1/25 DeFi Options Trading Is Powerful!
There can be unlimited upside…😈
But also unlimited downside 😣
Every trader should know how to create these 18 options strategies in @Panoptic_xyz for any crypto asset, any strike, any size:
❤️ & rt 👇
2/25 In this thread we'll cover:
1. ⤵️
2. 📞
3. 🤸🏽♂️
4. 🙅♀️😵
5. 💎🦎
6. 🦖
7. 🥌🦋
8. 📞🧈
9. 🦸♂️🐂
10. ⤵️🧈
11. 🦸♂️🐻
12. 🥌🦅
13. 📅🧈
14. ↗️🧈
15. ⚖️🧈
16. 🦇
17. 🦓
18. 🦓🦓🦓
3/25 Think $HEX is worthless?
"Put" your money where your mouth is:
Buy a "put"⤵️ Panoption!
Substantial upside 😈
Limited downside 😋
Bearish ⬇️
Short LP position
4/25 Want to make a "call" that $APE will go up?
Buy a "call"📞 Panoption!
Unlimited upside 😈
Limited downside 😋
Bullish ⬆️
Short LP position + long asset
5/25 "Straddling" the line b/c you can't tell if $BLUR is going to go ⬆️ or ⬇️?
Buy a "straddle"🤸🏽♂️ on Panoptic!
Unlimited upside 😈
Limited downside 😋
Delta neutral 🫥
Call + Put (same strike)
6/25 Feel like you're being strangled by excessive market volatility on $SHIB?
Buy a "strangle"🙅♀️😵 on Panoptic!
Unlimited upside 😈
Limited downside 😋
Delta neutral 🫥
Call (higher strike) + Put (lower strike)
7/25 Feeling a "little" bullish on $UNI?
How about a "jade lizard" 💎🦎
Limited upside 😋
Substantial downside 😣
Neutral-to-bullish ↗️
Short strangle + long OTM call
8/25 A variation of 💎🦎 is the "big lizard" 🦖
Sell a straddle instead of a strangle on Panoptic!
Useful when you believe the price will hover around the current price.
Limited upside 😋
Substantial downside 😣
Neutral-to-bullish ↗️
Short straddle + long OTM call
9/25 Think $LINK will stay rangebound?
Float like an "iron butterfly"! 🥌🦋
Like a 🦖, except you're protected on both sides.
Limited upside 😋
Limited downside 😋
Delta neutral 🫥
Short straddle + long strangle
10/25 Bullish on $ETH but don't expect a huge surge?
Buy a "call spread" on Panoptic! 📞🧈
Limited upside 😋
Limited downside 😋
Bullish ⬆️
Long call (lower strike) + short call (higher strike)
11/25 Are you hoping for a "Better Tomorrow"?
How about a "Super Bull"? 🦸♂️🐂
Like a 📞🧈, but for the more bullish among us.
Limited upside 😋
Substantial downside 😣
Super-bullish ⬆️⬆️
Long call spread + short OTM put
12/25 Anon "spreading" rumors that $USDC is in trouble, but don't expect a huge drop?
Buy a put "spread" on Panoptic! ⤵️🧈
Limited upside 😋
Limited downside 😋
Bearish ⬇️
Long put (higher strike) + short put (lower strike)
13/25 Look! Up in the sky! It's a bird! It's a plane!
It's "Super Bear"! 🦸♂️🐻
Like a ⤵️🧈, but for the more bearish among us.
Limited upside 😋
Unlimited downside 😳
Super-bearish ⬇️⬇️
Long put spread + short OTM call
14/25 Think an "upcoming announcement" is gonna be a nothingburger? 🚫🍔
Take flight with a short "iron condor"! 🥌🦅
Limited upside 😋
Limited downside 😋
Delta neutral 🫥
Short call spread + short put spread
15/25 Long-term bullish on $ETH but need more capital?
Buy a "call calendar spread" on Panoptic! 📞📅🧈
Limited upside 😋
Limited downside 😋
Delta neutral 🫥
Long long-term call + short short-term call (same strike)
16/25 Panoptic mimics payoffs from long-term expiries through wide-ranged LP positions.
For example:
• Narrow range (r = 1.087) ↔️ 1 day expiry
• Wide range (r = 1.6) ↔️ 1 month expiry
(Assuming 100% annual volatility)
17/25 A variation of 📅🧈 is the "diagonal spread" ↗️🧈
Also called a "Poor Man's Covered call" — useful when you expect minor price movement.
Limited upside 😋
Limited downside 😋
Bullish ⬆️
Long long-term call + short short-term call (different strikes)
18/25 Neutral-to-bullish, with a price target for $WBTC in mind?
Buy a "Call Ratio Spread" on Panoptic! 📞⚖️🧈
Limited upside 😋
Unlimited downside 😳
Neutral-to-bullish ↗️
1 long call (lower strike) + 2 short calls (higher strike)
19/25 Expect some small price movement on $LDO but not sure which direction?
Try "BATMAN" 🦇
Limited upside 😋
Unlimited downside 😳
Delta neutral 🫥
Call ratio spread + put ratio spread
20/25 Want to go long?
A "ZEBRA spread" may be what you're looking for! 🦓
A synthetic replacement for longs: ~100 delta position with very low capital requirements.
Unlimited upside 😈
Limited downside 😋
Bullish ⬆️
Capital efficient 💸
2 ITM long calls + 1 ATM short call
21/25 Bullish, but want to hedge downside tail risk?
Try "ZEEHBS"! 🦓🦓🦓
Unlimited upside 😈
Limited downside 😋
Delta neutral 🫥
Call ZEBRA spread + put ZEBRA spread, this one is special 🤪
22/25 Caveats:
• Panoptions are perpetual options with streaming premia rather than upfront premia, so payoff curves may differ from above
• Panoption premia depends on a number of factors including the underlying price path and LP width
More on this later 😉 #ResearchBites
23/25 Summary:
⤵️=Put
📞=Call
🤸🏽♂️=Straddle
🙅♀️😵=Strangle
💎🦎=Jade lizard
🦖=Big lizard
🥌🦋=Iron butterfly
📞🧈=Call spread
🦸♂️🐂=Super bull
⤵️🧈=Put spread
🦸♂️🐻=Super bear
🥌🦅=Iron condor
📅🧈=Calendar spread
↗️🧈=Diagonal spread
⚖️🧈=Ratio spread
🦇=BATS
🦓=ZEBRA
🦓🦓🦓=ZEEHBS
24/25 Disclaimer:
📢 None of this should be taken as financial advice.
25/25 Comment below with questions.
Follow @Panoptic_xyz and @brandonly1000 for more #ResearchBites and other key updates!
Check out our blog 👉 panoptic.xyz/blog
Star & follow our GitHub repo 👉 github.com/panoptic-labs/…
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