Blue Streak by Kyan

What Happened on 10/10? | Monday Alpha 55

marty — Mon, 20 Oct 2025 17:01:22 +0000

Please note that Premia does not provide investment advice, and nothing herein should be construed as such. Anyone considering trading or holding derivatives or crypto assets should be aware that the risk of loss can be very high, and it is upon each individual to seek advice from an appropriate professional advisor.

TL;DR: What Happened on 10/10?

BTC ATM IV

1W: 44.54%
1M: 45.25%
3M: 46.94%
6M: 47.42%
Index Price: $111,009
DVOL: 46.47

ETH ATM IV

1W: 68.64%
1M: 70.10%
3M: 69.62%
6M: 68.78%
Index Price: $4,039
DVOL: 72.44

Marty's Thoughts / Recap

This is one of those Marty’s newsletters with more alpha and less charts. I like to engage the readers, and leave them with some questions every once and a while…

1 Month Large Cap Return

Before we get into it… Let's look above. The 1-month large-cap returns are nothing short of miserable. As US equities and global metals rip it into new highs, we are sitting here being laughed at. Crypto is the first mover in any market; rarely do we lag… It looks completely over for memes, alts, and anything besides BTC. Careful which bags you choose to hold. I want to leave our readers with a few questions in this article… First set of questions to ponder… Why trade alts in this kind of environment and this stage of the cycle? Maybe go trade anything else? Just a thought.

OK… Now a dive deeper into Marty's Thoughts.

Let's flash back to two weeks ago, Bitcoin made a new all-time high around $126k while ETH was pushing $4,800, flirting with its own record. What happened next caught nearly everyone off guard. Half of CT (maybe more) got liquidated over the span of just a few hours on Friday, October 10th. A market-wide selloff after US market close extended into crypto, with exchanges facing UI and API outages that sent Bitcoin crashing to $101k and ETH down to $3,400. Given the excessive leverage in this space, countless traders were completely wiped out in a matter of hours. There was initial speculation about major firms blowing up, but the big shops all appear to be fine. Still, someone large clearly lost serious money or went under entirely; we just don't know who yet. I like how CT is so quick to blame Wintermute and other big shops…

Prices rebounded quickly from those brutal Friday wicks, though we're still trading below the initial bounce levels of around $115k Bitcoin and $4,300 ETH. This leaves us in an interesting position as US indices continue ripping to new highs. Gold and precious metals are trading like the world is ending, while the dollar has depreciated roughly 10% year-to-date, marking the largest single decline in USD over a six-month period in 50 years. We're seeing asset inflation away from the dollar as investors hunt for ways to de-risk their portfolios. As we say often on the Eden stream, gold dipped 50% and traded sideways for a decade before finally seeing appreciation; now retail is lining up to buy physicals; it probably doesn't end well. What was once the domain of gold bugs has now become consensus, with central banks and retail investors alike viewing gold as the safe haven the dollar used to be, pushing it to new highs almost daily.

It feels late in the business cycle. Things aren't over and growth will continue, but there are major issues on the horizon we'll need to navigate. The US government is currently shut down over a relatively small amount of money, which is really just symbolic of the daily head-butting between Republicans and Democrats that's ultimately negative for long-term stability.

Global investors are watching the dollar's decline with concern, and while asset inflation benefits the middle class and wealthy, lower earners are getting squeezed in their daily budgets. Tariffs seem to be in the rear-view mirror until a sporadic tweet or announcement from the administration threatens new ones. I'm still not convinced the market is properly pricing in the inflation risk tariffs could present in 2026, which might explain why markets react so sharply to any tariff news, even though they've been instantly bid back up. It's definitely something to monitor closely.

These are just some longer-term considerations I'm tracking, though I still trade the moment. Whenever I write negative articles, it usually marks a bottom and the perfect entry, so let me give the bulls some hope. While crypto has been lagging, the S&P 500, Nasdaq, and gold are rebounding and approaching new all-time highs. We have FOMC next week with a 98.9% probability of a rate cut, according to the Fed Watch Tool.

FedWatch

I had an interesting conversation recently with a sharp friend of mine who also believes we're late in the cycle.

