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  "sourcesContent": ["import { jsx as _jsx, jsxs as _jsxs } from \"react/jsx-runtime\";\nimport { addPropertyControls, ControlType, Link } from \"framer\";\nimport * as React from \"react\"; /**\n                                * @framerRecordIdKey id\n                                * @framerSlug qxqfzpV3b\n                                * @framerData\n                                */\nconst data = [{\n  DD3znCvdO: \"2023-05-04T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"xNFTs: The Token Standard She Told You Not to Worry About \",\n  hYDLYsm8B: \"Levraham \",\n  id: \"D0h4B8mtz\",\n  K7P5LKS37: \"Unzipping Backpack \u2014 the Operating System for On-Chain xNFT Development \",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Shaping the Future of Solana\u2019s Mobile Ecosystem with Executable NFTs\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"xNFTs: The Evolution of NFTs on Solana\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Comparing xNFTs and Traditional NFTs\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Backpack: The Operating System for xNFTs\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Solana Mobile Stack: Bringing Web3 to Mobile Devices\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Potential of xNFTs: Endless Possibilities\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Coral Community: The Force Behind xNFTs\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Embracing the Future with In-Wallet Solana Dapps and xNFTs\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"Sim7rqu6V\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/Fkj6QHe77EYk8NmaQhz6Zr0lmo.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/Fkj6QHe77EYk8NmaQhz6Zr0lmo.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/Fkj6QHe77EYk8NmaQhz6Zr0lmo.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/Fkj6QHe77EYk8NmaQhz6Zr0lmo.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Shaping the Future of Solana\u2019s Mobile Ecosystem with Executable NFTs\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Despite a myriad of headwinds, Solana remains the most performant smart contracts platform, attracting users with its low fees, high throughput, and innovation oriented disposition. 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The timely launch of the Solana Mobile Stack enabled Backpack to leverage core Android functionality, making xNFT-based web3 applications accessible and mobile-friendly.\"\n    })]\n  }),\n  qxqfzpV3b: \"xnfts-the-token-standard-she-told-you-not-to-worry-about\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Synopsis\\xa0\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"xNFTs are a new Solana blockchain token standard, allowing direct in-app management of digital assets.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Backpack, an innovative Solana wallet, functions as an operating system for on-chain xNFT development.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Solana Mobile Stack (SMS) provides tools for developers to create native Android web3 applications, facilitating mobile access to xNFTs.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Potential xNFT uses include in-wallet trading platforms and web3 social media, expanding decentralized application possibilities.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Coral Community is spearheading the development of xNFTs, Backpack, and CoralOS.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2023-04-28T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Tristan0x?s=20\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/GP5YbKfpIRtaiXylPCDIGXPSXzU.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/GP5YbKfpIRtaiXylPCDIGXPSXzU.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/GP5YbKfpIRtaiXylPCDIGXPSXzU.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/GP5YbKfpIRtaiXylPCDIGXPSXzU.png?scale-down-to=2048\").href} 2048w, ${new URL(\"https://framerusercontent.com/images/GP5YbKfpIRtaiXylPCDIGXPSXzU.png\").href} 2400w`\n  },\n  gblEufo0g: \"DeFi Sucks (but it doesn't have to) \",\n  hYDLYsm8B: \"Tristan0x\",\n  id: \"PGz0LF3nP\",\n  K7P5LKS37: \"Trading on-chain can feel like pulling teeth, but with new advances in blockchain technology this may no longer be the status quo\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Current DeFi Landscape: Analysis and Challenges\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"DeFi Evolution: The Potential of Backend Abstraction\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"DeFi Ecosystems of the Future: Leveraging High-Performance Blockchains\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"RalZWXooB\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/gx4MoTlPUpvmqBQKupcg3xn4Qtc.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/gx4MoTlPUpvmqBQKupcg3xn4Qtc.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/gx4MoTlPUpvmqBQKupcg3xn4Qtc.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/gx4MoTlPUpvmqBQKupcg3xn4Qtc.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"In this day and age we're accustomed to communicating across vast global networks at the speed of light. Modern internet speeds allow us to send messages to our friends on the other side of the world in a second and to stream Netflix shows in realtime at 4k resolution.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In light of that, DeFi at present feels like using dial-up internet with interactions that are expensive (on the order of dollars) and that take on the order of seconds (if not minutes) to complete. It's highly improbably that in the coming years we can expect mass adoption of DeFi if things remain status quo. \"\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"Current Day DeFi\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"DeFi offers revolutionary, global access to financial services in a decentralized, censorship-resistant way. However, the user experience of decentralized applications (dApps) can be notoriously clunky, leading to sub-par products that derive most of their adoption from (usually unustainable) token emissions. Therefore, DeFi will continue to see poor stickiness and retention until the products themselves are truly functional. 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The future of DeFi likely involves back-end abstraction, where users won't know or care if their transactions occur on Ethereum, Solana, or Arbitrum, much like consumers don't consider the infrastructure supporting web2 applications (AWS vs GCP).\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"A Typical Experience\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The trading flow on the most popular perp DEX on Arbitrum highlights DeFi's shortcomings:\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Transaction signing adds friction, providing unhelpful information and potentially causing missed opportunities in fast-paced markets. Solutions like smart contract wallets and session keys may alleviate this issue.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Even on a Layer 2 solution like Arbitrum, the trading experience is slow. Trades take \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"~3.2 seconds to execute\"\n          }), \" and\", /*#__PURE__*/_jsx(\"strong\", {\n            children: \" indexing takes over 10.2 additional seconds\"\n          }), \", an end to end experience of \", /*#__PURE__*/_jsx(\"strong\", {\n            children: \"13.4 seconds\"\n          }), \". This is noticeably slower than centralized applications like Binance, which offer snappy, sub-second experiences.\"]\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"video\", {\n      autoPlay: true,\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,FXJ0i8d0HSvcSXSQibQt61IFZY.mp4\",\n      loop: true,\n      muted: true,\n      playsInline: true,\n      src: new URL(\"https://framerusercontent.com/modules/assets/FXJ0i8d0HSvcSXSQibQt61IFZY~tAD5QJsm-kmdkFZ5g2hZ572dw83CGk7Yx7ac85RW3FM.mp4\").href\n    }), /*#__PURE__*/_jsx(\"h2\", {\n      children: \"An Era of Performant DeFi\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"New blockchains like Solana enable developers to build faster, more scalable DeFi applications. Solana's high transaction throughput and 400ms block times make on-chain orderbooks possible. Zeta, built on Solana, aims to deliver centralized-exchange-like performance while maintaining decentralization and non-custodianship.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Despite inherent physical limitations (blockchains require consensus and light takes 130ms to travel around the world), DeFi can still achieve latencies within hundreds of milliseconds. Although not on par with high-frequency trading (on the order or microseconds), is likely sufficient for most crypto consumers. By offering latencies similar to popular mass consumer applications (e.g. Instagram or Robinhood), DeFi can provide a relatively seamless user experience.\"\n    }), /*#__PURE__*/_jsx(\"video\", {\n      autoPlay: true,\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,TDDaMQ6qOH0TzVNoZwlltG0U.mp4\",\n      loop: true,\n      muted: true,\n      playsInline: true,\n      src: new URL(\"https://framerusercontent.com/modules/assets/TDDaMQ6qOH0TzVNoZwlltG0U~sYFn10MFfr0M31wFynQH0ai4v1zmkt1ZdXzqe7RGndw.mp4\").href\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Trade execution takes roughly 1 second on Zeta, and trades are indexed, parsed and displayed in the front-end in the 2 seconds following that.\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })\n    })]\n  }),\n  qxqfzpV3b: \"defi-sucks-(but-it-doesn-t-have-to)\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis \"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The current state of DeFi (Decentralized Finance) is akin to dial-up internet, characterized by expensive and slow transactions, which hinders its potential for mass adoption.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Presently, DeFi offers global, decentralized financial services, but the user experience is often clunky due to high product complexity, slow performance, and inferior execution, leading to low user retention.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The article emphasizes the need for improved performance and back-end abstraction in DeFi applications, making them feel more like regular web applications and abstracting away the details of the underlying blockchain.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"A case study of a popular decentralized exchange (DEX) on Arbitrum is presented, highlighting issues with transaction signing and slow trading experiences, even on Layer 2 solutions.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The future of DeFi is discussed, with new, high-performance blockchains like Solana offering potential solutions. The aim is to achieve latencies similar to popular consumer applications, providing a seamless user experience while maintaining decentralization and non-custodianship.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Core Contributor\"\n}, {\n  DD3znCvdO: \"2023-04-14T00:00:00.000Z\",\n  dLtQpsUc2: \"\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Automated Market Makers (AMMs) vs. Central Limit Order Books (CLOBs)\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"UCpqvWBt2\",\n  K7P5LKS37: \"A Comprehensive Comparison and Contextual Analysis\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents:\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Introduction\"\n        })\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Automated Market Makers (AMMs)\"\n        }), /*#__PURE__*/_jsxs(\"ol\", {\n          children: [/*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Advantages of AMMs\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Disadvantages of AMMs\"\n            })\n          })]\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Central Limit Order Books (CLOBs)\"\n        }), /*#__PURE__*/_jsxs(\"ol\", {\n          children: [/*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Advantages of CLOBs\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Disadvantages of CLOBs\"\n            })\n          })]\n        })]\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Contextual Analysis: AMMs in Spot Markets and CLOBs in Derivatives Markets\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Conclusion\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/D5ErJpPygIHNSJmngeZrIDICvoo.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/D5ErJpPygIHNSJmngeZrIDICvoo.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/D5ErJpPygIHNSJmngeZrIDICvoo.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/D5ErJpPygIHNSJmngeZrIDICvoo.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Introduction\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The rapid growth of the cryptocurrency market has given rise to a multitude of trading mechanisms that cater to the diverse needs of traders and investors. Two prominent systems in the crypto trading landscape are Automated Market Makers (AMMs) and Central Limit Order Books (CLOBs). This primer delves into the intricacies of both models, examining their advantages and disadvantages, and provides a contextual analysis highlighting the superiority of AMMs in spot markets and CLOBs in derivatives markets.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Automated Market Makers (AMMs)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"AMMs are decentralized trading platforms that utilize mathematical algorithms and liquidity pools to enable swift and seamless transactions. By eliminating the need for order books, AMMs have become a popular choice for trading in the decentralized finance (DeFi) ecosystem.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Advantages of AMMs\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Accessibility: AMMs allow anyone to provide liquidity, opening up opportunities for retail investors and smaller market participants. This democratization of market-making ensures that more people can participate in the growing DeFi space.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Predictable pricing: The algorithm-based pricing model offers transparency, enabling users to know the transaction cost beforehand. This predictability eliminates surprises and helps traders make more informed decisions.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Resilient to low trading volumes: As long as liquidity pools exist, AMMs can function efficiently without requiring active market makers. This resilience is particularly advantageous for smaller or less popular trading pairs, which might struggle to attract liquidity in traditional order book-based systems.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Disadvantages of AMMs\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Slippage: Large trades may result in significant price deviations, especially in pools with low liquidity, leading to slippage. This can be problematic for traders who require tight spreads and precise execution.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Impermanent loss: Liquidity providers may experience temporary losses due to price fluctuations in the underlying assets. This impermanent loss can deter some participants from providing liquidity to AMM pools.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Susceptibility to manipulation: AMMs can be exploited through strategies like sandwich attacks, impacting genuine users. While there are ongoing efforts to mitigate these risks, the relative novelty of AMMs means that new vulnerabilities may still emerge.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Central Limit Order Books (CLOBs)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"CLOBs are traditional, centralized trading platforms where buy and sell orders are matched through an order book. They have been the mainstay of financial markets for years and are well-suited for high-frequency trading and institutional investors.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Advantages of CLOBs\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Price discovery: CLOBs enable efficient price discovery, as market participants determine the prices based on supply and demand dynamics. This market-driven pricing mechanism is more reflective of the true value of assets and supports the integrity of the market.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Market depth: CLOBs offer insights into market depth, providing traders with valuable information on liquidity and order flow. This information allows traders to make better-informed decisions and develop more sophisticated strategies.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"High-frequency trading: CLOBs facilitate high-frequency trading strategies, allowing sophisticated market participants to capitalize on small price movements. This ability to profit from minor fluctuations is particularly appealing to institutional traders and large market makers.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Disadvantages of CLOBs\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Dependency on active participants: CLOBs rely on sufficient market participants for liquidity, making them less efficient in low-volume markets. In the absence of active market makers, the order book may become thin, leading to wider spreads and potentially higher transaction costs.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Barriers to entry: Becoming a market maker in a CLOB requires significant capital and infrastructure, limiting participation from smaller traders. This can create a more exclusive environment, with only well-resourced players able to compete effectively.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Centralization risks: Centralized exchanges are prone to hacking, regulatory scrutiny, and single points of failure. These risks can deter some traders from using CLOBs, particularly those who prioritize the security and autonomy offered by decentralized platforms.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Contextual Analysis: AMMs in Spot Markets and CLOBs in Derivatives Markets\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Market segment strengths: AMMs excel in spot markets, while CLOBs dominate derivatives markets.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot market benefits of AMMs: Accessibility, DeFi ecosystem participation, and predictable algorithm-based pricing.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Derivatives market advantages of CLOBs: Efficient price discovery, market depth, high-frequency trading, and reliable infrastructure.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"While both AMMs and CLOBs have their distinct advantages and disadvantages, it is important to consider their respective strengths in the context of different market segments. AMMs tend to be superior in the spot market, whereas CLOBs excel in the derivatives market.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the spot market, AMMs provide a more accessible and efficient solution for retail investors, who often prioritize ease of use and the ability to participate in the DeFi ecosystem. The resilience of AMMs in low trading volume situations ensures that even less popular trading pairs can be easily traded, which is particularly relevant for the rapidly expanding array of available tokens. Moreover, the algorithm-based pricing model of AMMs offers a level of predictability that can be advantageous for spot traders.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In contrast, CLOBs are more suitable for the derivatives market, where efficient price discovery and market depth are of utmost importance. The ability to engage in high-frequency trading and capitalize on minor price fluctuations is particularly relevant in the derivatives market, where sophisticated strategies and large market makers dominate.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Additionally, the more established infrastructure of centralized exchanges, which typically rely on CLOBs, can provide the robustness and reliability necessary for trading complex financial instruments like derivatives.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Both Automated Market Makers and Central Limit Order Books offer distinct advantages and disadvantages, catering to different trader needs and preferences in various market segments. AMMs provide an accessible, algorithm-driven approach to trading in the DeFi space, particularly in the spot market, while CLOBs offer a more traditional, centralized method for efficient price discovery and market depth, especially in the derivatives market.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Ultimately, the choice between AMMs and CLOBs depends on each trader's unique goals, risk tolerance, and trading style. By understanding the intricacies of both models and considering their strengths in different contexts, traders can make informed decisions about how and where they trade.\"\n    })]\n  }),\n  qxqfzpV3b: \"automated-market-makers-vs-central-limit-order-books\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"System differences: AMMs utilize algorithms and liquidity pools for trading, while CLOBs rely on traditional order books for matching buy and sell orders.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"AMMs in spot markets: AMMs excel in accessibility, predictability, and resilience to low trading volumes, making them superior for spot trading, especially in DeFi.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"CLOBs in derivatives markets: CLOBs enable efficient price discovery, market depth, and high-frequency trading, making them more suitable for trading derivatives.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Contextual superiority: AMMs are favored in the spot market, while CLOBs dominate the derivatives market, with each system catering to distinct trader preferences and needs.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Informed decision-making: Traders should consider their trading style, risk appetite, and market segment to choose between AMMs and CLOBs for optimal trading experiences.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2023-04-11T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Navigating the Monetary Maze: Inside vs. Outside Money \",\n  hYDLYsm8B: \"Levraham \",\n  id: \"SbpB2mBqn\",\n  K7P5LKS37: \"The Intricacies of Economic Stability\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Inside Money: Traditional Forms Challenged by the Emergence of Cryptoassets\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Outside Money: True Independent Assets Beyond the Banking System\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Balancing Economic Stability: The Interplay between Inside and Outside Money\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Monetary Policy Hurdles: Walking the Tightrope in a Shifting Landscape \"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/8IqvwXswTCZhtIjCkB7JtX8T50.