dex...but its more than that...its also a trading tool.
@pear_protocol has an AI agent that suggests the best ratio for asymmetric assets. For example, it suggests a 33% long $WLD and 67% short $BTC trade for optimum 🍐pair trading.
@pear_protocol has an AI agent that suggests the best ratio for asymmetric assets. For example, it suggests a 33% long $WLD and 67% short $BTC trade for optimum 🍐pair trading.
there is no Plan B
pear will be a success
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The biggest misconception about Pear is that you can only do pair trades on it
yet 70%+ of our volume are custom baskets like the Citrini one
Try @pear_protocol and lmk what we can improve
Will reward for genuine feedback
yet 70%+ of our volume are custom baskets like the Citrini one
Try @pear_protocol and lmk what we can improve
Will reward for genuine feedback
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This will become the Options 101 reference for the Internet.
Totally free.
Stoked to be a contributor.
Totally free.
Stoked to be a contributor.
Excited to announce Options 101!
It's a site that provides free, no-ads, no-shill education on financial options (calls + puts).
The first course is one I'm now teaching this fall at Charles University in Prague. Lecture notes, videos, assignments.
options-101.com
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Shakes up the debate...and the competition.
LARGEST OPTIONS TRADE JUST PRINTED ON PARADEX 🔥
50,000 ETH CALL SPREADS
Powered by @tradeparadigm liquidity
Trade options on Paradex with size:
app.paradex.trade/options
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Thanks to @YanLiberman and @shayonsengupta for engaging in the conversation on $GRASS.
Few places where you can do this without being an LP.
My take when putting this together:
The business is strong, growing TAM, and produces revenue.
There is no equity layer. Only tokens. Team is compensated in tokens. Alligned investment.
Forward emissions are low.
In this sense, the token and structure is clean.
And the investment is based on a discounted token valuation cf to AI related public companies.
This is the accrual thesis.
There is no token holder claim, no buyback, no distribution rule. The July 2026 vote was an active decision against all this.
There's a favourable setup for a mechanism to be built, but this is not a substitute for one existing now.
Delphi, Multicoin will have had in depth conversations not available to myself, and that ofc is a position of strength and insight.
Perhaps it is a case of 'trust us' rather than 'trust us bro'.
Few places where you can do this without being an LP.
My take when putting this together:
The business is strong, growing TAM, and produces revenue.
There is no equity layer. Only tokens. Team is compensated in tokens. Alligned investment.
Forward emissions are low.
In this sense, the token and structure is clean.
And the investment is based on a discounted token valuation cf to AI related public companies.
This is the accrual thesis.
There is no token holder claim, no buyback, no distribution rule. The July 2026 vote was an active decision against all this.
There's a favourable setup for a mechanism to be built, but this is not a substitute for one existing now.
Delphi, Multicoin will have had in depth conversations not available to myself, and that ofc is a position of strength and insight.
Perhaps it is a case of 'trust us' rather than 'trust us bro'.
I am waiting patiently for @YanLiberman to publish the 'longer write-up..coming on why the $GRASS token is the value accruing vehicle..' because my attempts have fallen short so far.
I desperately want this, as the business looks sound.
No committed buyback mechanism.
July 7 vote explicitly declined to give holders a claim.
Nov '25 buyback ($350k) hasn't repeated since.
Staking rewards dont come from revenue, but from a pre-created Grass community supply pool.
Revenue does support the eco-system and 20% of spend goes to Wynd labs headcount, but is internalized, not distributed, as there is no defined claim.
Recent 3rd party write-ups were not an audit, just showed revenue; and the Abundant Intelligence piece once again confirms a good business and increasing TAM only.
"Value accrues to the token, not to an equity company above it" is a conclusion, not an operational system - no claimant above the token doesn't create one below it imo.
Currently, this seems like a strong revenue-based narrative play only, or one that at best might result in a vote to commit to token holder claims, but please to all the $GRASS token bulls, show me the MECHANISM now, not the roadmap, not the TAM, not inference.
Want to be wrong.
Currently I hold no long or short position.
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I am waiting patiently for @YanLiberman to publish the 'longer write-up..coming on why the $GRASS token is the value accruing vehicle..' because my attempts have fallen short so far.
I desperately want this, as the business looks sound.
No committed buyback mechanism.
July 7 vote explicitly declined to give holders a claim.
Nov '25 buyback ($350k) hasn't repeated since.
Staking rewards dont come from revenue, but from a pre-created Grass community supply pool.
Revenue does support the eco-system and 20% of spend goes to Wynd labs headcount, but is internalized, not distributed, as there is no defined claim.
Recent 3rd party write-ups were not an audit, just showed revenue; and the Abundant Intelligence piece once again confirms a good business and increasing TAM only.
"Value accrues to the token, not to an equity company above it" is a conclusion, not an operational system - no claimant above the token doesn't create one below it imo.
Currently, this seems like a strong revenue-based narrative play only, or one that at best might result in a vote to commit to token holder claims, but please to all the $GRASS token bulls, show me the MECHANISM now, not the roadmap, not the TAM, not inference.