He's started denominating his portfolio in fiat rather than coin, which is a notable shift. Typically you denominate in coin and ride the wave, double dipping on profits as trading gains get rolled back into crypto while your underlying holdings appreciate simultaneously. Our discussion evolved into whether the four year crypto cycle still exists in a post ETF world. I recently wrote that we're in the "zhupercycle" where prices go up forever, which is probably true as long as fiat keeps depreciating. But he twisted the question back on me regarding the four year cycle specifically… if the whales still believe in it, then what? I still haven't sat and thought about it through or researched it as much as I would like it…

That leaves you, the reader, with another question to ponder. Once I read into it a little more, I’ll write a long form and some tweet storms about it. Probably within the next week or two.

Note: He says he reads the newsletter, so lets see if he pings me.

I’ll take this question and let you guys think about it. If anyone wants to come on the Marty Show and discuss this further, I am happy to host a discussion/debate around this topic. I think it will be an interesting one for CT.

Weekly Greeks.live Block Trades

Top 5 block trades via greeks.live last week.

Shoutout to greeks.live for giving us an inside look into the largest trades of the past week. As always, we can never see these traders’ full books, some trades spark my interest…. As we wrote a somewhat bearish newsletter above, let’s give the readers some hopium.

Various strikes for the December 26th expiry were scooped up.
Large traders seem to be honing in on December with some mega upside calls being bought in hopes of a Santa rally.
All eyes on the 120k BTC target for EOY expiries.
On the other end you have mostly sold puts, various expiries, which looks good for a bottom.

Wrap-up

Though we remain bullish on BTC and blockchain tech in the long run, there are some speed bumps to get through in the next months/upcoming year. From a US government shutdown to a rise in inflation in 2026 due to tariffs, there are things to keep your eye on.

We never want to come on the newsletter or the streams and lead our viewership one direction or another. We always try to remain unbiased, and give a view into both sides of the coin. Stay on your toes, and don't get married to one direction. Even though markets keep grinding up, the downside risk is sharp and the price moves faster than most anticipate. Tune down the leverage slider, don't get liquidated, and happy trading.

Thank you to all the readers who make this newsletter possible, we are sitting at about 4000+ email sign ups, and thousands of readers every 2 weeks. As for the Options Talk Show, if you or someone you know wants to be a guest feel free to DM me, we are booking out December 2025 already!

Recap:

Is the 4-Year Cycle Over?
Investors Flock to Gold.
Some Speed Bumps on the Horizon.

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

Reset Spring? | Monday Alpha 54

marty — Mon, 06 Oct 2025 19:20:00 +0000

TL;DR: Reset Spring?

BTC ATM IV

1W: 35.81%
1M: 36.21%
3M: 39.87%
6M: 42.79%
Index Price: $125,717
DVOL: 38.32

ETH ATM IV

1W: 59.98%
1M: 62.11%
3M: 62.81%
6M: 63.57%
Index Price: $4,710
DVOL: 63.09

Things To Remember This Week:

U.S. government data may be impacted by the shutdown.
Events and data are subject to delay, revision, or cancellation.

Marty's Thoughts / Recap

Let's start simple with the 4-hour chart on BTC & ETH.

The ETH chart is from Kraken, and we saw a spot wick higher than any other exchange this morning, bumping right into our meme line. I'm no TA expert, but this is the range we're in. Last week, towards the end of September, we dipped and kept dipping, much more than I was expecting. I was anticipating the $4k to $4.1k area to hold a bit more firmly. After the dip, investors piled back into crypto as gold, tech, and other stock sectors continued their rally. The quick recovery shows how resilient risk appetite remains and how it can be down one moment and back up the following days or weeks.

Let's bundle the 5-year and the YTD timelines together for this next section. In the last newsletter, we covered why people flocked to crypto and how and when we get outsized returns versus other asset classes.

The 5-year duration paints a much different story than the YTD shows. It's "change the chart to match your bias" season. The 5-year still shows crypto outperforming as a sector versus US indices, but individual names like NVDA and Build-A-Bear are outperforming our coins... Yes, the plush bear company is outtrading our entire industry. Let that sink in.

If we go to YTD, precious metals are outperforming our coins, with little to no drawdown, and much less volatility. AMD is the pack leader after they announced a multi-year partnership with OpenAI to use AMD chips in their next build-out. We have been saying for a while now on the Eden Show with the fellas that AMD just needs to announce/partner with any company in relation to AI, and the stock would fly… here we are today.

Of course, picking single-name stocks is hard to do correctly, but it goes to show that we need to look outside of our bubble. There's a real economy out there, with real businesses making real profits. The narrative that crypto is the only game in town for alpha generation just doesn't hold up when you zoom out and compare performance across sectors. Don't get lost in the Twittersphere. It's a humbling reminder that diversification and perspective matter, even in a bull market.