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/8IqvwXswTCZhtIjCkB7JtX8T50.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/8IqvwXswTCZhtIjCkB7JtX8T50.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/8IqvwXswTCZhtIjCkB7JtX8T50.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Inside Money: Traditional Forms Challenged by the Emergence of Cryptoassets\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Creation within the private sector\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Liability on someone else's balance sheet\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Examples: fiat currencies, stocks, bonds, treasury notes Inside money is created within the private sector through fractional reserve banking and is debt-based. It serves as a liability on someone else's balance sheet and can take forms like fiat currencies, stocks, bonds, or treasury notes. Inside money is susceptible to the collapse of the global banking system, which could render it useless in such a scenario.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Outside Money: True Independent Assets Beyond the Banking System\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Not a liability on someone else's balance sheet\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Retains utility in the event of banking system collapse\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Examples: gold, timber, tungsten, real estate, Bitcoin Outside money, on the other hand, is not a liability on someone else's balance sheet. It includes assets like gold, timber, tungsten, real estate, and Bitcoin. The key distinction between inside and outside money is that outside money is not controlled by the global banking system. If the banking system collapses, outside money will still retain its utility, allowing it to function independently.\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Balancing Economic Stability: The Interplay between Inside and Outside Money\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Complex dynamics between inside and outside money\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Influence on money supply, interest rates, and economic activity\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Importance of a balanced approach Inside and outside money interact in complex ways, influencing the overall money supply, interest rates, and economic activity. Striking a balance between the two types of money is essential for maintaining economic stability and promoting growth. 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For example, you might set buy orders at every $500 below the current market price of ETH and sell orders every $500 above ETH\\'s present value. The grid trading bot automatically buys when the price falls to the pre-set level and again if the price drops by another $500. The reverse occurs when the price of ETH begins to rise.'\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The core concept of this approach is to consistently buy at a specified price and then sell the position when the price increases above that level. Alternatively, you can sell at a predetermined price point and wait for the price to drop to a set level before buying again\u2014repeatedly.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Grid trading strategies are highly automatable and valuable for forex and crypto trading. They are particularly useful in sideways markets, where assets fluctuate within a tight range for an extended period without favoring a specific direction. 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  children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Useful in sideways markets with tight price fluctuations\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Grid trading bots automate buy and sell orders at predetermined intervals\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Key benefits include low entry points, customization, automation, profiting from quiet markets, risk management, liquidity provision, versatility, diversification, and suitability for different trading timeframes\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2023-03-08T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Advanced Gamma Scalping Techniques\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"ifcvItaTs\",\n  K7P5LKS37: \"Mobilizing perps to dynamically hedge gamma exposures and neutralize theta costs.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Introduction\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n       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It's essential to understand the concepts of gamma and delta, as well as synthetic positions and delta-neutral strategies, to effectively implement gamma scalping. In this article, we'll delve into these concepts and provide a step-by-step guide to gamma scalping, along with examples.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Understanding Gamma and Delta\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/ZetaMarkets/status/1543284492814761987?s=20\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Gamma\"\n        })\n      }), \" is a measure of the rate of change of an option's delta. \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/ZetaMarkets/status/1542829618507522056?s=20\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Delta\"\n        })\n      }), \" serves as a barometer for what the equivalent position would be in the underlying asset, such as a perpetual swap (perp). To scalp gamma, traders need to understand and monitor the option's delta.\"]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synthetic Positions\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options traders can replicate the payoff functions of other positions using combinations of underlying assets, delta-one instruments (e.g., perps), calls, and puts. Various synthetic positions can be crafted using a combination of options and perp.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Examples\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Long Call = Long Put + Long Perp\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Short Call = Short Put + Short Perp\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Long Put = Long Call + Short Perp\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Short Put = Short Call + Long Perp\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Long Perp = Long Call + Short Put\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Short Perp = Short Call + Long Put\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A trader seeking capital-efficient long exposure to Ethereum (ETH) can achieve synthetic long exposure by purchasing an ETH call and selling an ETH put.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Delta-Neutral Strategies and Vega\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Options traders can trade volatility without directional risk using long vega or short, delta-neutral strategies. Long \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/ZetaMarkets/status/1551889043885113345?s=20\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"vega\"\n        })\n      }), \" strategies benefit from expanding implied volatility (IV), while short \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/ZetaMarkets/status/1551889043885113345?s=20\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"vega\"\n        })\n      }), \" strategies benefit from contracting IV. The discrepancy between market expectations (IV) and reality (RV) is referred to as the \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://blog.zeta.markets/blog/implied-volatility-(iv)-vs-realised-volatility-(rv)\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Volatility Risk Premium (VRP)\"\n        })\n      }), \".\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Popular delta-neutral strategies include straddles, strangles, and calendar spreads. Traders often choose long vega, delta-neutral strategies when IV is trading at a discount relative to realized volatility (RV). However, these positions have negative theta, meaning their time value continuously erodes as expiry approaches. To offset this decay, traders can rebalance their positions to hedge their deltas while potentially booking a profit. This process is called gamma scalping.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Gamma Scalping in Practice\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Consider a long straddle with a zero delta at the outset of the trade. The 0.50 delta of the long call is offset by the -0.50 delta of the long put. However, this changes with underlying price action, necessitating gamma scalping.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Example\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Suppose SOL trades at $20, and you open an at-the-money (ATM) long straddle for $5.00, paying $2.50 for the long call and $2.50 for the long put. If SOL rises to $22, your straddle is worth $5.50, but you're no longer delta-neutral, with a net delta of 0.4.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In this scenario, a gamma scalper might short the equivalent quantity of perps needed to rebalance their net delta back to zero. If SOL dips back to $20, the trader can close their short perps position at a profit, logging a successful gamma scalp . If the price of SOL had instead decreased, the trader could have executed a gamma scalp by longing a perp to neutralize negative delta.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Gamma and Theta: A Balancing Act\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"To profitably gamma scalp an options position on any given day, the proceeds from each day's scalp must exceed the day's theta costs. Gamma scalping is essentially a tug-of-war between gamma and theta.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The primary utility of gamma scalping for traders is to offset the theta costs associated with long-volatility, delta-neutral strategies. For this reason, it's crucial to diligently plan your exits and not get greedy.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Knowing When to Leave the Party\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When IV rises to your target level, it's time to close your position at a profit. Keep in mind that theta costs only increase as expiries draw closer. Therefore, timely exits are critical to maximizing profitability while gamma scalping.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Gamma scalping is a valuable technique for options traders to hedge their gamma exposures, offset theta costs, and pad their books. Understanding the concepts of gamma, delta, synthetic positions, and delta-neutral strategies is invaluable for navigating derivatives markets with tact. By diligently monitoring and adjusting your positions, you can reduce your downside risk while simultaneously booking additional profits. Ready to try your hand at gamma scalping? Dynamically hedge your options positions with perps on \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://dex.zeta.markets/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Zeta\"\n        })\n      }), \".\"]\n    })]\n  }),\n  qxqfzpV3b: \"advanced-gamma-scalping-techniques\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Gamma scalping is an advanced trading technique that enables options traders to hedge their gamma exposure, offset theta costs, and potentially profit from price movements in the underlying asset.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Understanding the concepts of gamma, delta, synthetic positions, and delta-neutral strategies is crucial for implementing gamma scalping effectively.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Gamma scalping involves continuously adjusting positions in response to price movements, often using perpetual contracts (perps) to maintain delta neutrality and to capture profits from price swings.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Profiting from gamma scalping requires striking a balance between the proceeds from each scalp and the daily theta costs, ensuring the former exceeds the latter.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Timing is essential in gamma scalping; knowing when to exit positions at a profit is critical for maximizing profitability and minimizing potential losses.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider \"\n}, {\n  DD3znCvdO: \"2023-03-02T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Unveiling the World of Bitcoin Inscriptions and Ordinals\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"zUvgGTmbI\",\n  K7P5LKS37: \"Decoding Inscriptions and Ordinals in the Digital Gold Era\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Introduction: Delving into the Realm of Bitcoin's Artistic Side\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Decoding Inscriptions and Ordinals: A New Dimension for NFTs\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Enablers: Taproot and SegWit's Role in Unleashing Inscriptions\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Present Landscape: Inscriptions and Ordinals in Today's World\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"A Bearish Omen? Implications for Future Bitcoin Improvement Proposals (BIPs)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Adding Value: Inscriptions and Ordinals' Contribution to the Mining Ecosystem\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Final Musings: The Dawn of a New Era for Bitcoin\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"Sim7rqu6V\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/QiEzMUnqZMQ4eDRgPUUjT28bx2E.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/QiEzMUnqZMQ4eDRgPUUjT28bx2E.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/QiEzMUnqZMQ4eDRgPUUjT28bx2E.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/QiEzMUnqZMQ4eDRgPUUjT28bx2E.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Introduction: Delving into the Realm of Bitcoin's Artistic Side\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As the world of cryptocurrencies continues to expand, innovations keep emerging, and Bitcoin's potential is still being realized. One such breakthrough is the development of Bitcoin Inscriptions and Ordinals, a fascinating technology that allows for the creation of NFTs on the Bitcoin network. Let's explore this revolutionary advancement in detail.\"\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Decoding Inscriptions and Ordinals: A New Dimension for NFTs\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Inscriptions and Ordinals are mechanisms that facilitate the creation and tracking of unique, indivisible tokens, or Non-Fungible Tokens (NFTs), on the Bitcoin network. These tokens represent digital assets such as art, collectibles, and virtual goods, enabling a whole new world of possibilities for creators and collectors alike.\"\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"The Enablers: Taproot and SegWit's Role in Unleashing Inscriptions\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Taproot, a protocol upgrade for Bitcoin, and SegWit, a mechanism for separating transaction signatures, together laid the foundation for Inscriptions and Ordinals. By improving Bitcoin's scalability and privacy, they enabled the creation and management of NFTs on the network.\"\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"The Present Landscape: Inscriptions and Ordinals in Today's World\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The adoption of Inscriptions and Ordinals has opened up new opportunities for artists, collectors, and investors. Top Inscription sales have seen record-breaking figures, indicating the immense potential of this technology. However, this growth has not been without controversy and criticism.\"\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"A Bearish Omen? Implications for Future Bitcoin Improvement Proposals (BIPs)\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The emergence of Inscriptions and Ordinals has raised questions about the potential impact on future BIPs. Some argue that the technology's growth could make it harder to implement new proposals due to an increased demand for block space.\"\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Adding Value: Inscriptions and Ordinals' Contribution to the Mining Ecosystem\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Inscriptions and Ordinals provide a consistent floor for block space demand, ensuring that miners always have transactions to process. This added value benefits the entire mining ecosystem, as it incentivizes miners to continue securing the network.\"\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Final Musings: The Dawn of a New Era for Bitcoin\"\n      }), \" \"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The development of Bitcoin Inscriptions and Ordinals represents a significant milestone in the evolution of the Bitcoin network. As this technology continues to grow and gain adoption, it will undoubtedly shape the future of digital art, collectibles, and the broader cryptocurrency ecosystem. While challenges and controversies may arise, the potential rewards for artists, collectors, and investors are enormous, making this an exciting space to watch in the coming years.\"\n    })]\n  }),\n  qxqfzpV3b: \"unveiling-the-world-of-bitcoin-inscriptions-and-ordinals\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Synopsis\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Introduction of Bitcoin Inscriptions and Ordinals for creating NFTs on the Bitcoin network\"\n        })\n      }), 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mining ecosystem\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Total Addressable Market (TAM) for Inscriptions and Ordinals\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2023-01-31T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Open Interest (OI)\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"WWNLzf7KZ\",\n  K7P5LKS37: \"The total number of derivatives contracts that have yet to be closed by an offsetting transaction or expiry-induced settlement.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents:\"\n      })\n    }), 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children: \"Looking at OI, Price, and Volume to Analyze Market Sentiment\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"BTC/USD vs. BTC Aggregated OI\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"SOL/USD vs. SOL Aggregated OI\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"ETH/USD vs. ETH Aggregated OI\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Conclusion\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/KynKg2eJcAcYDxq5kg3lST4p8.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/KynKg2eJcAcYDxq5kg3lST4p8.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/KynKg2eJcAcYDxq5kg3lST4p8.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/KynKg2eJcAcYDxq5kg3lST4p8.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"What is Open Interest (OI)?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Open interest (OI) refers to the total number of unsettled derivatives contracts in a given market. OI changes only when contracts that did not previously exist are created or when existing contracts are closed. It increases when traders open positions and decreases when traders close positions.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"All derivatives contracts are two-sided. There is one counterparty on either side of every trade. That is, each derivatives contract is comprised of a long and a short trader (i.e., a buyer and a seller). 100 OI = 100 longs and 100 shorts.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"What\u2019s the difference between OI and Volume? While OI refers to the total number of open derivatives contracts, volume refers to the total number of transactions that occur (i.e., the number of times a contract exchanges hands).\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Calculating OI\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"OI is calculated by subtracting contracts that are closed from existing open contracts. Imagine four traders (D\u2019Brickashaw, Ligma, Plaxico, and Johnson) are all trading the \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24SOL&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$SOL\"\n        })\n      }), \" perp. D\u2019Brickashaw and Johnson are both long, while Plaxico and Ligma are both short.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"D\u2019Brickashaw longs 26 contracts, and Ligma shorts 26 contracts. OI (\u0394) = 26 | OI = 26 Johnson longs 50 contracts and Plaxico shorts 50 contracts. OI (\u0394) = 50 | OI = 76 Ligma closes 7 short contracts, and Johnson closes 7 long contracts. OI (\u0394) = 7 | OI = 69\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"What really happened when Ligma and Johnson sized down? Ligma and Johnson both settled 7 contracts. Ligma placed a buy-to-close order, offsetting his positions. Johnson placed a sell-to-close order, offsetting his positions.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Using OI to Inform Trading Decisions\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"OI sheds light on capital flows. Generally, increasing OI signals fresh capital flowing into the market, whereas declining OI signals capital flowing out of the market. Higher OI is naturally correlated with deeper liquidity.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Momentum traders often rely on OI transformations to validate market trends. Increasing OI is generally correlated with strengthening trends. Decreasing OI is generally correlated with waning trends.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Traders often juxtapose OI charts against price charts, as dislocations between the two charts can help inform trading strategies. OI flows provide traders with actionable market insights, particularly when looked at on a relative basis (i.e., along w/ volume and price).