Neda☘️

#Bitcoin| MEng. | @Laevitas1 Telegram Channel:

[Laevitas @laevitas1]

Bull call spread strategy in HYPE was notable on Derive over the weekend:

50,000x $100/$150, 25DEC26

What is a bull call spread?
A bull call spread is a bullish strategy made up of two option legs:

1) Buying a call option
2) Selling a call option at a higher price

Here, we'll look at the 25DEC26 $100/$150 structure.

The first leg involves buying a 25DEC26 $100 call. The view here is that HYPE will trade above $100 by expiry.
Max Loss: total premium paid
Max Profit: theoretically unlimited

The second leg involves selling a 25DEC26 $150 call. This expresses the view that HYPE stays below $150 by expiry.
Max Loss: theoretically unlimited
Max Profit: total premium received

Combined, the two legs form a bull call spread, reflecting a view that HYPE settles above $100 but below $150 by expiry.

Max Loss: total premium paid
Maximum Profit: Limited to the difference between the two strike prices, minus the premium paid.
Breakeven: long call strike plus premium paid

Note: this is simplified, actual PnL would also reflect commissions and fees.

[Laevitas @laevitas1]

Near-term downside protection into the weekend expiry:

1,750 BTC 62K puts bought for 21JUN26 ($606.52K premium), IV near 45%, spot ~$64.2K

[Laevitas @laevitas1]

Hyperliquid recorded $9.95B in perpetuals open interest, surpassing Bybit’s $9.7B and ranking as the second-largest perpetuals venue globally behind Binance, highlighting the growing scale of decentralized exchanges within derivatives markets.

The move was driven by the expansion of HIP-3 markets (equity, commodity, and index perps), which now account for nearly 30% of Hyperliquid's total open interest, alongside the rally in HYPE, which mechanically increased its contribution in USD terms. At $68, the HYPE perpetual represents approximately $1.45B, or 14.6%, of Hyperliquid’s total open interest.

[Laevitas @laevitas1]

Since last week's report, Spain and France have moved to 16.4% each, both adding +0.4pp from 16%. Portugal climbed from 9.7% to 11.3%, briefly touching 12.4% today before pulling back to 11.3%. England moved in the opposite direction, falling from 11% to 9.7% on persistent selling throughout.

Argentina dropped to 7.8% (−1.1pp), with a sharp intraday high of 9.6% on Jun 11 before reversing to the week's low. Brazil slipped to 7.4% (−1pp). Germany recovered to 6% after drifting as low as 5.1% mid-week. Netherlands added +1.4pp to 5.4%, with buy volume outpacing sells throughout the week.

Norway held at 2.6%, flat on the week. USA surged to 2.1% from 1.1% (+1pp), driven by a $6.77M volume spike on Jun 13. Morocco also sits at 2.1% (+0.4pp), though its path was volatile, hitting 3% intraday on Jun 13 before pulling back. Belgium fell to 1.9%. Japan slipped to 1.7% (−0.3pp). Colombia dropped to 1.6% on four days of net selling.

Switzerland hit 1.9% intraday on Jun 13 before collapsing to 0.8% the same day and now sits at 0.9%. Uruguay drifted to 0.9% on consistent net selling. Türkiye collapsed from 1.4% to 0.4%, the bulk of the move occurring today.

[Neda☘️ @Neda4_]

HYPE options flow on Derive was dominated by short volatility positioning concentrated in the 19Jun26 expiry

[Laevitas @laevitas1]

HYPE options flow on Derive was dominated by short volatility positioning concentrated in the 19Jun26 expiry, with calls sold above spot and puts below across multiple strikes.

On the call side, the $65C led with 22.8K contracts opened short, followed by the $67C (13.5K), primarily the call leg of the $52P/$67C short strangle (19,000x, $16.34K premium collected), and the $66C (5.7K). The $65–$67 call band accumulated roughly 42,000 contracts of new short call exposure, establishing a clear ceiling into Friday's expiry with spot near $59.

Put-side flow mirrored the same theme. The $52P and $53P were the largest openings, 22.4K and 18.5K contracts respectively, both overwhelmingly sold, with the $52P acting as the put leg across the $52P/$67C, $52P/$65C (3kx), and $52P/$64C (2kx) strangles and the $53P appearing as the put leg across the $53P/$65C, $66C, and $67C strangles alongside broader short put selling.

[Neda☘️ @Neda4_]

@Fahimeh25433992 چای توت فرنگی رو امروز حتما امتحان می کنم

[Laevitas @laevitas1]

Block flow continued on the same structure across multiple trades, 3100x (775x long the $70K call, 1,550x short the $75K body, 775x long the $80K call) added to the $70K/$75K/$80K long call butterfly on Deribit, 31JUL26 expiry.

[Neda☘️ @Neda4_]

@t_uliip من به خاطر بازی مسخره این دختر، شادی مختاری، دیگه سریال رو نگاه نکردم

[Neda☘️ @Neda4_]

Long Call 🦋

[Laevitas @laevitas1]

1,400x long call butterfly executed on Deribit, 31JUL26 expiry, structured at the $70K/$75K/$80K strikes. The position is long 350x at each wing and short 700x at the $75K body, with wings equidistant at $5K from the body. Total net debit $172.2K ($594.77K paid across the two wings, $422.56K received on the short body).

With BTC spot near $62.7K at execution, the body strike sits 19.6% above spot, max profit at ~$75K expiry, loss capped at the net debit.