Outside of majors being purely green, it's a mixed bag for mid and small caps. The DEX meta over the last few weekends seemed to have sucked a lot of liquidity from other coins.

Picking single tickers in crypto is just as difficult as in TradFi. Even companies like AAVE, which keep hitting impressive milestones, are flat over the past month, while memes with no real business model are up and performing well. We've mentioned before on our live shows that the next set of tradable crypto assets will be bundles, but it's challenging because you can't have a CRYPTO 100, as it would need to be rebalanced daily. The volatility and constant rotation make index construction a nightmare compared to traditional markets.

However, we are starting to see ETF providers launch bundles with BTC/ETH/SOL to start, and you should expect this sector to expand and continue to grow as the space becomes more institutionalized. As regulatory clarity improves, infrastructure matures, and market caps grow, bundled products will likely become the default way most investors gain diversified crypto exposure.

Quick Chart Dump

1 Month Return By Session

US bid is still carrying us, but the EU and APAC fellas are following. There has been a constant bid, and any dip continues to be slurped up and pushed to new highs shortly after.

1 Month Sector Performance

DING DING DING! We have some winners! Last newsletter it was so over, and this one we are so so so back.

2 Week Basis

Steady climbing as price is pushed to new highs. 8%+ is starting to get juicy for the larger players, I would expect a little higher before basis gets crushed again. I have covered it many times, but for readers who don't know… Basis is the difference between Spot and Futures price. You as a trader can buy spot, and sell the future to capture the basis.

Charts from Velo Data: https://velo.xyz/futures
X: https://x.com/velo_xyz

Greekslive Marketplace Block Trades

To Join Greekslive Block Marketplace: t.me/GreeksLive
Find Greekslive On X: https://twitter.com/GreeksLive

We are grateful to get a peek into the largest trades provided by Greeks Live. These trades were the largest trades blocked on Greeks Live this past week. The team over at Greeks Live has given us even more insight by now providing information on whether the RFQ was on the buy or sell side, and which exchange it was settled on, which gives readers and traders more insight into the books of these larger players. I will continue to share these biweekly here in the newsletter and weekly in the Marty Telegram Group.

Coming into September month-end, crypto was in free fall. I know we have been flying higher the past few days, but it was a tough week just two weeks ago. There was a lot of activity around December trades as we were dipping, and the clear winner is the buyer of the 991x December 105k calls.

There was also a trade that crossed the tape last Friday, I believe (not pictured), that was 6000x October 31, 124k calls, which is a mega trade, and he is currently WINNING. We will cover that large trade in depth, his execution, and his winnings in the next newsletter.

Wrap-up

As prices reach all-time highs, if you are in a heavily leveraged position with a life-changing profit, consider taking action to change your life. We saw several people face significant losses this weekend trying to short as prices continued to rise. Happy trading pimps.

As mentioned on the Eden Show, we are in a bubble. While we haven't reached the level of the tulip mania, the bubble has begun, and we are in its early stages. As with any new revolutionary technology, investors often throw money like darts, hoping one will succeed and cover the costs of all their other investments. We are just at the beginning. People are increasingly attached to their phones, data usage will continue to grow, and AI will keep revolutionizing sectors as the world moves into a new era. Of course, with innovation, there are ups and downs, but the overall trend is upward. It is quite a simple game, but most can't hold on. Here are the rules: As countries print more and more fiat currency, assets continue to rise.

It really is quite simple. And even though it's simple, picking individual stocks or cryptocurrencies is challenging, and people are paid well to try to outperform investment return baselines. If you bullieve that individual names will outperform, good luck to you; you are probably better off buying baskets like everyone else.

If you're picking cryptocurrencies, there is really only one choice that doesn't have, or won't have, any competition in the future. The coin is orange; you can figure it out.

Note: None of this is financial advise, as I write this, it is probably the top, thanks for playing.

As we look into 2025, Kyan will be launching very soon with a Testnet Competition. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards.

Thank you to all the readers who make this newsletter possible, we are sitting at about 4000+ email sign ups, and thousands of readers every 2 weeks. As for the Options Talk Show if you or someone you know wants to be a guest feel free to DM me, we are booking out April 2025 already!

If you are interested in learning the basics of derivatives, please check out current edition of the academy here academy.premia.blue. We will continue to add and expand these readings with more content, including video format!