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Looking at OI, price, and volume to analyze market sentiment:\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"OI \u2B06\uFE0F, Volume \u2B06\uFE0F, Price \u2B06\uFE0F = Bullish \uD83D\uDCC8\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"OI \u2B07\uFE0F, Volume \u2B07\uFE0F, Price \u2B07\uFE0F = Bullish \uD83D\uDCC8\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"OI \u2B07\uFE0F, Volume \u2B07\uFE0F, Price \u2B06\uFE0F = Bearish \uD83D\uDCC9\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"OI \u2B06\uFE0F, Volume \u2B06\uFE0F, Price \u2B07\uFE0F = Bearish \uD83D\uDCC9\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"(remember, these are heuristics)\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"BTC/USD vs. BTC Aggregated OI\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Looking back to Jan. 10th and 11th, we can see that a significant increase in OI precipitated the recent \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24BTC&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$BTC\"\n        })\n      }), \" rally from the low $17k range to the mid $21k range.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,hC6WYUqdBmJwh0NyANCJ0SOlXY.webp\",\n      \"data-framer-height\": \"889\",\n      \"data-framer-width\": \"1199\",\n      height: \"444\",\n      src: new URL(\"https://framerusercontent.com/images/hC6WYUqdBmJwh0NyANCJ0SOlXY.webp\").href,\n      style: {\n        aspectRatio: \"1199 / 889\"\n      },\n      width: \"599\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"SOL/USD vs. SOL Aggregated OI\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Looking at SOL\u2019s recent pump from the low teens to the low-mid 20s, we can see that OI increased dramatically from Jan. 3rd to 4th, and then price meandered for a few days before reaching escape velocity on Jan. 8th.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,kPAD9yWkArigtLLtDfzQ6CHo.webp\",\n      \"data-framer-height\": \"892\",\n      \"data-framer-width\": \"1200\",\n      height: \"446\",\n      src: new URL(\"https://framerusercontent.com/images/kPAD9yWkArigtLLtDfzQ6CHo.webp\").href,\n      style: {\n        aspectRatio: \"1200 / 892\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"ETH/USD vs. ETH Aggregated OI\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the case of ETH\u2019s recent price action, the OI and price charts follow a similar pattern from the start of the new year up until a massive gap up on Jan. 14th, at which point OI plummeted.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Pym4PxNmQZHOcHJwSiCuik2ZeE.webp\",\n      \"data-framer-height\": \"892\",\n      \"data-framer-width\": \"1199\",\n      height: \"446\",\n      src: new URL(\"https://framerusercontent.com/images/Pym4PxNmQZHOcHJwSiCuik2ZeE.webp\").href,\n      style: {\n        aspectRatio: \"1199 / 892\"\n      },\n      width: \"599\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Open interest (OI) refers to the total number of unsettled derivatives contracts in a given market. I.e., the total number of derivatives contracts that have yet to be closed by an offsetting transaction or expiry-induced settlement. Ultimately, OI is one of many informative variables and can\u2019t be relied on as a definitive indicator in isolation. Nevertheless, it is an invaluable metric for traders seeking valuable insight into trading opportunities that may otherwise go unnoticed.\"\n    })]\n  }),\n  qxqfzpV3b: \"open-interest-(oi)\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Synopsis:\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Open Interest (OI) represents active contracts in perpetual swap markets, gauging liquidity and sentiment.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Higher OI indicates increased liquidity, leading to tighter bid-ask spreads and efficient execution.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Rising OI signals new positions, while decreasing OI suggests position liquidation or reduced interest.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Analyzing OI alongside price action helps identify potential trend reversals or market strength.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"OI insights can optimize trade timing, position sizing, and risk management for traders.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider \"\n}, {\n  DD3znCvdO: \"2023-01-26T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"An Intro to Volume and Volume-Based Trading Strategies\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"L_FYr_6WA\",\n  K7P5LKS37: \"Volume refers to the total number of transactions that occur over a given time period. In the case of derivatives trading, it is the number of times a contract exchanges hands.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"What is Volume?\"\n        }), /*#__PURE__*/_jsx(\"ol\", {\n          children: /*#__PURE__*/_jsxs(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: [/*#__PURE__*/_jsx(\"p\", {\n              children: \"Examples of Volume-Influenced Market Dynamics\"\n            }), /*#__PURE__*/_jsxs(\"ol\", {\n              children: [/*#__PURE__*/_jsx(\"li\", {\n                \"data-preset-tag\": \"p\",\n                children: /*#__PURE__*/_jsx(\"p\", {\n                  children: \"High-Liquidity Periods\"\n                })\n              }), /*#__PURE__*/_jsx(\"li\", {\n                \"data-preset-tag\": \"p\",\n                children: /*#__PURE__*/_jsx(\"p\", {\n                  children: \"Price Ranges\"\n                })\n              }), /*#__PURE__*/_jsx(\"li\", {\n                \"data-preset-tag\": \"p\",\n                children: /*#__PURE__*/_jsx(\"p\", {\n                  children: \"Contract Rollover Considerations\"\n                })\n              })]\n            })]\n          })\n        })]\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Looking at Volume, Price, and OI to Guage Market Sentiment\"\n        })\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Volume-Based Trading Strategies\"\n        }), /*#__PURE__*/_jsxs(\"ol\", {\n          children: [/*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"On-Balance Volume (OBV)\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Cumulative Volume Delta (CVD)\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Volume-Weighted Average Price (VWAP\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Klinger Oscillator\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Accumulation Distribution Line (ADL)\"\n            })\n          })]\n        })]\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"Sim7rqu6V\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/1TcX7tA7CmhxKvnphqCnWuJqhjM.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/1TcX7tA7CmhxKvnphqCnWuJqhjM.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/1TcX7tA7CmhxKvnphqCnWuJqhjM.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/1TcX7tA7CmhxKvnphqCnWuJqhjM.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"What is Volume?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Volume refers to the total number of transactions that occur over a given time period. That is, in the case of derivatives trading, the number of times a contract exchanges hands. Every transaction in a market contributes to that market's volume.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Traders often observe volume trends to guide trading strategies and make important decisions. Staying abreast of volume patterns enables traders to forecast the magnitude and direction of price action with greater efficacy. Looking at volume tells us about market dynamics that include price and time components.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Examples of Volume-Influenced Market Dynamics\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"High-Liquidity Periods\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Price Ranges\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Contract Rollover Considerations\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"High-Liquidity Periods\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Increasing volume is a byproduct of more buying and selling, which is naturally correlated with tighter bid-ask spreads. When the bid-ask spread is tight, traders are able to enter and exit positions at more favorable prices.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Similar to how options traders look at Implied Volatility (IV) relative to Realized Volatility (RV), traders can look at Average Daily Volume over time to see how today\u2019s levels match up against historical levels.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"During the 2017 crypto rally, volume predominated in the early morning Asia hours. Since then, the highest-volume crypto trading periods have gradually shifted to mirror U.S. equity market hours. Peak crypto market volumes are converging on the U.S. market open and close.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Key Price Levels\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Volumes often spike or plummet at particular thresholds. An influx of volume as price dips to a support level may indicate traders flipping bullish. An influx of volume at a support level may hint at shorts piling in or longs being liquidated.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Decreasing volume as price falls to a resistance level may signal traders flipping bearish as the momentum behind a rally fizzles out. Volume does not differentiate between the opening, closing, buying, or selling of positions, so it's a useful but not all-telling metric.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Contract Rollovers\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Rollovers refer to the process by which traders exit dated derivatives contracts approaching expiry and replace them with longer-dated contracts in order to maintain exposures without dealing with settlement and expiration.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Rolling a futures contract allows traders to preserve their positions and subvert potential risk-management imbalances. When the volume of the longer-dated contract surpasses that of the shorter-dated contract, traders tend to roll.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Declining volume in a futures contract approaching expiration often prods traders holding the contract to close their positions and replace them with longer-dated contracts.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Looking at Volume, Price, and OI to Guage Market Sentiment\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volume \u2B06\uFE0F, Price \u2B06\uFE0F, OI \u2B06\uFE0F = Bullish \uD83D\uDCC8\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volume \u2B07\uFE0F, Price \u2B07\uFE0F, OI \u2B07\uFE0F = Bullish \uD83D\uDCC8\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volume \u2B07\uFE0F, Price \u2B06\uFE0F, OI \u2B07\uFE0F = Bearish \uD83D\uDCC9\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volume \u2B06\uFE0F, Price \u2B07\uFE0F, OI \u2B06\uFE0F = Bearish \uD83D\uDCC9\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Sharp price swings accompanied by dramatic changes in volume (i.e, exhaustion moves) are often emblematic of altered fundamentals, whereas sharp price swings accompanied by minute changes in volume are typically less noteworthy.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The beginning or end of a trend is often preempted by exhaustion moves (sharp and concurrent fluctuations in price and volume). Exhaustion moves can occur to the upside or the downside.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Volume-Based Trading Strategies\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There are a number of metrics and technical indicators based on volume. Some popular ones include, On Balance Volume (OBV), Cumulative Volume Delta (CVD), Volume Weighted Average Price (VWAP), the Klinger Oscillator, and the Accumulation Distribution Line (ADL).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"On Balance Volume (OBV)\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"OBV is a cumulative indicator that gauges buy and sell pressure. When an asset closes at a higher price at the end of a day than it did the previous day, all of that day\u2019s volume is deemed up-volume.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When an asset closes at a lower price at the end of a day than it did on the previous day, all of that day\u2019s volume is deemed down-volume. The continuation of an upward trend is signaled by both price and OBV making higher highs and higher lows.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The continuation of a downward trend is signaled by price and OBV making lower highs and lower lows. OBV adds volume on up-days and substracts volume on down-days.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In a rangebound market, rising OBV hints at the prospect of a breakout to the upside, while falling OBV is suggestive of an impending breakout to the downside.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Negative divergence is the term that describes OBV failing to make higher highs despite price making higher highs. It indicates that a continuation of an upward trend is unlikely.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Positive divergence describes the inverse process (i.e., OBV failing to make lower lows despite price making lower lows). It indicates that a continuation of a downward trend is unlikely.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Cumulative Volume Delta (CVD)\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"CVD shows us the cumulative changes in volume traded by aggressive buyers and sellers, respectively, in a given market, over a specified time period.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Aggressive buyers and sellers are defined as those executing market orders.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"CVD is often employed by order flow traders seeking to confirm the direction of price movement.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A negative CVD describes a trading period dominated by aggressive sellers, while a positive CVD describes a trading period dominated by aggressive buyers.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"CVD sheds light on behavioral patterns being exhibited by buyers and sellers, but it does have its limitations.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"It excludes limit orders, and due to the potential ramifications of this, it should be viewed as a useful tool \u2014 not gospel.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If CVD is negative, a market is dominated by aggressive sellers, and price may continue downward.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As price falls, a big fish with a resting buy limit order on the books may have his sizeable order filled, resulting in a reversal to the upside, invalidating CVD's assumptions.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Volume-Weighted Average Price (VWAP)\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"VWAP measures average price on a volume-weighted basis and is popular among intraday directional traders. Price trading above the VWAP indicator line signals an uptrend. Price trading below the VWAP indicator line signals a downtrend.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Traders identify bullish momentum when prices are trading above VWAP and bearish momentum when prices are trading below VWAP. A sideways drifting market is characterized by prices ranging above and below VWAP.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Klinger Oscillator\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This technical indicator seeks to detect short-term price action (and longer-term trends) by comparing changes in volume to fluctuations in price. The oscillator aims to highlight differences in two moving averages that aren\u2019t purely based on price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"An uptrend is indicated when price breaches a long-term moving average and the oscillator encroaches on zero. The continuation of a downtrend is indicated by the oscillator dipping below the signal line (i.e., 13-period moving average).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Accumulation Distribution Line (ADL)\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"ADL is a volume-based indicator that measures supply and demand dynamics by comparing closing prices with local highs and lows to derive a so-called \u201Cproximity value\u201D. Proximity value is multiplied by volume to assign higher weights to market moves that correspond to higher volumes. Traders use the metric to confirm the continuation of existing trends or detect emerging ones. Price and ADL making higher highs and higher lows indicate that an upward trend will likely maintain momentum.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Price and ADL making lower highs and lower lows indicate that a downward trend will likely maintain momentum. Climbing ADL in a rangebound market hints at a potential breakout to the upside. Falling ADL in a rangebound market hints at a potential breakout to the downside.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When ADL is not making lower lows while price is making lower lows, the downward trend is unlikely to persist (i.e., a positive divergence is indicated). When ADL is not making higher highs while price is making higher highs, the upward trend is unlikely to persist (i.e., a negative divergence is indicated).\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Conclusion\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Volume refers to the total number of transactions in a market over a certain period. In derivatives trading, it's the number of times a contract changes hands. Every transaction adds to a given market\u2019s volume.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Traders use volume trends to inform trading decisions and forecast price direction and magnitude. Monitoring volume helps traders plan more effectively. Ultimately, volume is merely one piece to the puzzle, but nevertheless, it's a critical one for active traders.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Start analyzing volume patterns to fortify your trading repertoire. Then put your skills to use at dex.zeta.markets.\"\n    })]\n  }),\n  qxqfzpV3b: \"an-intro-to-volume-and-volume-based-trading-strategies\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volume definition: The total number of shares or contracts traded during a specific time period, representing trading activity.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Liquidity indicator: High trading volume often signifies greater liquidity, enabling faster order execution and tighter spreads.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Trend confirmation: Increasing volume during price movements can confirm the strength of a trend, while decreasing volume might signal trend weakness.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Breakout validation: Higher volume during price breakouts can indicate genuine market momentum, increasing the likelihood of a successful trade.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Divergence analysis: Discrepancies between price action and volume, such as rising prices with decreasing volume, can hint at potential trend reversals or exhaustion.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider \"\n}, {\n  DD3znCvdO: \"2022-12-05T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Credit Spreads\",\n  hYDLYsm8B: \"Levraham\",\n  id: \"jFCDyZydt\",\n  K7P5LKS37: \"A sensible short volatility option strategy.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"What is a Credit Spread?\"\n        })\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Vertical Credit Spread Variations\"\n        }), /*#__PURE__*/_jsxs(\"ol\", {\n          children: [/*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Call Credit Spread\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Put Credit Spread\"\n            })\n          })]\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Strategy Construction\"\n        }), 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potential profits at a defined limit in return for a higher probability of profit and a strictly defined max loss. Assembly entails buying and selling options of the same class \u2014 with the same expiry.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The strategy is executed by selling a (more expensive) option with a strike price closer to the price of the underlying asset and buying another (less expensive) option with a strike price further from the price of the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Credit spreads collect bigger premiums when IV is elevated. This allows for strike selection further OTM \u2014 increasing the zone of profitability.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Employing credit spreads when IV is high reduces risk and increases your probability of profit.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Vertical Credit Spread Variations\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Call Credit Spread (aka bear call spread -or- short call spread)\uD83D\uDCC9\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Put Credit Spread (aka bull put spread -or- short put spread)\uD83D\uDCC8\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Call credit spreads are neutral/bearish, while put credit spreads are neutral/bullish.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A call credit spread is a sensible strategy for a trader that holds a neutral to bearish outlook, whereas a put credit spread would be of use for a trader that expects neutral to bullish price action.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Strategy Construction \uD83C\uDFD7\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Call Credit Spread:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Opening a call credit spread entails selling a call with a lower strike price and buying a call with a higher strike price.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Put Credit Spread:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Opening a put credit spread entails selling a put with a higher strike price and buying a put with a lower strike price.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In both cases, the premium collected for the short position exceeds the premium paid for the long position. The result at the outset of the trade is a net credit.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Max profit for a credit spread is limited to the initial credit received. Max loss is limited to the difference between the two strike prices less the initial credit received.