[Laevitas @laevitas1]

HYPE options flow on Derive was dominated by vol selling today. Short straddle and short strangle were the two main structures.

Sell 64-C / Sell 64-P 26Jun26 80,000x ($453.6K collected).

Sell 57-P / Sell 62-C 12Jun26 42,000x ($48.38K collected).

[Laevitas @laevitas1]

The World Cup Winner market has reached $2B in total volume on Polymarket. Spain and France lead the field at 16% each. France dropped −0.9pp from Jun 1 and Spain −0.8pp. England follows at 11%, flat on the week.

Portugal added +0.3pp to 9.7%, while Argentina and Brazil slipped −0.1pp and −0.3pp respectively. Germany is unchanged at 5.5%.

Netherlands gained +0.3pp to reach 4%, with buy volume outpacing sell volume throughout the week. Norway is flat at 2.6%. Belgium added +0.4pp to 2.1%, with Japan just behind at 2%, up +0.2pp on the week. Türkiye posted the sharpest gain of the week, surging +0.6pp from 0.9% to 1.5% on buy-side flow that dominated throughout. Colombia, Morocco, and Mexico also sit in the 1–2% range. Morocco gained +0.2pp, Mexico +0.3pp, while Colombia added +0.1pp.

[Laevitas @laevitas1]

600x BTC bear put spread opened in the last 2 hours on Deribit, long the 62K-P, short the 55K-P, expiring 26JUN26, net premium $552.87K, notional $37.44M. Also in recent hours, 410x of the 26JUN26-55K-P opened outright for $321K, and 100x block bought OTM 12JUN26-52K-P.

[Neda☘️ @Neda4_]

@kofebor حتی الانم‌ببینم‌ میترسم باز

[Laevitas @laevitas1]

On June 2, two block trades closed the majority of the position at a substantial profit. The first sold 1K BTC in puts at 0.0245 BTC, receiving $1.68M in premium against an original cost of $295K, with BTC index at $68.7K at the time of the trade. Later that day, a second block closed another 1K BTC at 0.0502 BTC, collecting $3.34M with BTC having fallen further to $66.5K. Combined, the two closing blocks collected $5.03M in premium against $516K paid to open. The remaining 1,147 BTC in 70K-strike puts stays open into Friday expiry.

[Neda☘️ @Neda4_]

HYPE Option Flows On Derive

[Laevitas @laevitas1]

Put flow dominated HYPE options on Derive over the last 24 hours. Puts accounted for 88.9% of contracts (352.4K) and 66.3% of total premium ($795K), with flow concentrated in OTM bear put spreads.

The $45, $48, $55, and $58 puts alone added 300.6K contracts, 75.8% of 24h volume, all struck 21%–38% below spot against Jul26 and Sep26 expiries.

The dominant structure was the Jul26 45/55P. It printed 200K contracts across two blocks, $14.47M notional, net premium paid $166K. The Sep26 48/58P followed with 100K contracts, $7.36M notional, net premium $150.5K.

[Neda☘️ @Neda4_]

@HArlEey_QuiNNNN امیدوارم به زودی خبر سلامتیشون رو بدی🩵

[Laevitas @laevitas1]

The $70K strike put expiring on 5 June 2026 currently holds the largest open interest of any strike on that expiry, totaling 3.12K BTC. This is approximately 2.6x larger than the next-largest put strike ($65K-P, 1.18K BTC), highlighting a significant concentration of downside positioning at the $70K level.

The position was built almost entirely through opened long put activity over the past two weeks. Accumulation accelerated during a three-day period at the end of May. On 28 May, three consecutive block trades of 200 BTC, 200 BTC, and 100 BTC were executed at premiums between 0.0069 and 0.0073 BTC (IV ~41%), all opening long put positions and adding a combined 500 BTC to the strike.
The following day, a single 1,000 BTC block was bought at 0.0040 BTC (IV 37.9%), nearly doubling the strike's open interest in one print. On 31 May, another 1,000 BTC in puts was purchased at 0.0030 BTC (IV 39.5%), bringing total open interest to 3.12K BTC.

[Laevitas @laevitas1]

$HYPE, which has reached a new ATH, has surpassed SOL ($2.77B) in global perps. open interest for the first time at $2.82B, taking 3rd place behind BTC and ETH.

SOL has held 3rd in global perps. OI since July 2025, displacing XRP, which had occupied the rank from May 2023. SOL made brief incursions into 3rd twice before, November 2023 and January 2025, each time falling back, before finally locking in the position permanently on July 2025. XRP dropped to 4th, where it remained until HYPE overtook it in late January 2026, pushing XRP to 5th.

[Neda☘️ @Neda4_]

@iwdontaskme 🤣🤣

[Neda☘️ @Neda4_]

580 BTC 70K puts bought for 5JUN26 ($303.32K) in the past few hours

[Laevitas @laevitas1]

BTC fell below $75K, with downside protection added on Deribit over the last 24 hours.

July 450x short risk reversal:
Buy 64K-P / Sell 88K-C 31JUL26
Buy 66K-P / Sell 88K-C 31JUL26

12 & 26 Jun expiries, 800x bear put spread:
Sell 65K-P / Buy 70K-P 26JUN26
Sell 71K-P / Buy 76K-P 12JUN26

Both strategies were executed at index prices of $75.69K–$75.92K.