AD Derivs: Insights from Crypto Option Traders

Wintermute is a leading proprietary trading crypto market maker. They provide liquidity solutions across the digital asset eco-system.

They create liquidity on the world's best crypto exchanges and trading platforms. They  use algorithmic and high-frequency trading methods to create markets; centralized crypto exchanges, DeFi, spot, derivatives, ETPs

They offer some of the most competitive prices via OTC (automated RFQ and with direct trader support) to funds, institutional OTC desks, trading platforms, miners and other institutions

They support listings and ongoing liquidity for high-potential crypto projects

dYdX is a leading decentralized exchange that currently supports perpetual trading. dYdX runs on smart contracts on the Ethereum blockchain, and allows users to trade with no intermediaries.

Today we chat with Juliano, the founder and CEO of dYdX.
We explore Juliano's background, the evolution of dYdX and the vision for dYdX V4. 

Website: https://dydx.exchange/

Hashflow is a DEX Aggregator that offers deep liquidity across the leading blockchains. Leveraging an intent-based Smart Order Routing (SOR) architecture, Hashflow offers traders the best prices, access to over $8B in liquidity, and the ability to trade every token both interchain and cross-chain. Since launching in April 2021, Hashflow has cleared over $18B in total trade volume. 

Today we meet with Varun Kumar, the Founder and CEO at Hashflow. We talk about Varun's background and how he developed Hashflow and came up with the idea for the concept. 

For more information about Hashflow: 
Website: https://www.hashflow.com/
Twitter: https://twitter.com/hashflow
Blog: https://blog.hashflow.com/
Docs: https://docs.hashflow.com/hashflow

Since 2014, CoinShares has been building the future of investing - creating Europe’s leading European digital assets investment firm and innovating the technology and infrastructure to enable access and power investment in the new digital economy.

Today we interview Lewis Fellas, head of Hedge Fund Solutions at CoinShares. We explore Lewis's background, thoughts on the market and insights he's learned along the way. 

Website: https://coinshares.com/

Cboe is the world's go-to derivatives and exchange network, delivering cutting-edge trading, clearing and investment solutions to people around the world.
Cboe Digital is a US regulated exchange and clearinghouse for crypto spot and crypto derivatives.

John Palmer is the President of Cboe Digital. 
Today we chat about Cboe Digital's product offering, future roadmap and John's career and background. 

Twitter: https://twitter.com/cboedigital?lang=en
Website: https://www.cboedigital.com/

Wintermute is a leading proprietary trading crypto market maker. They provide liquidity solutions across the digital asset eco-system.

They create liquidity on the world's best crypto exchanges and trading platforms. They  use algorithmic and high-frequency trading methods to create markets; centralized crypto exchanges, DeFi, spot, derivatives, ETPs

They offer some of the most competitive prices via OTC (automated RFQ and with direct trader support) to funds, institutional OTC desks, trading platforms, miners and other institutions

They support listings and ongoing liquidity for high-potential crypto projects

The Crypto Volatility Index (CVI) is a decentralized VIX for crypto that allows users to efficiently trade market volatility without the directional risk of spot trading.

Today we talk about the background of CVI and the recent V3 launch.

Moshe and Yoni also chat about the technical protocol details behind CVI.

CVI Documentation: https://docs.cvi.finance/
Twitter:  https://twitter.com/official_cvi
App: https://cvi.finance/

Nick Forster is the co-founder of DeFi options protocol Lyra. 
Before founding Lyra, Nick was an equity options trader at SIG. 

Today we discuss Lyra's latest protocol launch, Lyra V2. V2 is a central limit order book style protocol. Lyra has it's own app-chain built on L2 stack Optimism. 
Part of our discussion involves exploring Lyra's portfolio margin, liquidation engine and mechanics around the Lyra app-chain. 

To learn more about Lyra you can visit: https://www.lyra.finance/
Twitter: https://twitter.com/lyrafinance
Blog: https://mirror.xyz/lyra.eth

Artur Sepp is the head quant at family office, Clearstar Labs. 
Here Artur has a focus on delta neutral strategies in DeFi markets and CeFi crypto volatility venues, such as Deribit.
Artur has an extensive background in volatility trading and modeling for various firms including Bank of America and Julius Baer. 

We talk about Artur's experience. His views on volatility trading and modeling. How he found his way into crypto trading and some of his strategies. 

Recently written paper from Artur: 
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4606748

Book Recommendations

Euan Sinclair Books:
https://www.amazon.com/s?k=euan+sinclair&crid=32WQ8TRFF9P45&sprefix=euan+sin%2Caps%2C184&ref=nb_sb_ss_ts-doa-p_1_8

Expected Returns: 
https://www.amazon.com/Expected-Returns-Investors-Harvesting-Rewards/dp/1119990726/ref=sr_1_1?crid=1B484LK3JJN5C&keywords=expected+returns&qid=1701806342&sprefix=expected+%2Caps%2C168&sr=8-1&ufe=app_do%3Aamzn1.fos.17d9e15d-4e43-4581-b373-0e5c1a776d5d

SwapGlobal provides derivatives – swaps and options – to US digital asset investors and hedgers, such as hedge funds, family offices, private equity funds, and bitcoin miners. SwapGlobal plans to register as a standalone swap-dealer with the CFTC and SEC.

Website: https://swapglobal.com/
Blog: https://swapglobal.com/insights

Books: 
"Zurich Axioms" by Max Gunther
"Reminiscences of a Stock Operator" by Edwin Lefèvre and Edwin KLefevre