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Call Credit Spread Payoff Function\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Profit:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or below the strike price of the short (lower strike) call at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or above the strike price of the long (higher strike) call at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Short (lower strike) call strike price plus net credit received\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,fce19NGhFdPMcVHnmUZdchyL1YI.png\",\n      \"data-framer-height\": \"819\",\n      \"data-framer-width\": \"1456\",\n      height: \"409\",\n      src: new URL(\"https://framerusercontent.com/images/fce19NGhFdPMcVHnmUZdchyL1YI.png\").href,\n      style: {\n        aspectRatio: \"1456 / 819\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Call Credit Spread Example\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"SOL is trading at $33, and you feel bearish in your bones.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You sell 1000 $36 calls for $1.50 per contract and buy 1000 $38 calls for $0.70 per contract.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $1.50= $1,500 (credit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"-\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $0.70 = $700 (debit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"=\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"$800 (net credit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Profit:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$800 initial credit, realized if SOL is trading at or below $36 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$1,200 ($2,000 - $800), realized if SOL is trading at or above $38 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$36.80 ($36 + $0.80)\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Put Credit Spread Payoff Function\"\n      })\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Profit\"\n      }), \":\"]\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or above the strike price of the short (higher strike) put at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or above the strike price of the long (lower strike) put at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Short (higher strike) put strike price minus net premium received\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,hccYDwvyToUnVPH2F1MSXrf8RV0.png\",\n      \"data-framer-height\": \"819\",\n      \"data-framer-width\": \"1456\",\n      height: \"409\",\n      src: new URL(\"https://framerusercontent.com/images/hccYDwvyToUnVPH2F1MSXrf8RV0.png\").href,\n      style: {\n        aspectRatio: \"1456 / 819\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Put Credit Spread Example\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"SOL is trading at $33 and you're feeling bullish.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You sell 1000 $32 puts for $1.90 per contract and buy 1000 $28 puts for $0.70 per contract.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $1.90 = $1,900\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"-\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $0.70 = $700\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"=\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"$1,200 (net credit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Profit:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$1,200 initial credit, realized if SOL is trading at or above $32 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max Loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$2,800 ($4,000 - $1,200), realized if SOL is trading at or below $28 at expiry.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$30.80 ($32 - $1.20)\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Credit spreads are a valuable and efficient options strategy for traders seeking to generate income and manage risk in various market conditions. By selling higher premium options and simultaneously buying lower premium options, traders can collect the net credit while limiting their potential losses.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Credit spreads are well-suited for those with a neutral to mildly bullish or bearish market outlook, as the strategy benefits from time decay and decreasing implied volatility. The flexibility to create call credit spreads or put credit spreads allows traders to cater the strategy to their specific market expectations and risk appetite. As with any trading approach, it is essential to thoroughly understand the mechanics, risks, and potential rewards of credit spreads to effectively utilize them in your trading arsenal.\"\n    })]\n  }),\n  qxqfzpV3b: \"credit-spreads\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Credit spreads provide income upfront while limiting potential gains and losses, making them an attractive strategy for generating income with a defined risk.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The strategy involves selling a higher premium option and buying a lower premium option of the same class and expiry, resulting in a net credit, which is the maximum profit you can achieve.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Call credit spreads (bear call spreads) are used when expecting a neutral to bearish move, while put credit spreads (bull put spreads) are used for neutral to bullish moves.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2022-12-05T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Perpetual Profits: Basis Trading with Perps \",\n  hYDLYsm8B: \"Levraham \",\n  id: \"WW6dZDJMn\",\n  K7P5LKS37: \"Collecting Funding with Swaps that Never Sleep\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: \"Contents:\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"What is Basis Trading?\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Funding Payments\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/wDoKTPXgaPJF2mN8qcvXpQbLFmA.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/wDoKTPXgaPJF2mN8qcvXpQbLFmA.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/wDoKTPXgaPJF2mN8qcvXpQbLFmA.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/wDoKTPXgaPJF2mN8qcvXpQbLFmA.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"What is Basis Trading?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The term \u201Cbasis\u201D refers to the discrepancy between the price of a derivative and its underlying asset. In traditional financial markets, a cash-and-carry trade involves buying an asset (often a commodity) and shorting its futures contract, when the futures contract is trading at a premium.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Basis trading is a futures trading strategy that aims to exploit this delta. Perpetual swap markets are fertile grounds for prospectors seeking to take advantage of this arbitrage opportunity. Doing so affords the trader delta neutrality, shielding them from price fluctuations while they collect an arbitrage profit equal to the basis minus their carrying costs.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the context of crypto markets, this arbitrage is (or at least should be) referred to as a coin-and-carry trade. It involves buying an asset in the spot market and shorting its perp. When the perp is trading at a premium relative to spot, there is more long demand than short demand.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,iabTNFAmyK4vjjmkASqWNXKelvQ.jpg\",\n      \"data-framer-height\": \"2145\",\n      \"data-framer-width\": \"3858\",\n      height: \"1072\",\n      src: new URL(\"https://framerusercontent.com/images/iabTNFAmyK4vjjmkASqWNXKelvQ.jpg\").href,\n      style: {\n        aspectRatio: \"3858 / 2145\"\n      },\n      width: \"1929\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Funding Payments\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When you short a perp when the funding rate is positive, longs pay funding payments to shorts (i.e., you receive funding payments from your counterparty). Funding payments serve as a counterpoise of sorts \u2014 designed to reduce demand imbalances between longs and shorts.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"When you trade \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24SOL&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$SOL\"\n        })\n      }), \", \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24BTC&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$BTC\"\n        })\n      }), \", and \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24ETH&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$ETH\"\n        })\n      }), \" perps on Zeta, you can look at funding rates atop Zeta\u2019s UI to inform your strategies. When the perpetual contract is trading at a discount, a reverse coin-and-carry trade can be deployed by longing the perpetual contract and shorting spot on a margin exchange.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,nTyEuIgVspg7wdoSbPZ8QDV4Hs.png\",\n      \"data-framer-height\": \"1018\",\n      \"data-framer-width\": \"2210\",\n      height: \"509\",\n      src: new URL(\"https://framerusercontent.com/images/nTyEuIgVspg7wdoSbPZ8QDV4Hs.png\").href,\n      style: {\n        aspectRatio: \"2210 / 1018\"\n      },\n      width: \"1105\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"br\", {}), /*#__PURE__*/_jsx(\"br\", {\n        className: \"trailing-break\"\n      })]\n    })]\n  }),\n  qxqfzpV3b: \"perpetual-profits-basis-trading-with-perps\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis:\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Basis trading in the crypto market involves exploiting the delta between spot and perpetual swap prices, providing arbitrage opportunities in perpetual swap markets.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Coin-and-carry trades involve buying an asset in the spot market and shorting its perpetual contract, earning funding payments when the funding rate is positive.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Reverse coin-and-carry trades can be deployed when the perpetual contract is trading at a discount, by longing the perpetual contract and shorting spot on a margin exchange.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2022-11-30T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"An Introduction to Perpetual Contracts\",\n  hYDLYsm8B: \"Levraham\",\n  id: \"VvNqA83Ym\",\n  K7P5LKS37: \"The belle of the ball in the crypto derivatives market. \",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Backdrop\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Overview\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Funding Rates\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Funding Payments\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Funding Payment Example \"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n         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URL(\"https://framerusercontent.com/images/p5jMCDAUmXGMDHAHnR4Hjz3s.png\").href,\n      style: {\n        aspectRatio: \"1456 / 680\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsxs(\"em\", {\n        children: [\"30-day moving average of the BTC spot-to-futures\", /*#__PURE__*/_jsx(\"br\", {})]\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,w1DrKsr1TTggeJzyVTTS5IxiJc.png\",\n      \"data-framer-height\": \"678\",\n      \"data-framer-width\": \"1456\",\n      height: \"339\",\n      src: new URL(\"https://framerusercontent.com/images/w1DrKsr1TTggeJzyVTTS5IxiJc.png\").href,\n      style: {\n        aspectRatio: \"1456 / 678\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"30-day moving average of the ETH spot-to-futures volume ratio\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Overview\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Perps \u2014 like all derivatives \u2014 derive their value from underlying assets and can be used for a variety of purposes, including leverage, speculation, arbitrage, and hedging. In the case of dated futures, contract prices converge on spot prices as expiries draw closer. Perps, on the other hand, do not expire and therefore have no settlement or delivery date, so an alternative mechanism must exist to incentivize the tracking of the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Funding Rates\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Enter funding rates; the mechanism that binds the price of a perp to the price of spot. Funding rates are represented as a positive or negative percentage, determined by the discrepancy between the price of a perp and the price of spot.\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"When the funding rate is positive, the perp is trading at a premium relative to the price of its underlying asset\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"When the funding rate is negative, the perp is trading at a discount relative to the price of its underlying asset\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In dated futures markets, contracts trading at a premium are in contango while contracts trading at a discount are in backwardation. With perps, we do away with dates, contango, and backwardation. Instead, it\u2019s just positive or negative funding rates.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Funding Payments\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Funding payments are dictated by the positivity or negativity of the funding rate and ensure that perps trade on par with spot. The greater the disparity between the price of a perp and spot price, the higher funding rates will be. When the funding rate is positive, long contracts are trading at a premium and shorts collect funding payments from longs. When the funding rate is negative, short contracts are trading at a premium and longs collect funding payments from shorts.\"\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ZqA5945bdKXBIKeMc6mljHFtKM.png?preferredSize=small\",\n      \"data-framer-height\": \"1200\",\n      \"data-framer-width\": \"1200\",\n      height: \"600\",\n      src: new URL(\"https://framerusercontent.com/images/ZqA5945bdKXBIKeMc6mljHFtKM.png?scale-down-to=512\").href,\n      style: {\n        aspectRatio: \"1200 / 1200\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The funding rate is extrapolated from a 24hr realization period (i.e., the fee traders could expect to be debited or credited every 24hrs). Over 24 hours, longs pay shorts based on the following formula:\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,qcgXyfZvPiMGTr8jZO1CR0DVY.png\",\n      \"data-framer-height\": \"572\",\n      \"data-framer-width\": \"1199\",\n      height: \"286\",\n      src: new URL(\"https://framerusercontent.com/images/qcgXyfZvPiMGTr8jZO1CR0DVY.png\").href,\n      style: {\n        aspectRatio: \"1199 / 572\"\n      },\n      width: \"599\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"The impact midpoint is the midpoint of the bid-ask spread, given $1k worth of quotes on both sides of the spread\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Funding Payment Example\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You buy (long) 100 SOL-PERP contracts and sit in your position for 24hrs. Over that time, the impact midpoint is $11.76, and the SOL oracle price is $12. The resulting funding rate would be -2%, and your long position would receive $24/day in funding payments.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,BhG7YmUubjHY49nt0ccMAZBI5Ko.png\",\n      \"data-framer-height\": \"424\",\n      \"data-framer-width\": \"1056\",\n      height: \"212\",\n      src: new URL(\"https://framerusercontent.com/images/BhG7YmUubjHY49nt0ccMAZBI5Ko.png\").href,\n      style: {\n        aspectRatio: \"1056 / 424\"\n      },\n      width: \"528\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"An example of a trader buying (longing) a SOL perp and receiving funding payments in a negative funding rate environment\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Margin\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Trading on Zeta, you have \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24SOL&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$SOL\"\n        })\n      }), \", \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24BTC&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$BTC\"\n        })\n      }), \", and \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24ETH&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$ETH\"\n        })\n      }), \" subaccounts. Your subaccounts are sequestered, but all positions within a given subaccount are cross-margined \u2014 reducing the frequency but not the magnitude of liquidations, by lowering your margin maintenance level.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Each Zeta subaccount has two risk parameters.\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Initial Margin: the collateral required to open a position (10% of spot price)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Maintenance Margin: your liquidation threshold (6.5% of spot price)\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"USDC is the quote asset for all trading pairs on Zeta and your account equity includes deposited USDC. If one of your subaccounts is approaching your margin maintenance level, you can reduce your risk of liquidation by topping up the at-risk subaccount with USDC.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Open Interest (OI)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Open interest (OI) refers to the total number of unsettled contracts and sheds light on capital flow. The transfer of contracts does not alter OI. OI changes only when contracts that did not previously exist are created, or when existing contracts are closed.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Generally, increasing OI signals fresh capital flowing into the market, whereas declining OI signals capital flowing out of the market. Higher OI is naturally correlated with higher liquidity.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Liquidations\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"What are cascading liquidations? An old wives\u2019 tale?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Cascading liquidations are a phenomenon that occurs when the liquidation of one trader\u2019s position causes a domino effect, triggering the liquidation of subsequent traders\u2019 positions.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,3ml36J6dmD3BtDZURf2PkGZH3k.png\",\n      \"data-framer-height\": \"1456\",\n      \"data-framer-width\": \"1456\",\n      height: \"728\",\n      src: new URL(\"https://framerusercontent.com/images/3ml36J6dmD3BtDZURf2PkGZH3k.png\").href,\n      style: {\n        aspectRatio: \"1456 / 1456\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Market events often incite liquidation cascades, leading to sharp upward or downward price action. Trading perps with leverage in turbulent markets can result in substantial profits, or getting your back blown out, depending on which side of the contract you\u2019re on.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,GKbAqZQxFsezD4zavq3w98UuoIo.png\",\n      \"data-framer-height\": \"1456\",\n      \"data-framer-width\": \"1456\",\n      height: \"728\",\n      src: new URL(\"https://framerusercontent.com/images/GKbAqZQxFsezD4zavq3w98UuoIo.png\").href,\n      style: {\n        aspectRatio: \"1456 / 1456\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Two primates on opposite sides of a perpetual contract; one primate (top of frame) realized a sizeable profit in the wake of a liquidation cascade while the other (bottom of frame) may have to close up shop\"\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Zeta Perpetual Contracts Schema and Specifications\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,YmaiA7bffgCjNVtJmzMKLNDb9tk.png\",\n      \"data-framer-height\": \"1130\",\n      \"data-framer-width\": \"1604\",\n      height: \"565\",\n      src: new URL(\"https://framerusercontent.com/images/YmaiA7bffgCjNVtJmzMKLNDb9tk.png\").href,\n      style: {\n        aspectRatio: \"1604 / 1130\"\n      },\n      width: \"802\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"If you\u2019re keen to get in on the action, head over to \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://dex.zeta.markets/\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"dex.zeta.markets\"\n        })\n      }), \" to manage risk, trade with leverage, or collect funding while \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://open.substack.com/pub/zetamarkets/p/basis-trading?r=1k5frz&utm_campaign=post&utm_medium=web\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"trading basis\"\n        })\n      }), \". And while you\u2019re there, check out our \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://blog.zeta.markets/earn-rewards-with-the-zeta-dex-1deaed035f70\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"weekly rewards programs\"\n        })\n      }), \". They are generously configured for both makers and takers.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"We owe a personal thanks to \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://en.wikipedia.org/wiki/Robert_J._Shiller\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Robert Shiller\"\n        })\n      }), \" for conceiving perpetual futures in 1992, predicting the \u201908 housing bubble, and being an active member in our \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://discord.gg/du9y5797\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Discord\"\n        })\n      }), \".\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"And lastly, an AI-generated, feel-good story about a young man named \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/zetaintern?s=20&t=4W5F2U0jGEMEUP7gUudE5g\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"Zeta Intern\"\n        })\n      }), \" who changed the trajectory of his life by taking advantage of inefficiencies in crypto markets.\"]\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,gOgwGjfpTkD2rHb3TwzkTfDcvOc.png\",\n      \"data-framer-height\": \"734\",\n      \"data-framer-width\": \"1456\",\n      height: \"367\",\n      src: new URL(\"https://framerusercontent.com/images/gOgwGjfpTkD2rHb3TwzkTfDcvOc.png\").href,\n      style: {\n        aspectRatio: \"1456 / 734\"\n      },\n      width: \"728\"\n    })]\n  }),\n  qxqfzpV3b: \"an-introduction-to-perpetual-contracts\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis \"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Monitoring OI can help traders identify potential opportunities for arbitrage or hedging, and also give them a better understanding of market dynamics and trends.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: 'Trading perps on margin gives you access to leverage. The term \"leverage\" often connotes danger, but it can turbocharge your portfolio if applied tactfully. '\n        })\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Most advantages conferred by leverage are interrelated and revolve around the central premise of capital efficiency.