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Market mechanics, explained.
Short, practical explainers on the forces that move options, spot and futures across Bitcoin and Ethereum (BTC & ETH).
Not investment advice. We do not provide investment strategies or recommendations. Everything in these articles exists to give you the quantitative and analytical tools to reach your own conclusions from real data.
Options
All optionsOptions 101 · Chapter 1
What is an option?
Calls and puts, American vs European exercise, and the four positions you can take — long and short, on each side.
ReadOptions 101 · Chapter 2
ITM, ATM & OTM explained
Strikes, intrinsic value and moneyness — the three labels every option carries, and why they decide how a contract behaves.
ReadOptions 101 · Chapter 3
The greeks, one by one
Delta, gamma, theta, vega and rho — what each one measures, in plain English, and which ones actually move your P&L.
ReadOptions 101 · Chapter 4
Implied volatility & the surface
What IV actually measures, why skew and term structure exist, and how both fold into the volatility surface.
ReadOptions 101 · Chapter 5
What is gamma exposure?
Option chains, delta, gamma and moneyness — and how dealer hedging turns into the gamma exposure (GEX) we render by strike.
ReadOptions 101 · Chapter 6
The gamma squeeze
How a market maker hedging a short call gets forced to buy into a rising market — the self-reinforcing loop behind a squeeze.
ReadSpot & Futures
All spot & futuresSpot & Futures 101 · Chapter 1
What is the spot market?
Buying the actual coin at the actual price, settled on the spot — the order book, the bid-ask spread and what "owning it" really means.
ReadSpot & Futures 101 · Chapter 2
Perpetual futures: USDⓈ-M vs COIN-M
A futures contract with no expiry date, and the two ways it can be collateralised — linear in stablecoin, or inverse in the coin itself.
ReadSpot & Futures 101 · Chapter 3
Spot vs futures
Same underlying, very different exposure — ownership, leverage, costs and risk compared side by side, and when each one is the right tool.
ReadSpot & Futures 101 · Chapter 4
Leverage, margin & P&L
Initial and maintenance margin, isolated vs cross, and the difference between unrealized P&L on screen and realized P&L in your balance.
ReadSpot & Futures 101 · Chapter 5
Liquidation & the funding rate
Where your liquidation price comes from, how cascades feed themselves, and why funding is the mechanism that keeps a perpetual near spot.
ReadSpot & Futures 101 · Chapter 6
Long vs short & order types
The two directions you can take, and the orders that get you in and out — market, limit, stop-loss, take-profit, and post-only vs reduce-only.
ReadOpen Interest Series · Part I
What open interest is and how it is measured
Contracts still open, not contracts traded — how OI is counted, why it differs from volume, and what makes it rise, fall or stay flat.
ReadOpen Interest Series · Part II
Reading flow: open interest, price and CVD
The price × OI matrix — new longs, short covering, new shorts, longs closing — and how cumulative volume delta tells you who was the aggressor.
ReadOpen Interest Series · Part III
Open interest, funding & liquidation fuel
When rising OI meets persistent funding, positioning becomes fuel — how to spot a crowded book before the cascade, and what unwinds look like.
ReadTrading
All tradingDealer Series · Part I
Liquidity and inventory rebalancing
Who is on the other side of your trade — how dealers quote both sides, why they end up with inventory they never wanted, and what they do about it.
ReadDealer Series · Part II
Gamma exposure and inventory rebalancing
The same hedge rule with opposite sign: long gamma dampens the tape into a range, short gamma amplifies every move. How to tell which regime you are in.
ReadDealer Series · Part III
Pinning: how dealer hedging holds price in a range
Why price so often stalls between the call wall and the put wall into expiry — the mechanics of pinning, where it stops being mechanical, and a Coinbase-liquidity vs Deribit-options walkthrough.
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