Arush (FTX Creditor)

engineer founder, rugged by SBF. member FTX Official Unsecured Creditors Committee, Head of Crypto @ Alpaca

[Arush (FTX Creditor) @arush]

@MrPurple_DJ @dschamis @WSJ 🎯

[Arush (FTX Creditor) @arush]

@based16z the 3 employee team, who spent $300M in G&A received $24M I stock based comp just this Q1

[Arush (FTX Creditor) @arush]

Pretty wild to see this in my timeline tbh

[Wu Blockchain @WuBlockchain]

Binance disclosed that it holds a minority stake in Alpaca, which holds approximately 94% market share in the custody of tokenized US stocks and ETFs.

Binance just partners with Alpaca for US stock and ETF trading. Per their agreement, Binance receives 50% of Alpaca’s Payment for Order Flow (PFOF) fees and 65% of the remaining profit from user stock lending after paying interest to users.

[Arush (FTX Creditor) @arush]

@burgesschats @ScroogeCap @Jesse_Livermore Interesting angle

[Arush (FTX Creditor) @arush]

Whosever idea it was to spin the stablecoin yield debate into a national security imperative just put on a 4D chess political powermove masterclass and I would like to hire you

[Blockchain Association @BlockchainAssn]

1/ Today, we’re sending a letter to Senate Majority Leader Thune and Senate Democratic Leader Schumer signed by 160 former national security, intelligence, and law enforcement professionals in support of the Clarity Act.

https://t.co/1lSQkoaaXI

[Arush (FTX Creditor) @arush]

signal

[Alpha_Ex_LLC @Alpha_Ex_LLC]

the SK Hynix Hijinks continues... the 2x daily leveraged beast, ticker 7709 out of South Korea may have been back in the options market to get delta exposure.
I can't say for sure, but here are the potential tracks:
a 37k lot of the June 11th 1,400,000 call traded on the underlying stock today. that's a 90 delta call option, consistent with the lev ETF's need to buy delta. the implied vol is outrageously high as shown in the chart lower left. the bid/offer is giant as well.
from a vol perspective, buying a 90 delta call is the equivalent of buying a 10 delta put. would you think twice about selling a 10 delta put on a stock that is up 84% in a month? you'd probably ask the buyer for a large premium, esp when that buyer was forced to buy the option. we saw the same in $MSTR in Nov'24.
the open interest in June 11 expiry is north of 500k options across the 1,200,000, 1,400,000 and 1,500,000 strikes. the open interest ratio is 25x calls to puts. I don't think I've ever seen that before.
the daily notional volume in the lev ETF is roughly 5-7x what it was at the start of the year. it feels like something could break here.
zooming out, KOSPI2 is an a giant "spot up, vol up" period. the Kospi is up 108% YTD and its 1m implied vol has doubled from 55 to 110. SK Hynix and Samsung are 50% of the index.

[Arush (FTX Creditor) @arush]

@jacksonblau @OndoFinance @BackedFi @binance @AlpacaHQ @iyoshyoshi iykyk

[Arush (FTX Creditor) @arush]

@ben_grossman this is awesome

[Arush (FTX Creditor) @arush]

@onchainmo huge deal

[Arush (FTX Creditor) @arush]

@0xKNL__ nice suit

[Arush (FTX Creditor) @arush]

@BoringSleuth What’s the beef with swissborg ?

[Arush (FTX Creditor) @arush]

@degennQuant @saylor 😂

[Arush (FTX Creditor) @arush]

@chamathGundlach @Alpha_Ex_LLC Short kospi futures

[Arush (FTX Creditor) @arush]

@XavierRiveraX How do they define “device” what is the fingerprint methodology

[Arush (FTX Creditor) @arush]

@AgustinLebron3 @absurdistphil @lzminsky Ask all the quants making sports books. They hedge with correlated markets

[Arush (FTX Creditor) @arush]

@cainosullivan @HyperliquidX Yup

[Arush (FTX Creditor) @arush]

@reisnertobias Their avg was 39 before they started buying the breakout

[Arush (FTX Creditor) @arush]

@lex_node Yikes. would be a shame if these had to go through an SEF

[Arush (FTX Creditor) @arush]

@KyleSamani Isn’t there something in clarity that requires the dex to be open source… HL is not