\"\n        }), /*#__PURE__*/_jsxs(\"ul\", {\n          children: [/*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Increased buying power\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Reduced upfront capital requirements\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Capital-efficient hedging\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Profiting from acute volatility\"\n            })\n          })]\n        })]\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2022-10-21T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Debit Spreads\",\n  hYDLYsm8B: \"Levraham\",\n  id: \"tz9qTrZWz\",\n  K7P5LKS37: \"Long volatility exposure at a reduced cost.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        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\"What is a Debit Spread?\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A debit spread is a directional options strategy that limits potential profits and losses in return for a higher probability of profit. It moves up your break-even price, increasing your probability of profit \u2014 offering you directional exposure at a reduced cost basis relative to buying calls or puts outright.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The strategy is executed by buying higher premium options and selling lower premium options (of the same class) with the same expiry \u2014 resulting in a net debit. The short leg of the trade partially funds the long leg, favorably shifting your breakeven price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Unlike credit spreads (which have negative vega), debit spreads have positive vega and benefit from increasing IV after being established.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Traders often put on debit spreads when IV is depressed and on the ascent.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vertical Debit Spread Variations\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Call Debit Spreads (aka bull call spreads -or- long call spreads)\uD83D\uDCC8\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Put Debit Spreads (aka bear put spreads -or- long put spreads)\uD83D\uDCC9\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Call debit spreads are neutral/bullish, while put debit spreads are neutral/bearish.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You might tee up a call debit spread when you think an asset is poised to make a move to the upside, whereas you might deploy a put debit spread when you think an asset is poised to make a move to the downside.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Strategy Construction \uD83C\uDFD7\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Call debit spread:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Buy a call at a lower strike price and sell a call at a higher strike price\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Put debit spread:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Buy a put at a higher strike price and sell a put at a lower strike price\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"For call debit spreads, the premium paid for the long call exceeds the premium collected for the short call. For put debit spreads, the premium paid for the long put exceeds the premium collected for the short put. Both strategies are established for a net debit.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Your max profit is limited to the width of the spread (difference between strike prices) minus your initial debit. Your max loss is limited to the cost required to establish the strategy (i.e, your initial debit).\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Call Debit Spread Payoff Function\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max profit:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or above the strike of the short (higher strike) call at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or below the strike of the long (lower strike) call at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Long (lower strike) call strike price plus net premium paid\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,bFjo3BMKsPlNG9wxiRcpMBAuNA8.png\",\n      \"data-framer-height\": \"604\",\n      \"data-framer-width\": \"1074\",\n      height: \"302\",\n      src: new URL(\"https://framerusercontent.com/images/bFjo3BMKsPlNG9wxiRcpMBAuNA8.png\").href,\n      style: {\n        aspectRatio: \"1074 / 604\"\n      },\n      width: \"537\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Call Debit Spread Example\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"SOL is trading at $38 and you're moderately bullish.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You buy 1000 $38 calls ($2.20 premium) and sell 1000 $42 calls ($0.90 premium).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $2.20 = $2,200 (debit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"-\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $0.90 = $900 (credit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"=\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $1.30 = $1,300 (net debit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max profit:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$2,700 ($4,000 - $1,300), realized if SOL is trading at or above $42 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$1,300 (initial net debit), realized if SOL is trading at or below $38 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$39.30 ($38 + $1.30)\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Put Debit Spread Payoff Function\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max profit\"\n      }), \":\"]\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or below the strike of the short (lower strike) put at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Spot price is at or above the strike of the long (higher strike) put at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Long (higher strike) put strike price minus net premium paid\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,YmEUoj6Iiep3qZwE9FQHpFTIjv8.png\",\n      \"data-framer-height\": \"819\",\n      \"data-framer-width\": \"1456\",\n      height: \"409\",\n      src: new URL(\"https://framerusercontent.com/images/YmEUoj6Iiep3qZwE9FQHpFTIjv8.png\").href,\n      style: {\n        aspectRatio: \"1456 / 819\"\n      },\n      width: \"728\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Put Debit Spread Example\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"SOL is trading at $38 and you're moderately bearish.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"You buy 1000 $38 puts ($2.30 premium) and sell 1000 $34 puts ($1.10 premium).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $2.30 = $2,300 (debit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"-\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $1.10 = $1,100 (credit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"=\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"1000 x $1.20 = $1,200 (net debit)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max profit:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$2,800 ($4,000 - $1,200), realized if SOL is trading at or below $34 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Max loss:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$1,200 (initial net debit), realized if SOL is trading at or above $38 at expiry\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Breakeven:\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"$36.80 ($38 - $1.20)\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Debit spreads are a versatile and strategic tool in the world of options trading. They offer traders the ability to capitalize on directional moves while limiting both potential profits and losses. This risk management aspect makes debit spreads appealing to those seeking exposure to price movement without the unlimited risk of buying naked calls or puts. By carefully selecting strike prices and expirations, traders can tailor debit spreads to fit their market outlook and risk tolerance.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Furthermore, the positive vega characteristic of debit spreads allows traders to benefit from increasing implied volatility, making the strategy particularly attractive when IV is low and expected to rise. As with any trading strategy, understanding the mechanics, risks, and potential rewards of debit spreads is crucial for success.\"\n    })]\n  }),\n  qxqfzpV3b: \"debit-spreads\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Debit spreads offer directional exposure with limited profits and losses, providing a higher probability of profit compared to outright options buying.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The strategy involves buying and selling options of the same class and expiry, resulting in a net debit and favorably shifting your breakeven price.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Call debit spreads (bull call spreads) are used when expecting a neutral to bullish move, while put debit spreads (bear put spreads) are used for neutral to bearish moves.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider \"\n}, {\n  DD3znCvdO: \"2022-09-14T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Dated Futures vs. Perpetual Swaps\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"lyTi9sdRk\",\n  K7P5LKS37: \"A Tale of Two Convergence Mechanisms\",\n  lks12ZTlM: 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        children: \"Backwardation\"\n            }), /*#__PURE__*/_jsx(\"ol\", {\n              children: /*#__PURE__*/_jsx(\"li\", {\n                \"data-preset-tag\": \"p\",\n                children: /*#__PURE__*/_jsx(\"p\", {\n                  children: \"Backwardation Case Study \u2014 the Merge\"\n                })\n              })\n            })]\n          })]\n        })]\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Perp Funding Rates\"\n        })\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Perp Funding Payments\"\n        }), /*#__PURE__*/_jsx(\"ol\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Funding Payment Example\"\n            })\n          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expiries draw closer. Before maturity, futures positions can be rolled, closed out (via offsetting), or held until settlement. Cash-settled futures are settled via a credit or debit between counterparties on the predetermined expiration date. The futures basis describes the discrepancy between futures contract prices and spot prices.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The futures term structure refers to the pricing of futures contracts across maturities. The slope of the term structure is influenced by factors such as supply, demand, and liquidity. Traders keep tabs on the futures curve to spot trading opportunities; the futures curve is a strong indicator of sentiment around commodities (and commodity monies).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contango\"\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Yuq2fWMF8ZVVYTGOmBWJHbTBWck.png\",\n      \"data-framer-height\": \"721\",\n      \"data-framer-width\": \"1200\",\n      height: \"360\",\n      src: new URL(\"https://framerusercontent.com/images/Yuq2fWMF8ZVVYTGOmBWJHbTBWck.png\").href,\n      style: {\n        aspectRatio: \"1200 / 721\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Contango is the default state of a futures curve and indicates futures trading at a premium relative to spot prices. Contango occurs when the futures price of an asset is higher than its current spot price. This typically happens when the market anticipates an increase in the asset's value over time.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In a contango market, traders holding long positions in futures contracts may choose to sell their contracts and buy the underlying asset at a lower spot price, making a profit. This selling pressure drives the futures price down, bringing it closer to the spot price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Backwardation\"\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,ieyo8C4nSVTqGC4VSQf9chxST1s.png\",\n      \"data-framer-height\": \"692\",\n      \"data-framer-width\": \"1200\",\n      height: \"346\",\n      src: new URL(\"https://framerusercontent.com/images/ieyo8C4nSVTqGC4VSQf9chxST1s.png\").href,\n      style: {\n        aspectRatio: \"1200 / 692\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The less common, backwardated (inverted) futures curve is indicative of futures trading at a discount relative to spot prices. Backwardation occurs when the futures price is lower than the spot price, indicating a potential decrease in the asset's value.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In a backwardation market, traders with short positions may choose to buy back their contracts and sell the underlying asset at a higher spot price, again driving the futures price closer to the spot price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Backwardation Case Study \u2014 the Merge\"\n      })\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,Lof3eD4hKpAQ8lsZ3qea3RZcyW8.png\",\n      \"data-framer-height\": \"675\",\n      \"data-framer-width\": \"1200\",\n      height: \"337\",\n      src: new URL(\"https://framerusercontent.com/images/Lof3eD4hKpAQ8lsZ3qea3RZcyW8.png\").href,\n      style: {\n        aspectRatio: \"1200 / 675\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Looking back at the pre-merge \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24ETH&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$ETH\"\n        })\n      }), \" futures term structure, we can see that the curve was in backwardation, indicating a preference for spot \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24ETH&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$ETH\"\n        })\n      }), \" over \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24ETH&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$ETH\"\n        })\n      }), \" futures \u2014 likely due to \", /*#__PURE__*/_jsx(Link, {\n        href: \"https://twitter.com/search?q=%24ETH&src=cashtag_click\",\n        openInNewTab: false,\n        smoothScroll: false,\n        children: /*#__PURE__*/_jsx(\"a\", {\n          children: \"$ETH\"\n        })\n      }), \" PoW airdrop eligibility being conferred by holding spot but not futures.\"]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Perp Funding Rates\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,oAdoBI1cbflEld4rbcPnpe5GQ.png\",\n      \"data-framer-height\": \"1200\",\n      \"data-framer-width\": \"1200\",\n      height: \"600\",\n      src: new URL(\"https://framerusercontent.com/images/oAdoBI1cbflEld4rbcPnpe5GQ.png\").href,\n      style: {\n        aspectRatio: \"1200 / 1200\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Now, onto perpetual contracts and their novel convergence mechanism. Unlike dated futures, perps do not expire and have no settlement or delivery date, so an alternative mechanism must exist to incentivize the tracking of the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: 'Perpetual swaps are similar to futures contracts, but they do not have an expiration date. To maintain price convergence with the underlying asset, perpetual swaps use a mechanism called the \"funding rate.\" The funding rate is an interest rate that long or short-position holders pay or receive periodically. It incentivizes traders to close or open positions, thus ensuring the perpetual swap price stays close to the spot price.'\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Funding rates are the tether that keeps the price of perpetual contracts in line with spot prices. These rates are expressed as positive or negative percentages, contingent upon the magnitude of divergence between the price of the perp relative to the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When the funding rate is positive, the perp trades at a higher price than its underlying asset. Conversely, a negative funding rate is indicative of the perp trading lower than its underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Funding Payments\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Funding payments are determined by the funding rate. Longs pay shorts when the funding rate is positive, and shorts pay longs when the funding rate is negative. The result is a rubber-band effect that enforces a degree of parity between the price of a perp and spot price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The funding rate is determined by the difference between the perpetual swap price and the spot price. When the perpetual swap price is higher than the spot price (positive funding rate), long-position holders pay a funding fee to short-position holders. This incentivizes traders to close long positions or open short positions, driving the perpetual swap price down toward the spot price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Zeta does not pay or collect funding payments; rather they are exchanged directly between traders \u2014 pro rata to the size of their positions (think of the exchange as Switzerland when it comes to funding payments).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Funding payments on Zeta are extrapolated from a 24hr realization period. That is, the expected payment traders could expect to be credited or debited on a daily basis.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,GiyoDjX8KZGLVOp7qNqZ3mkEsJA.png\",\n      \"data-framer-height\": \"572\",\n      \"data-framer-width\": \"1200\",\n      height: \"286\",\n      src: new URL(\"https://framerusercontent.com/images/GiyoDjX8KZGLVOp7qNqZ3mkEsJA.png\").href,\n      style: {\n        aspectRatio: \"1200 / 572\"\n      },\n      width: \"600\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Example\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Chad goes long 100 SOL-PERP contracts and keeps his position open for 24hrs. Over that time, the impact midpoint is $11.76, and the SOL oracle price is $12. The resulting funding rate would be -2% and Chad would receive $24/day. Nicely done, Chad.\"\n    }), /*#__PURE__*/_jsx(\"img\", {\n      alt: \"\",\n      className: \"framer-image\",\n      \"data-framer-asset\": \"data:framer/asset-reference,uG8jvzmLGttIHOtbDpW7cRl2le8.png\",\n      \"data-framer-height\": \"424\",\n      \"data-framer-width\": \"1056\",\n      height: \"212\",\n      src: new URL(\"https://framerusercontent.com/images/uG8jvzmLGttIHOtbDpW7cRl2le8.png\").href,\n      style: {\n        aspectRatio: \"1056 / 424\"\n      },\n      width: \"528\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In a dated futures contract, the buyer agrees to purchase an asset at a specified price on a predetermined future date. As the expiration date approaches, the futures price converges to the spot price of the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: 'Perpetual swaps are similar to futures contracts, but they do not have an expiration date. To maintain price convergence with the underlying asset, perpetual swaps use a mechanism called the \"funding rate.\" The funding rate is an interest rate that long or short-position holders pay or receive periodically. It incentivizes traders to close or open positions, thus ensuring the perpetual swap price stays close to the spot price.'\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Dated futures contracts and perpetual swaps use different mechanisms to ensure price convergence with the underlying asset. Dated futures rely on the natural convergence of futures prices as the contract expiration date approaches. Perpetual swaps, on the other hand, use funding rates to incentivize traders to adjust their positions, thus maintaining the perpetual swap price close to the spot price of the underlying asset.\"\n    })]\n  }),\n  qxqfzpV3b: \"dated-futures-vs-perpetual-swaps\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Dated futures' prices converge with spot prices as expiry nears, offering settlement options like rolling, closing, or holding; cash-settled futures involve credits or debits between parties.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The futures basis represents the price difference between futures and spot prices, while the term structure shows contract pricing across maturities.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Traders examine the slope of the futures curve to identify trading opportunities\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Perpetual swaps lack expiry dates and use a funding rate mechanism to maintain price convergence, encouraging traders to adjust positions.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Concentrated liquidity in perpetual swaps leads to tighter spreads, enhanced price discovery, and streamlined trading compared to fragmented dated futures markets.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider \"\n}, {\n  DD3znCvdO: \"2022-09-06T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham?s=20\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Blockspace Boom\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"Alg8URIFM\",\n  K7P5LKS37: \"The Invisible Gold Rush Shaping the Future of Blockchain\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Blockspace as a Valuable Commodity\"\n        })\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"The Dynamics of Blockspace Allocation\"\n        }), /*#__PURE__*/_jsxs(\"ol\", {\n          children: [/*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Gas Prices: The Invisible Hand of the Market\"\n            })\n          }), /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Gas Limits and Scarcity\"\n            })\n          }), 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This article delves into the intricacies of blockspace, examining its allocation and significance within the blockchain ecosystem, while presenting an engaging, digestible, and logical analysis.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"The Dynamics of Blockspace Allocation\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Gas Prices: The Invisible Hand of the Market\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Gas prices, denominated in gwei (a unit of Ether), represent the fee users are willing to pay for their transactions to be processed. Miners prioritize transactions with higher gas prices, as they offer greater financial incentives. As a result, users engage in bidding wars, offering higher gas prices to ensure swift processing of their transactions.