Want to be wrong.
Currently I hold no long or short position.
I desperately want this, as the business looks sound.
No committed buyback mechanism.
July 7 vote explicitly declined to give holders a claim.
Nov '25 buyback ($350k) hasn't repeated since.
Staking rewards dont come from revenue, but from a pre-created Grass community supply pool.
Revenue does support the eco-system and 20% of spend goes to Wynd labs headcount, but is internalized, not distributed, as there is no defined claim.
Recent 3rd party write-ups were not an audit, just showed revenue; and the Abundant Intelligence piece once again confirms a good business and increasing TAM only.
"Value accrues to the token, not to an equity company above it" is a conclusion, not an operational system - no claimant above the token doesn't create one below it imo.
Currently, this seems like a strong revenue-based narrative play only, or one that at best might result in a vote to commit to token holder claims, but please to all the $GRASS token bulls, show me the MECHANISM now, not the roadmap, not the TAM, not inference.
Want to be wrong.
Currently I hold no long or short position.
TLDR on @grass
-Revenue is real
-Value accrues to the token, not to an equity company above it
-A longer write-up is coming on why the token is the value accruing vehicle
Grass generates revenue off-chain, so it's harder to track than a defi protocol. On top of that, they're reinvesting rather than returning capital to holders.
That combination has led to max skepticism. Good to see them address it with transparency on revenue and entity structure.
On reinvesting, I think it's the right call at this stage. With no equity layer above the token, growth compounds toward the token rather than toward a company beside it. My read is capital return comes earlier than it would at a startup, just not from day one the way most crypto projects do it.
They're expecting ~$70m in revenue this year, with additional products likely in the pipeline on top of that. Brief summary of their financials from the July call:
x.com/YanLiberman/st…
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Go check if you have money laying around
Don’t forget to tip for good karma.
Don’t forget to tip for good karma.
stuckfunds.eth.limo finds crypto you bridged but never claimed.
$135M+ sits unclaimed across 84 bridges on over 500k wallets (Arbitrum, Optimism, Base, zkSync, Wormhole, CCTP...).
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'Your price in the markets is determined by the quality of your investors' - Adam Foroughi, Applovin.
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Quite a journey @nickforster !
$DRV holder speedrun:
- Buy at TGE
- Average down to -90%
- Watch $SNX try to buy the protocol at a discount
- Watch the community say no
- Try to sell when it turns sour
- Orderbook says no
- Win anyway
Congrats @DeriveXYZ @nickforster 🫡
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Feature.
privacy should be a user’s choice.
that is why privacy is a right (not a forced obligation)
as a reminder
@paradex is the only at-scale dex with privacy
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If you’re a good trader and interested in running a Vault
Check the graphic and let me know please
Check the graphic and let me know please
Why did it take so long to get Pear Vaults out?
Because we will be the Vault infra provider of choice for Hyperliquid's Vault managers.
Good things come to those who wait. Now it's time to face the music.
Tomorrow @ 10am EST. Bridge your USDC to HyperEVM.
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Will make my periodic request that options exchanges compare each other's dicks in terms of fees earned and not notional value of options.
Level of fees is the only true metric of success and return on token/equity.
Otherwise, it's just misleading dramatization; can be faked.
Level of fees is the only true metric of success and return on token/equity.
Otherwise, it's just misleading dramatization; can be faked.
I note that DB OI is increasing, and IBIT even more.
Using general OI is not a clear indicator though.
An extreme example to make clear - I can buy 50k Dec 135k Calls for almost zero, or the same premium for 10 (no k!) 90k Calls. Need to rationalize the chances.
OI closer to the ATM (at any point in time) is relevant; OI away from the ATM (ie generally everything at expiry) is not relevant.
But overall OI increasing is probably pushing that gamma needle.
As for my views on Jeff's very well circulated and retweeted latest Substack article, a short-hand summary of my thoughts by @0xElenchus
Will try and find some time tomorrow to elaborate.
x.com/0xElenchus/sta…
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'good chance of some shit getting real really soon'
- @therobotjames (today)
an epic read on managing/trading through chaos
- @therobotjames (today)
an epic read on managing/trading through chaos
trading through extreme chaos.
much of my insufferable schtick on here is...
“you can get away with doing very simple things if you pick the right place to do them”
you can also get away with doing very simple things if you pick the right time to do them.
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'My guiding principle - own what you like and own what you use'. - solid advice.
'There's so much evidence to prove that the @HyperliquidX spot listing for DRV was one of the necessary catalysts for the token to take off.' - iykyk
-@koolkrypto223
@pear_protocol @agent_pear
Probably nothing.
'There's so much evidence to prove that the @HyperliquidX spot listing for DRV was one of the necessary catalysts for the token to take off.' - iykyk
-@koolkrypto223
@pear_protocol @agent_pear
Probably nothing.
gPear
KoolKrypto uses Pear Protocol - do you ?
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