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Gas Limits and Scarcity\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Each block within the Ethereum network has a gas limit, which defines the maximum amount of gas that can be spent within the block. This limit effectively restricts the number of transactions that can be included in a block, leading to blockspace scarcity. By strategically adjusting gas limits, miners can optimize their revenue, allocating blockspace to the highest-paying transactions.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"em\", {\n        children: \"Transaction Priority\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Beyond gas prices and limits, transaction priority plays a role in blockspace allocation. Certain transactions, such as those from well-established dApps or high-volume users, may be prioritized by miners, resulting in faster processing times. This preferential treatment can further intensify competition for blockspace.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Navigating the Blockspace Frontier: Economic Implications and Innovations\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The rising value of blockspace as a commodity has far-reaching economic implications. As users compete for limited blockspace, transaction costs can soar, potentially pricing out smaller participants and creating barriers to entry. This dynamic underscores the need for innovative solutions that address the growing demand for blockspace and ensure optimal allocation.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"The Future of Blockspace in Blockchain Technology\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Blockspace has undeniably established itself as an essential and valuable commodity in the world of blockchain technology. By understanding the factors driving its allocation and appreciating its broader economic implications, we can better navigate the complex and dynamic landscape of blockchain networks. As demand for blockspace continues to grow, innovative solutions that optimize allocation will be crucial in unlocking the full potential of blockchain technology.\"\n    })]\n  }),\n  qxqfzpV3b: \"the-rising-value-of-blockspace\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Synopsis\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Blockspace refers to the finite storage capacity within a blockchain network's blocks, which store and process transactions.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Allocation of blockspace is determined by factors such as gas prices, gas limits, and transaction priorities.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The rising value of blockspace has significant economic implications, creating a need for innovative solutions to optimize allocation.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Understanding the factors that drive blockspace allocation and its broader implications is crucial to navigating the complex landscape of blockchain networks\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2022-08-14T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Volatility Arbitrage: Exploiting the Volatility Risk Premium (VRP)\",\n  hYDLYsm8B: \"Levraham \",\n  id: \"pXIc1x8Hl\",\n  K7P5LKS37: \"Implied Volatility (IV), Realized Volatility (RV), and the Volatility Risk Premium (VRP)\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents:\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Implied Volatility (IV): Forecasting the Unpredictable\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Realized Volatility (RV): A Journey Through Time\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volatility Risk Premium (VRP): Seizing Opportunities from Market Inefficiencies\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The Interconnected Web of Volatility: Unraveling the Ties between IV, RV, and VRP\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/e8dqcvpd3aG72jAMUZTd4tnjDe0.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/e8dqcvpd3aG72jAMUZTd4tnjDe0.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/e8dqcvpd3aG72jAMUZTd4tnjDe0.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/e8dqcvpd3aG72jAMUZTd4tnjDe0.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Implied Volatility (IV): Forecasting the Unpredictable\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Implied Volatility (IV): Forecasting the Unpredictable Implied Volatility, a crucial metric in the world of finance, aims to forecast the expected price performance of an asset. Integral to options markets, IV serves as a key determinant of options pricing. High IV increases the extrinsic value of an options contract and its premium, allowing options sellers to collect higher premiums on contracts with elevated IVs.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Excluding IV, all other options pricing inputs are known, propelling the popularity of trading volatility. Market participants can leverage changes in IV pricing, crafting options strategies that align with their market sentiment and positioning themselves for success in the ever-evolving financial landscape.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the realm of options trading, IV is often used to price options contracts and gauge market sentiment. It is derived from option prices, reflecting the market's consensus on an asset's future volatility. When IV is high, the market anticipates larger price swings, signaling increased uncertainty and risk. Conversely, low IV indicates that the market expects smaller price fluctuations and perceives lower risk.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Realized Volatility (RV): A Journey Through Time\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Realized Volatility, also known as historical volatility, tracks the price movements of underlying assets over time. RV contrasts with IV, which is the market's best estimate of what volatility will be realized in the future. Options traders can utilize RV to contextualize the IV being quoted by the market.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Markets have a tendency to overestimate IV, providing opportunities for astute traders to capitalize on perceived mispricings. The propensity of IV to revert to the mean renders contrasting it with RV a valuable tool for market participants striving to navigate the volatility landscape with precision and expertise.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"RV offers a historical perspective on the price fluctuations of an asset, allowing traders to analyze past market behavior and identify patterns. By comparing RV with IV, traders can discern whether the market's expectations are aligned with historical trends or whether discrepancies exist. These discrepancies can present profitable opportunities for traders with a deep understanding of volatility dynamics.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Volatility Risk Premium (VRP): Seizing Opportunities from Market Inefficiencies\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Volatility Risk Premium, a key concept for traders and investors, represents the difference between implied volatility (IV) and realized volatility (RV). This premium exists because IV tends to overestimate the actual volatility that occurs in the market, creating opportunities for profit.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In essence, the VRP reflects the market's inclination to overprice the risk of extreme events, driven by fear and uncertainty. This mispricing carves out a niche for savvy traders to capitalize on the discrepancy between market expectations and reality. By employing strategies such as selling options or trading volatility-based products, traders can harvest the VRP and exploit the market's inherent inefficiencies, navigating the tumultuous seas of risk and reward, and steering their portfolios towards long-term stability and profitability.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The presence of VRP implies that market participants are often willing to pay a premium to hedge against the perceived risk of extreme events. This risk aversion behavior can be exploited by traders who recognize that the market's expectations often exceed the actual volatility that materializes. By taking advantage of these inefficiencies, traders can generate returns that surpass those of traditional asset classes.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"The Interconnected Web of Volatility: Unraveling the Ties between IV, RV, and VRP\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Understanding the complex relationship between Implied Volatility, Realized Volatility and the Volatility Risk Premium is essential for traders seeking to develop robust, informed strategies. The interplay between these three concepts offers a comprehensive view of the volatility landscape, enabling market participants to assess opportunities and risks with greater precision.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"IV's forward-looking nature allows traders to forecast future price performance, while RV provides historical context and insight into an asset's past behavior. By analyzing the relationship between IV and RV, traders can identify potential mispricings and capitalize on the VRP that arises from market inefficiencies.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The interconnected nature of these volatility components creates a unique and dynamic environment for traders, who must remain agile and adaptable to navigate the ever-changing landscape. By maintaining a keen awareness of the shifting relationships between IV, RV, and VRP, traders can develop sophisticated strategies that capitalize on market inefficiencies and maximize returns.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Conclusion\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The concepts of Implied Volatility, Realized Volatility, and the Volatility Risk Premium are essential for understanding the intricacies of the volatility landscape. By recognizing the interplay between these components, traders can develop informed strategies that capitalize on market inefficiencies, exploit the VRP, and enhance the stability and profitability of their portfolios in the long run. As the financial markets continue to evolve, a deep comprehension of volatility dynamics will remain a vital tool for success in the world of trading and investing.\"\n    })]\n  }),\n  qxqfzpV3b: \"implied-volatility-(iv)-vs-realised-volatility-(rv)\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Synopsis: Navigating the Volatility Landscape\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"16px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(209, 213, 219)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Implied Volatility (IV) forecasts expected asset price performance and is vital to options markets and pricing\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Realized Volatility (RV) reveals historical price movements, contrasting with IV's forward-looking nature\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Volatility Risk Premium (VRP) represents the discrepancy between market expectations (IV) and reality (RV)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Savvy traders can capitalize on perceived mispricings and exploit market inefficiencies to harvest the VRP\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Understanding the interplay between IV, RV, and VRP can enhance trading strategies and portfolio stability\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2022-07-28T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Greeks Primer\",\n  hYDLYsm8B: \"Levraham\",\n  id: \"Wznt_cV9S\",\n  K7P5LKS37: \"Options \u201CGreeks\u201D are a set of risk parameters used by options traders to contextualise market conditions and inform trading strategies.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"An Overview of the Greeks\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Delta (\u0394)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Gamma (\u0393)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Theta (\u0398)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Vega (v)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Rho (\u03C1)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Minor Greeks\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"Greek Pantheon\",\n    src: new URL(\"https://framerusercontent.com/images/JOnid96x9Z1bhwJM0kKCq9LQBoU.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/JOnid96x9Z1bhwJM0kKCq9LQBoU.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/JOnid96x9Z1bhwJM0kKCq9LQBoU.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/JOnid96x9Z1bhwJM0kKCq9LQBoU.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Delta (\u0394)\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Delta is an invaluable hedging parameter that measures the sensitivity of an option's price relative to changes in the price of an underlying asset. You can gauge the delta of individual positions, strategies, or your entire portfolio. It is the first derivative of an option\u2019s price in relation to the price of the underlying. Traders use delta to understand their directional exposure better. It indicates how much an option's price should change in response to a $1 change in the underlying price. Delta is represented as a number between [0;1] for calls and [-1;0] for puts. Positions with a positive delta increase in value if the price of the underlying increases. Positions with a negative delta increase in value if the price of the underlying decreases.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The strike price of an at the money (ATM) option is near the spot price \u2014 generally with a delta in the 40-60 range (approximately). Out of the money (OTM) options and ITM options generally lie on the opposite ends of this 40-60 delta range. An ITM option will have a delta > 60, and an OTM option will have a delta < 40 (approximately). A deep ITM option (delta approaching 1) will begin to trade close to dollar-for-dollar with the underlying. Delta is a valuable indicator for determining how many options contracts are needed to hedge long or short positions in your portfolio.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If you anticipate upward price action, you want to construct a portfolio with a positive delta. If you anticipate downward price action, you want to construct a portfolio with a negative delta. If you have no directional bias but expect volatility (or a lack thereof), you would then construct a delta-neutral portfolio. Delta neutral strategies are resistant (not immune) to directional swings \u2014 they capitalize on theta decay or overstated IV.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"It is important to remember that the delta of an option fluctuates as the underlying moves. If delta neutrality is desired, it must be maintained by recalibrating your positions to account for the changes to their deltas. Delta is a proxy for the likelihood that an option will move ITM. How IV impacts delta depends on the moneyness of an option\u2019s strike (i.e., if it is ATM, ITM, or OTM).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the case of ATM strikes, delta remains static when IV rises or falls. For ITM strikes, delta decreases in response to increasing IV and increases in response to decreasing IV. For OTM strikes, delta increases in response to increasing IV and decreases in response to decreasing IV. Traders often refer to option deltas in basis points (e.g., an option with a 0.15 delta would be called a 15 delta option).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Examples (assuming all else equal):\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"The underlying price of a call option (0.35 delta) increases by $1\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"A $0.35 increase in the option's value would be expected\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"The underlying price of a put option (-0.67 delta) decreases by $1\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"A $0.67 increase in the option's value would be expected\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"A 0.40 delta SOL option trades at a $1.80 premium while SOL trades at $33. The price of SOL then gaps up to $38\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The resulting premium would be $1.80 + 0.40 x ($38 - $33) = $3.80\"\n            })\n          })\n        })]\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Gamma (\u0393)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Gamma refers to the rate of change of an option's delta in response to changes in the underlying asset's price. Specifically, it represents the expected change in delta given a $1 move in the underlying. Gamma can be thought of as the delta of an option's delta. Gamma is to delta as acceleration is to speed. Acceleration is the rate at which speed changes \u2014 gamma is the rate at which delta changes.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Gamma is the second derivative of an option's price relative to the underlying price. It signals the stability of an option's delta. Gamma poses unique risks for option sellers and unique benefits for option buyers. For option buyers, the profit rate accelerates with each favorable move in the underlying price, while losses decelerate with each unfavorable move. For option sellers, the inverse is true. Option buyers are long gamma.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The magnitude of an option buyer's directional exposure increases with each favorable move in the underlying price, amplifying their potential profits. Option sellers are short gamma. The magnitude of an option seller's directional risk exposure increases with each unfavorable move in the underlying price, amplifying their potential losses. Gamma increases as the underlying price draws near the strike price. It decreases as the underlying price moves away from the strike price. All else equal, gamma is at a peak at the money (ATM) and a trough deep in the money (ITM) or out of the money (OTM).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Gamma has time dependence characteristics (i.e., it is affected by time passage, even if the price of the underlying is static). Options nearing expiry have the highest gamma sensitivity because the delta of near-dated options is imminently converging on 0 or 1. An ATM option\u2019s gamma is at a maximum when expiry is approaching. The gamma of deep OTM and ITM options is at a maximum when expiry is distant.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"How implied volatility (IV) influences gamma depends on an option\u2019s moneyness. IV and gamma are negatively correlated for ATM options and positively correlated for OTM and ITM options. For ATM strikes, gamma increases when IV falls and decreases when IV rises. For ITM strikes, gamma decreases when IV falls and increases when IV rises. For OTM strikes, gamma decreases when IV falls and increases when IV rises.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The ATM and deep ITM/OTM gamma differential is greatest when IV is low. When IV is high, the differential is reduced. This is logical, considering ATM gamma remains high in the absence of high IV, whereas low IV conditions spell deep ITM/OTM gamma values closer to zero. One critique of traditional gamma measurements is that they are too localized (i.e., reference a spot range that is too narrow).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Using so-called shadow gamma is a hedging approach that aims to minimize insufficiently hedged positions in a portfolio. Up-gamma refers to the change in delta in response to an incremental increase in the underlying price. Down-gamma refers to the change in delta in response to an incremental decrease in the underlying price.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Shadow up-gamma is equal to the delta at a higher underlying price and vol, less the delta at the original underlying price and vol. Shadow down-gamma is equal to the delta at the original underlying price and vol, less the delta at a lower underlying price and vol. In essence, shadow gamma attempts to reduce risk exposure across positions by incorporating variable underlying prices and vols when forecasting changes in delta. Gamma is calculated by dividing the delta differential by the difference in the underlying price (i.e., \u0393 = D1 - D2 / P1 - P2).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Examples (assuming equal IV and DTE):\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Call option (0.6 delta, 0.05 gamma)\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"If the underlying price increases by $1, the expected delta would be 0.65\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Put option (-0.35 delta, 0.04 gamma)\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"If the underlying price increases by $1, the expected delta would be -0.31\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"A $32 SOL call option (0.6 delta) trades at $32 and then rises to $36, moving the option\u2019s delta to 0.75\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The option\u2019s resulting gamma would be 0.037\"\n            })\n          })\n        })]\n      })]\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Theta \"\n      }), \"(\u0398)\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Theta measures the sensitivity of an option\u2019s price to the passing of time. Theta is negative for options buyers and positive for options sellers. While theta is useful, it is essential to remember that it assumes constant price movement and IV. Options sellers benefit from the daily decay of an option\u2019s price (i.e., theta decay). For options buyers, conversely, theta decay is a bitter adversary.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options buyers need directionally favorable price action or IV expansion to outpace theta decay. The effect theta decay has on long positions can be minimized by selling options to collect theta while maintaining net long volatility exposure. Long volatility options spreads (e.g., debit, calendar, and diagonal spreads) are effective to this end. Theta helps inform traders how much extrinsic value an option will lose every day until it expires.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The probability that an option will become profitable declines as it matures. Accordingly, theta decay accelerates as expiry looms. Theta is at a peak for at the money (ATM) options. Theta is lowest for deep in the money (ITM) or deep out of the money (OTM) options. As expiry approaches, theta increases for at (or near) the money options.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options sellers harvest theta, whereas buyers are subject to its predations. Traders utilise theta to assess how much the value of an underlying asset needs to move to offset the premium destruction resulting from time decay. An option's premium is comprised of intrinsic and extrinsic value. All premium value that is not intrinsic is extrinsic. Theta erodes extrinsic value and does not affect intrinsic value. Intrinsic value is the value of an option if it were to expire today. It is the difference between an option\u2019s strike price and mark price. Extrinsic value refers to the expectation value component of an option\u2019s premium.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Imagine SOL is trading at $34, and the aforementioned call option ($2.72 premium) has a $33 strike. The option would consist of $1.00 of intrinsic value and $1.72 of extrinsic value. $2.72 (premium) - $1.00 (intrinsic value) = $1.72 (extrinsic value). Theta melts away an option\u2019s premium over time (in a non-linear fashion) up until expiry, at which point only intrinsic value remains.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The value of deep ITM options is almost purely intrinsic. The value of OTM options is strictly extrinsic. Extrinsic value is highly influenced by IV. This is logical, considering extrinsic value is the expectation value of an option, and IV is a proxy for market sentiment. Regardless of the moneyness of an option\u2019s strike, IV and theta are positively correlated. For ITM, OTM, and ATM strikes, theta decreases when IV decreases and increases when IV increases \u2014 increasing IV results in higher premiums, which means more value for theta to feast on. As IV declines, so too does extrinsic value, leaving less value for theta to erode.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Examples (assuming all else equal):\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"A trader is holding a $28 SOL put (-0.096 theta) with a $0.78 premium while SOL is trading at $33.60\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The option's theoretical value after one day would be $0.684\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"A call option has a $2.72 premium and a theta value of -0.120, so the option\u2019s premium would lose 0.120 of value with the passing of each day\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The option\u2019s theoretical value after one day would be $2.60\"\n            })\n          })\n        })]\n      })]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Vega (\u03BD)\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Vega is a hedging parameter that measures the rate of change of an option\u2019s price in response to changes in the underlying asset's implied volatility (IV). You can gauge the vega of individual positions, strategies, or your entire portfolio. Vega measures the responsiveness of an option\u2019s price to a one-point (i.e., 1%) move in the IV of the underlying asset. Vega is not a Greek letter; however, it is expressed by the Greek letter nu (v).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"It is the first derivative of an option\u2019s price with respect to IV. Factors influencing an option\u2019s vega include days to expiration (DTE), strike price, and IV dynamics (i.e., whether IV is expanding or contracting). Generally, vega is positively correlated with the price of an option. I.e., An increase in vega increases an option\u2019s value. A decrease in vega decreases an option\u2019s value. Vega is positive for long options. Vega is negative for short options.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"It is highest for at the money (ATM) options and declines as expiry approaches. Options with more DTE have higher vega. Vega influences an option's extrinsic value. It does not affect the intrinsic value component of an option\u2019s premium. Traders will often juxtapose an option\u2019s vega against its bid-ask spread to assess the competitiveness of the spread. If an option\u2019s vega is greater than its bid-ask spread, the spread is considered competitive \u2014 and vice versa.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Net short options strategies (e.g., credit spreads) are adversely affected by increasing vega. Net long options strategies (e.g., debit spreads) benefit from increasing vega. Expanding IV benefits long portfolios. Contracting IV benefits short portfolios. Like theta and extrinsic value, vega follows a bell curve, with moneyness on the x-axis and vega on the y-axis. Vega is at a maximum at the highest point of the arc (ATM) and a minimum at the tails (ITM/OTM).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Vega and extrinsic value share a similar relationship with time. Vega is higher for options with more distant maturities. As expiry approaches, vega falls. How IV impacts vega depends on the moneyness of an option\u2019s strike. For ITM and OTM strikes, vega decreases when IV falls and increases when IV rises. For ATM strikes, vega remains static regardless of whether IV falls or rises.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Traders often refer to IV without the %. An IV of 26% would be described as an IV of 26. Vega values denote how much (in dollar terms) the price of an option is expected to increase in response to IV increasing by 1%. Vega x (New IV - Old IV) = Change in Option Premium. Highly positive/negative vega indicates high sensitivity to changes in IV. When the vega of an option is close to zero, changes in IV have a marginal impact on the value of a position. Like gamma, vega cannot be adjusted by taking a position in the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Gamma hedging protects against large swings in the price of the underlying asset. Vega-hedging protects against changes in underlying IV. Your entire portfolio's vega risk is determined by the potential variability of the vol surface (IV across strikes and expiries). As a result of different options in a portfolio having different IVs, vega-neutrality and gamma-neutrality do not generally co-occur in a portfolio. You would likely need to add two or more options to your portfolio to hedge both vega and gamma.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"One critique of simple portfolio vega calculations is that summing up the vegas of all positions does not adequately account for the term structure of IV (i.e., how the IV of options of different maturities will change in the future). For example, the IV of an option with 30 DTE would generally be more sensitive than an option with 55 DTE. Using modified vega is an alternative method that weights vegas to account for varying IV sensitivities across maturities.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Examples (assuming all else equal):\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"A $36 SOL call option is trading at a $2.82 premium with a vega of 0.024 while IV is at 117. IV moves from 117 to 132 (15pt increase)\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The premium would increase by 15 x $0.024 = $0.36. The resulting premium would be $3.18\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: \"Instead of increasing, the IV of the option ($2.82 premium, 0.024 vega) in the above example instead drops from 117 to 107 (10pt decrease)\"\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The premium would decrease by 10 x $0.024 = $0.24. The resulting premium would be $2.58\"\n            })\n          })\n        })]\n      })]\n    }), /*#__PURE__*/_jsxs(\"h3\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Rho (\"\n      }), \"\u03C1)\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"A measurement of how sensitive an option is relative to interest rates. It signals the expected change an options contract will incur in response to interest rates fluctuating by one percentage point. If there were ever a Greek to leave by the wayside, it would be Rho, considering its lack of usefulness relative to its counterparts. \"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Despite generally not being an essential factor for most trades, it does offer utility to market makers regularly borrowing funds, and it is worth paying attention to when buying Long-Term Equity Anticipation Securities (LEAPS). This is because far-dated options contracts are far more sensitive to changes in interest rates than near-dated options.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Minor Greeks\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vanna\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Vanna is a second-order Greek that measures the impact a minute (1%) fluctuation in IV has on the delta of an option (i.e., how vega changes in responses to small movements in the price of the underlying asset). It is at a peak for ATM options. Given its utility in gauging the effects of underlying price and volatility, vanna can be a helpful maintenance tool for delta or vega-hedged portfolios.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Charm\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Charm is a second-order Greek that measures the sensitivity of delta to changing days to expiration (DTE); it is commonly referred to as \", /*#__PURE__*/_jsx(\"em\", {\n            children: \"delta bleed (or delta decay)\"\n          }), \", as the deltas of options tend to wane as expiry approaches. Like vanna, it peaks for ATM options. Charm is especially useful for traders managing a delta-neutral book.\"]\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Lambda\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Lambda is a first-order Greek that measures the elasticity of an option; specifically, an option\u2019s sensitivity to a 1% move in the price of the underlying asset. It denotes the leverage factor an option confers. Lamda is equal to delta x (underlying price / option premium). When choosing from a basket of options, lambda values can shed light on how useful a given option will be for hedging.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Zomma\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Zomma is a third-order Greek that measures gamma's sensitivity to volatility changes. It can help traders with the maintenance of a gamma-hedged portfolio. High zomma signals that minute IV fluctuations will result in sizable changes in gamma. The risk profile of a portfolio of options is non-linear and ever in flux; zomma can be a valuable tool for managing this risk.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vomma\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Vomma is a second-order Greek that measures vega\u2019s sensitivity to changes in volatility. Vomma is at a peak for OTM options. Looking at vomma and vega together gives you a more precise forecast of how an option\u2019s value will fluctuate in response to changes in volatility. Like vega, vomma is positive for long options and negative for short options. Increasing vomma is generally desirable for long option holders, while short option holders like to see decreasing vomma.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Color\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsxs(\"p\", {\n          children: [\"Color is a third-order Greek that measures Gamma\u2019s sensitivity to the passing of time. It can be thought of as \", /*#__PURE__*/_jsx(\"em\", {\n            children: \"gamma decay\"\n          }), \". Color can be a useful tool for the maintenance of a gamma-hedged portfolio. Color becomes less useful when options approach expiry, as it is less stable and, thus, less informative. Color tells us the degree to which gamma is expected to change. Color values denote the expected daily move in gamma values.\"]\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Speed\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Speed is a third-order Greek that measures gamma\u2019s sensitivity to the price action of the underlying asset. Speed is a useful tool for maintaining both delta and gamma hedged portfolios. It informs the extent to which traders may have to recalibrate their hedges in response to fluctuations in the underlying asset price.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Ultima\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Ultima is a third-order Greek that measures the sensitivity of vomma to changes in volatility. It is a useful indicator of expected vomma fluctuations. Positive ultima signals a positive correlation between vomma and volatility.\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Veta\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Veta is a second-order Greek that measures vega\u2019s rate of change over time (i.e., vega decay, or how the sensitivity of theta in response to minute changes in volatility).\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Epsilon\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Epsilon is a first-order Greek that measures the sensitivity of an option\u2019s premium to fluctuations in the dividend yield of an underlying asset (only applicable in the context of equity options).\"\n        })\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vera\"\n      })\n    }), /*#__PURE__*/_jsx(\"ul\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Vera is a second-order Greek that measures rho\u2019s sensitivity to volatility. It is sometimes used to hedge rho with more precision.\"\n        })\n      })\n    })]\n  }),\n  qxqfzpV3b: \"greeks-primer\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis \"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The four Greeks most salient to cobbers trading on Zeta are delta, gamma, theta, and vega. Each has its own significance and applicability, but grasping how they interplay allows you to paint a more comprehensive picture of risk in individual positions and across your entire portfolio. The Greeks help traders orchestrate options strategies from position entry to exit. \"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"They are derived from calculus. And yes, your calculus professor was wasting your time not focusing explicitly on them. To be fair, she may have purposefully neglected teaching you about the Greeks because she knew markets are PvP, so the less you knew, the better \u2014 she thought. In the same way a compass keeps you oriented when you\u2019re lost in the desert, the Greeks keep you oriented as you navigate markets.\\xa0\"\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider\"\n}, {\n  DD3znCvdO: \"2022-07-09T00:00:00.000Z\",\n  dLtQpsUc2: \"https://twitter.com/Levraham\",\n  FSBRHbyNn: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/85ZL9U3780aRdAt9zz2ItRydqps.jpg\").href\n  },\n  gblEufo0g: \"Options Primer\",\n  hYDLYsm8B: \"Levraham\",\n  id: \"t9h0lQDtl\",\n  K7P5LKS37: \"Options enable investors to actively interact with assets without owning them outright. They are uniquely flexible and can be used by investors in pursuit of outsized returns, insurance, or income.\",\n  lks12ZTlM: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Contents\"\n      })\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"What is an Option?\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Options Premium\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Bid Price vs. Ask Price\\xa0\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Asymmetric Risk-Reward Profile\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Options Styles (American, European, Bermudan)\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Cash-Settlement vs. Physical-Settlement\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Implied Volatility vs. Realised Volatility\\xa0\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Intrinsic vs. Extrinsic Value\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Options Greeks\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Convexity\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"\\xa0The Utility of Options\"\n        })\n      })]\n    })]\n  }),\n  p7_dG6mg5: \"bXExMPJW1\",\n  PQT4tywhC: {\n    alt: \"\",\n    src: new URL(\"https://framerusercontent.com/images/njM4Kvd3xrA1U3WkPgC9dbfwfc.png\").href,\n    srcSet: `${new URL(\"https://framerusercontent.com/images/njM4Kvd3xrA1U3WkPgC9dbfwfc.png?scale-down-to=512\").href} 512w, ${new URL(\"https://framerusercontent.com/images/njM4Kvd3xrA1U3WkPgC9dbfwfc.png?scale-down-to=1024\").href} 1024w, ${new URL(\"https://framerusercontent.com/images/njM4Kvd3xrA1U3WkPgC9dbfwfc.png\").href} 1520w`\n  },\n  qj5XlNurU: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"What is an option?\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"Options contracts are derivatives of underlying assets. They enable buyers and sellers of contracts to amplify returns, manage risk, and generate income. For this reason, they are rightfully revered as the most dynamic of all financial instruments. Buyers of options contracts (calls or puts) have the right, but not the obligation, to buy (in the case of calls) or sell (in the case of puts) the underlying asset at a predetermined price (i.e., strike price) on or before a predetermined date (i.e., expiry). This process is referred to as \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"exercising\"\n      }), \" an option. Using options, investors can increase their potential returns if underlying assets move in a favourable direction or hedge against potential losses that would result from underlying assets moving in an unfavourable direction.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If you expect the price of a particular asset to appreciate, you could amplify your exposure to the potential appreciation by purchasing a call option. Conversely, if you expect that a particular asset will depreciate, you could amplify your exposure to the potential depreciation by buying a put option. Options strategies can also be configured to profit from volatility or a lack of volatility; this characteristic is essential for directionally ambivalent traders.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options offer portfolio enhancement utility in any market regime, ranging from upswings to downturns, to sideways drifting markets. Advanced options strategies, such as trading spreads, enable investors to trade off potential upside in return for a greater probability of profit and the ability to precisely define the max loss of their positions. Like with any sharp tool, the efficacy of an options strategy will be determined by how it is deployed.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Options Premium\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"The fee paid upfront to purchase an option is known as the \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"premium\"\n      }), \". The value of an options contract fluctuates throughout its lifespan in response to the price performance of the underlying asset, distance to strike price, volatility, time decay, and interest rates. Options contracts can be sold before expiration, in which case PnL (Profit and Loss) is dictated by the difference between the premium paid upfront and the premium collected from selling-to-close the contracts.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The break-even point for an options contract refers to the point at which the exercising of an option would result in zero net gain or loss. It is equal to the difference between the strike price and the price of the underlying asset at the point of expiry (i.e., exercise price), minus the premium paid upfront for the option (i.e., the initial debit).\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Bid-Price vs. Ask-Price\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Buyers in the market are willing to pay a certain amount for an options contract. This is referred to as the bid-price. Sellers in the market are willing to collect a certain amount for the sale of their options contracts. This is referred to as the ask-price. Logically, the ask-price will always be greater than the bid-price. The difference between the bid-price and the ask-price is known as the bid-ask spread. This is simply the difference between what the highest bidder is willing to pay and the lowest price at which a seller is willing to accept.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The bid-ask spread is a measure of the supply and demand in options markets. The liquidity of markets can be gauged in part by the bid-ask spread. Depth is another important aspect of the bid-ask spread. The more orders there are on both sides of the market, the tighter the bid-ask spread will be.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Market makers supply liquidity by placing offers to sell at a certain price and buy at a certain (lower) price. In return for this liquidity provision, market makers collect the difference between their bid and ask offers (i.e., the bid-ask spread). Generally, tight bid-ask spreads are indicative of liquid markets, whereas wider ones are indicative of illiquidity. Naturally, the popularity of an asset is a key determinant of its liquidity.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Asymmetric Risk-Reward Profile\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"The bearer of an options contract gains capital-efficient exposure to the performance of the asset underlying the contract. The \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"multiplier \"\n      }), \"on Zeta Markets is 1 (i.e., there is no multiplier). That is, the number of tokens underlying each contract is one. Stock options \u2014 traded on NASDAQ \u2014 for example, represent exposure to 100 shares of the underlying stock. In the case of crypto options, leverage is implicit. A buyer may purchase a contract for a mere fraction of what buying a token outright would cost.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"When buying options (calls and puts), max loss is strictly defined by the premium paid for the contract. Max profit for calls is unlimited. For puts, max profit is limited only by the distance between the contract\u2019s strike price and zero, minus the premium paid. Selling options comes with more risk, but the associated risk can be controlled by purchasing countervailing options.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [\"The asymmetry between max loss and max profit is responsible for the attractive risk-reward profile for which options are known. This property is the crux of a phenomenon known as \", /*#__PURE__*/_jsx(\"em\", {\n        children: \"convexity\"\n      }), \", which will be discussed near the end of this primer. Properly implemented options strategies allow investors to pursue their investment objectives with minimal capital outlay.\"]\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: \"Option Styles\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"American\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Contracts may be exercised at any time, including on the day of expiry.\"\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"European\"\n      }), \"\\xa0\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Contracts may only be exercised on the day of expiry.\\xa0\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Bermudan\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Contracts may be exercised on a fixed set of dates.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The key distinction between different styles of options is how they can be exercised. American and European style options are the two most widely seen types of contracts. Bermudan options are a less frequently seen exotic variation. The phraseology is not related to the region in which the options are traded, though pilots often assume otherwise, and avoid trading Bermudan options.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"American-style options give contract holders the ability to exercise an option at any point from purchase until expiry. European options, in contrast, can only be exercised on the date the contract expires (i.e., expiration day). Bermudan options are a hybrid of American and European style options; they may be exercised before expiry, but only on a limited number of specified dates; often on one day each month.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The vast majority of crypto options are European-style. European options offer investors more certainty than American or Bermudan options, as their execution is limited to the day of expiry. As a result, sellers of European options are exposed to less risk and European options trade at lower premiums relative to American options. A key advantage of European options is their utility in systematising hedging strategies. Since both parties (buyers and sellers) are aware of the exercise date before entering the contract, the risk of contracts being unexpectedly exercised is removed from the equation.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Investors selling American options contracts face the risk of contracts being exercised at the will of their holders. This could be at any point in advance of expiry, perhaps upon a sudden and temporary gap up in the price of the underlying asset. In the case a buyer holds an American option until its expiry, they would have fared better had they purchased a European option, as a lower premium would have been paid upfront.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Cash-Settlement vs. Physical-Settlement\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options contracts are settled via cash or physical delivery of the underlying asset. Settlement occurs when an option expires. Cash-settlement entails making a cash payment in lieu of physically delivering the underlying (i.e., the result of the trade is simply reflected in an investor\u2019s PnL). Cash-settled options are usually European-style and offer a smoother experience to all parties involved in the trade by simplifying the process.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Physically settled options contracts are not resolved until the seller transfers the underlying asset to the buyer. Cash-settled options are settled by the payment of the difference between the exercise value of an option and its strike price on its expiration day. Cash-settled options provide buyers and sellers with the ability to dynamically express their market views without hassling with delivery or reception of the underlying asset.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"This comes with the benefit of default protection and implicit time savings. Cash-settled European options on Zeta are programmatically executed on expiration day. Contract holders do not need to take any action to facilitate the exercising of contracts. That means your contracts will be settled for you, even if you are in the deepest stage of your sleep cycle, dreaming about a euphoric bull market.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Implied Volatility (IV) vs. Realised Volatility (RV)\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Implied volatility (IV) is a metric that aims to forecast the expected price performance of an asset. IV is integral to options markets and is a key determinant of options pricing. High IV increases the extrinsic (expectation) value of an options contract, and thus its premium. Accordingly, options sellers collect higher premiums when selling options contracts with high IVs.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Excluding IV, all other options pricing inputs are known, which is why trading volatility is so popular. Market participants can take advantage of changes in IV pricing and craft their options strategies in accordance with their market sentiment. Realised volatility (RV), also known as historical volatility, indicates how the price of the underlying asset has moved over time. This is opposed to IV, which is the market\u2019s best estimate of what volatility will be realised in the future.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options traders can use RV to contextualise the IV being quoted by the market. Markets tend to overestimate IV, which provides an opportunity for savvy traders who strive to capitalise on perceived mispricings of IV. Historically, IV tends to revert to the mean, which makes contrasting it to RV quite useful.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Intrinsic Value vs. Extrinsic Value\\xa0\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"In the context of options trading, intrinsic value is the difference between the price of the underlying asset and the strike price of an options contract. For example, if a SOL put option with a $42 strike is purchased and SOL falls to $36, then the contract\u2019s intrinsic value would be $6 ($42 - $36 = $6). Extrinsic value refers to the time or expectation value component of an option\u2019s premium. If the aforementioned contract had a $9 premium, $3 of that premium would be extrinsic value ($9 - $6 = $3).\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The premium of an option consists of intrinsic and extrinsic value. The extrinsic value of an option can be inferred by subtracting intrinsic value from the total premium (premium - intrinsic value = extrinsic value). On Zeta Markets, options pricing is calculated using a derivative of the Black-Scholes Model (BSM), called Black-76, which takes into account the following parameters:\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Future Price, \"\n          }), /*#__PURE__*/_jsx(\"em\", {\n            children: /*#__PURE__*/_jsx(\"strong\", {\n              children: \"S\"\n            })\n          })]\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The model assumes future price to be a fixed, positive value, arrived upon using three inputs; oracle-derived underlying price, risk-free rate, and time until expiry.\\xa0\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Volatility, \"\n          }), /*#__PURE__*/_jsx(\"em\", {\n            children: /*#__PURE__*/_jsx(\"strong\", {\n              children: \"\u03C3\"\n            })\n          })]\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The degree to which the price of the underlying asset is expected to fluctuate before the options contract expires.\\xa0It is calculated using the volatility surface that Zeta maintains.\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Strike Price, \"\n          }), /*#__PURE__*/_jsx(\"em\", {\n            children: /*#__PURE__*/_jsx(\"strong\", {\n              children: \"K\"\n            })\n          })]\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          style: {\n            \"--framer-font-size\": \"19px\",\n            \"--framer-text-alignment\": \"left\",\n            \"--framer-text-color\": \"rgb(88, 88, 74)\",\n            \"--framer-text-transform\": \"none\"\n          },\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The predetermined price at which an option can be exercised (on expiration day).\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Expiry Time,\"\n          }), /*#__PURE__*/_jsx(\"em\", {\n            children: /*#__PURE__*/_jsx(\"strong\", {\n              children: \" T\"\n            })\n          })]\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          style: {\n            \"--framer-font-size\": \"19px\",\n            \"--framer-text-alignment\": \"left\",\n            \"--framer-text-color\": \"rgb(88, 88, 74)\",\n            \"--framer-text-transform\": \"none\"\n          },\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The amount of time remaining before an option expires.\\xa0\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Risk-Free Rate, \"\n          }), /*#__PURE__*/_jsx(\"em\", {\n            children: /*#__PURE__*/_jsx(\"strong\", {\n              children: \"r\"\n            })\n          })]\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          style: {\n            \"--framer-font-size\": \"19px\",\n            \"--framer-text-alignment\": \"left\",\n            \"--framer-text-color\": \"rgb(88, 88, 74)\",\n            \"--framer-text-transform\": \"none\"\n          },\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Zeta stores a risk-free rate curve that renders an interest rate, representing the theoretical rate of return on an investment that carries zero risk.\"\n            })\n          })\n        })]\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"The Black-76 model is colloquially referred to as Chad-76, probably, though there is minimal, if any, written account of this terminology being used. It appears to be an underground term of sorts \u2014 used by only the most refined options traders on the planet. Near-dated options contracts have less extrinsic value than far-dated ones, as there is less time for the price of the underlying asset to fluctuate.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"As an options contract approaches expiry, its extrinsic value gradually erodes until, ultimately, only its intrinsic value remains at the point of expiry. The premium of an options contract is the sum of its intrinsic and extrinsic value. Extrinsic value is significantly influenced by IV, considering IV is effectively a distillation of market sentiment, derived from a set of predictive inputs.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Options Greeks\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options \u201CGreeks\u201D are a set of risk parameters used by options traders to inform their position entry, exit, and management. There are five primary Greeks used by options traders:\"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Delta\"\n          })\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          style: {\n            \"--framer-font-size\": \"19px\",\n            \"--framer-text-alignment\": \"left\",\n            \"--framer-text-color\": \"rgb(88, 88, 74)\",\n            \"--framer-text-transform\": \"none\"\n          },\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"The sensitivity of an option's theoretical value to a change in the price of the underlying asset.\\xa0\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Gamma\"\n          })\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"A measure of the responsivity of delta to price changes in the underlying asset.\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsxs(\"p\", {\n          children: [/*#__PURE__*/_jsx(\"strong\", {\n            children: \"Theta\"\n          }), \"\\xa0\"]\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          style: {\n            \"--framer-font-size\": \"19px\",\n            \"--framer-text-alignment\": \"left\",\n            \"--framer-text-color\": \"rgb(88, 88, 74)\",\n            \"--framer-text-transform\": \"none\"\n          },\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"Quantification of the rate at which an option loses its value over time.\\xa0\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Vega\"\n          })\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"A measure of an option\u2019s sensitivity to the volatility of the underlying asset.\\xa0\"\n            })\n          })\n        })]\n      }), /*#__PURE__*/_jsxs(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: [/*#__PURE__*/_jsx(\"p\", {\n          children: /*#__PURE__*/_jsx(\"strong\", {\n            children: \"Rho\"\n          })\n        }), /*#__PURE__*/_jsx(\"ul\", {\n          children: /*#__PURE__*/_jsx(\"li\", {\n            \"data-preset-tag\": \"p\",\n            children: /*#__PURE__*/_jsx(\"p\", {\n              children: \"A metric describing relative price changes between options and risk-free rates.\"\n            })\n          })\n        })]\n      })]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Delta\"\n      }), \" is typically represented as a number between one and minus one. It signals how much the value of an option should change when the price of the underlying stock rises by one dollar. Bullish strategies have a positive delta while bearish strategies have a negative delta. Investors use delta to better understand their directional exposure in the market. If a call option has a 0.35 delta and the underlying asset increases by $1, the owner of the option would expect the option\u2019s price to increase by $0.35.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Gamma\"\n      }), \" refers to the rate of change of an option\u2019s delta in response to a one-point move in the price of the underlying asset. Gamma informs how an option\u2019s delta will fluctuate, making it a particularly useful metric for traders interested in gauging the acceleration characteristics of an option\u2019s price. The sensitivity of gamma is greater for options nearing expiry.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Vega\"\n      }), \" measures the reactivity of an option\u2019s price to changes in the IV of the underlying asset \u2014 it is expressed as a decimal value that describes the change in price an option contract will incur upon a one percent change in the IV of the underlying asset. Vega will be higher when an option is at-the-money (ATM) or still has significant time value remaining. Time and volatility are both positively correlated with the likelihood of an option\u2019s price fluctuating.\"]\n    }), /*#__PURE__*/_jsxs(\"p\", {\n      children: [/*#__PURE__*/_jsx(\"strong\", {\n        children: \"Theta\"\n      }), \" is a measure of how much extrinsic value an option will lose every day up until it expires. Theta decay describes how an option\u2019s premium erodes with the passing of time. An option seller is harvesting theta decay, whereas a buyer is exposed to its predations. Naturally, as options approach expiry, the rate of theta decay increases.\"]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There are also minor options Greeks, such as rho. These minor Greeks are less frequently referenced and utilised, though they certainly do have practical applications. They will be covered in a future article, focused specifically on the Greeks.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"Convexity\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Convexity is the property responsible for the asymmetric payout potential that options contracts give to their holders. Convexity is a function of gamma. The greater the extent of directionally favourable price swings, the greater the upside of subsequent favourable price swings, and the greater the extent of directionally unfavourable price swings, the lesser the extent of losses upon subsequent unfavourable price swings.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Once an option begins moving in-the-money (ITM) at a clip that exceeds theta decay, the premium of the option accelerates in a non-linear fashion. This dichotomy is fundamental to the value proposition of options and explains why many traders prefer to stay long gamma. Downside is limited, while upside remains uncapped.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Convexity as a property is often exemplified in our daily lives. Many decisions we make are convex in nature, such as asking someone out on a date, applying for a job, or predicting BTC to 100k by December 2021. In all three scenarios, downside is limited.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If you ask someone out on a date, the worst that can happen (generally) is that they decline, but the upside is obvious. If you apply for a job and are not selected, you didn't lose much but stood to gain employment. If you predicted BTC to 100k by December 2021 on Twitter, you were off by about 50% \u2014 but it\u2019s all good \u2014 it was just a shtick and you\u2019ve been buying put options since BTC was at $64k. Had you been right, you would have amassed a sizable following for your predictive prowess. In essence, convexity is about non-linear returns. You risk a little while standing to gain a lot.\"\n    }), /*#__PURE__*/_jsx(\"h3\", {\n      children: /*#__PURE__*/_jsx(\"strong\", {\n        children: \"The Utility of Options\"\n      })\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"There is a strong case to be made that options are the most versatile means of portfolio enhancement, considering their flexibility and range of utility. The four pillars of options that make them so appealing are:\"\n    }), /*#__PURE__*/_jsxs(\"ol\", {\n      style: {\n        \"--framer-font-size\": \"19px\",\n        \"--framer-text-alignment\": \"start\",\n        \"--framer-text-color\": \"rgb(88, 88, 74)\",\n        \"--framer-text-transform\": \"none\"\n      },\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Leverage\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Risk Management\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Asymmetric Risk-Return Profile\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Flexibility\"\n        })\n      })]\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"Options are cost-efficient instruments that offer implicit leverage with minimal capital outlay. In addition to increasing upside potential, leverage allows investors to spread their capital across a greater surface area to achieve a higher degree of diversification. Moreover, options enable investors to manage risk without overspending on downside protection. The convexity of potential options payouts enables investors to risk a small amount while standing to gain a theoretically unlimited amount.\"\n    }), /*#__PURE__*/_jsx(\"p\", {\n      children: \"If used properly, this can lead to increased returns over the long term and portfolio resilience in a variety of market conditions. Another core feature of options is their utility in offering investors a way to dynamically express their market views. With a multitude of strikes, expiries, and underlying assets to choose from, options equip investors with everything they need to take full advantage of their convictions, insure their portfolios, or simply earn a passive income.\"\n    })]\n  }),\n  qxqfzpV3b: \"options-primer\",\n  v9eVt58Tz: /*#__PURE__*/_jsxs(React.Fragment, {\n    children: [/*#__PURE__*/_jsx(\"h3\", {\n      children: \"Synopsis \"\n    }), /*#__PURE__*/_jsxs(\"ul\", {\n      children: [/*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Options contracts are derivatives of underlying assets, and they offer investors the ability to amplify returns, manage risk, and generate income.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Call options provide the right, but not the obligation, to buy an underlying asset at a predetermined price, while put options provide the right to sell at a predetermined price.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Investors can use options to amplify their exposure to price movements or to hedge against potential losses resulting from unfavourable price movements.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"Options offer portfolio enhancement utility in any market regime, and advanced options strategies, such as trading spreads, can enable investors to precisely define the maximum loss of their positions.\"\n        })\n      }), /*#__PURE__*/_jsx(\"li\", {\n        \"data-preset-tag\": \"p\",\n        children: /*#__PURE__*/_jsx(\"p\", {\n          children: \"The effectiveness of options strategies depends on how they are utilized, and investors should carefully consider their risk tolerance and trading objectives before using options.\"\n        })\n      })]\n    })]\n  }),\n  VdPvFgCuA: \"Exit Liquidity Provider / Autism Survivor\"\n}];\ndata.forEach(item => Object.freeze(item));\naddPropertyControls(data, {\n  gblEufo0g: {\n    defaultValue: \"\",\n    title: \"Title\",\n    type: ControlType.String\n  },\n  qxqfzpV3b: {\n    title: \"Slug\",\n    type: ControlType.String\n  },\n  K7P5LKS37: {\n    defaultValue: \"\",\n    displayTextArea: false,\n    placeholder: \"\",\n    title: \"Summary\",\n    type: ControlType.String\n  },\n  PQT4tywhC: {\n    title: \"Image\",\n    type: ControlType.ResponsiveImage\n  },\n  p7_dG6mg5: {\n    defaultValue: \"Sim7rqu6V\",\n    options: [\"Sim7rqu6V\", \"bXExMPJW1\", \"Q6ZkHmn8j\", \"RalZWXooB\"],\n    optionTitles: [\"Blockchain\", \"Trading\", \"Updates\", \"Draft\"],\n    title: \"Category\",\n    type: ControlType.Enum\n  },\n  lks12ZTlM: {\n    defaultValue: \"\",\n    title: \"Table of Contents\",\n    type: ControlType.RichText\n  },\n  v9eVt58Tz: {\n    defaultValue: \"\",\n    title: \"Synopsis\",\n    type: ControlType.RichText\n  },\n  qj5XlNurU: {\n    defaultValue: \"\",\n    title: \"Main Body\",\n    type: ControlType.RichText\n  },\n  hYDLYsm8B: {\n    defaultValue: \"\",\n    placeholder: \"Huseyin Emanet\",\n    title: \"Author Name \",\n    type: ControlType.String\n  },\n  VdPvFgCuA: {\n    defaultValue: \"\",\n    title: \"Role\",\n    type: ControlType.String\n  },\n  FSBRHbyNn: {\n    title: \"Author Photo\",\n    type: ControlType.ResponsiveImage\n  },\n  dLtQpsUc2: {\n    defaultValue: \"\",\n    placeholder: \"https://www.framer.com/\",\n    title: \"Author Website\",\n    type: ControlType.String\n  },\n  DD3znCvdO: {\n    defaultValue: \"\",\n    title: \"Date\",\n    type: ControlType.Date\n  }\n});\ndata[\"displayName\"] = \"Blog\";\nexport default data;\nexport const __FramerMetadata__ = {\n  \"exports\": {\n    \"default\": {\n      \"type\": \"data\",\n      \"name\": \"data\",\n      \"annotations\": {\n        \"framerRecordIdKey\": \"id\",\n        \"framerContractVersion\": \"1\",\n        \"framerSlug\": \"qxqfzpV3b\",\n        \"framerData\": \"\"\n      }\n    },\n    \"__FramerMetadata__\": {\n      \"type\": \"variable\"\n    }\n  }\n};"],
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