Note: email sign ups get the newsletter 20ish minutes before.

Recap:

Basis is Gaining
Mixed Bag Returns Across Market Cap Sectors
Build A Bear Is Outperforming Our Coins

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

Kyan: First Look | Platform Overview

Linda — Fri, 26 Sep 2025 17:00:00 +0000

We’re excited to finally share a complete first look at Kyan’s MVP feature set. Check it out in video form here.

Kyan is our next-generation onchain exchange for options and perpetual futures. It is built to bring professional-grade trading tools into DeFi, combining portfolio margin, advanced order types, and a strategy builder that unlocks the full potential of derivatives trading.

This has been a long time in the making, and our team has been hard at work polishing the platform so that traders get the best features and smoothest experience possible from day one.

Sign up on kyan.blue for updates on Kyan’s development! The public beta is launch in early October.

Connecting & Deposit Flow

When you’re ready to start trading on Kyan, the first step is to make a deposit. After connecting your wallet, you’ll be prompted to transfer USDC into your portfolio, which serves as the margin collateral for your trades.

Kyan enables one-click trading on day one, meaning the deposit process is the only approval needed to begin trading.

Deposits are instant and non-custodial: funds move directly into the smart contract without an intermediary, ensuring full transparency and security.

Depositing Funds

Once deposited, your balance is immediately reflected in your portfolio, where it becomes available as equity to support your margin requirements across options, perps, and combo strategies. This streamlined flow keeps the process simple while giving you full control over your capital.

Deposit Successful

Portfolio: Your Command Center

The “Portfolio” tab is where everything comes together. It gives you the big picture: your open positions, realized and unrealized PnL, transaction history, and the health of your margin. From here you can manage your positions, tweak settings, and keep your trading environment organized. Think of it as the cockpit from which you steer your entire trading strategy.

Portfolio Tab on Kyan

Smarter Margin With IMr and MMr

One of the defining features of Kyan is its use of portfolio margin, a system that calculates your Initial Margin Ratio (IMr) and Maintenance Margin Ratio (MMr) based on the net risk of your entire portfolio, not just individual positions. This means that if you hold positions that offset each other, such as a long call and a short call at different strikes, the risk engine recognizes the reduced directional exposure and lowers the margin required.

IMr shows how close you are to the maximum risk your equity can support, while MMr measures how close you are to liquidation. As your portfolio changes, these ratios adjust in real time, giving you immediate feedback on how each trade impacts your available margin and overall risk level.

Learn more about portfolio margin in this article.

Options: Trading at Full Depth

Options Tab on Kyan

The “Options” tab is the gateway into Kyan’s options chain. This is where you browse live bids and asks, place orders, and manage exposure across calls and puts.

The interface works like a shopping cart: add a trade to the side panel, review the details, and then commit them onchain when ready. Before hitting the button, you can also review portfolio impact (margin usage, Greeks, and overall exposure) to understand how each order fits into your bigger picture.

With a click of a button, you can hedge your option with a perp and execute both trades together.

Adding Hedge

Read about the importance of onchain options and how Kyan introduces them in this article.

Perps: Kyan’s Delta One Product

Perps Tab on Kyan

If you prefer directional bets without expiries, the “Perps” tab gives you exactly that. Perpetual futures on Kyan are traded through the same style of orderbook as options, with support for market orders, limit orders, and RFQs.

Because everything settles in USDC, you don’t need to manage multiple collateral types. And since perps share the same margin system as your options, you can hedge or enhance exposure without splitting your capital. It’s a seamless extension of your portfolio, letting you combine different instruments under one roof.

More about perps on Kyan in this article.

Combo: Strategy Builder Without Limits

Combo Tab on Kyan

Another feature where Kyan really stands out is the “Combo” tab. Instead of piecing trades together one by one, you can design an entire strategy and execute it in a single transaction.

The platform offers eleven pre-built strategies (like iron condors, straddles, and spreads) for those who prefer tried-and-tested approaches. But it also includes a Custom mode, where you can combine up to six options and one perp into a single order. That means you can create tailored structures that match your exact market view, while minimizing execution risk and reducing gas costs. For larger block-style orders, you can even submit an RFQ, though these apply only to option combos.

If you don’t want to create a strategy from scratch, you can build it simply by selecting instruments straight from the orderbook.

Combo Trades

A New Trading Experience

Trading on Kyan feels very different from traditional isolated margin perps platforms and older Premia protocols. Isolated margin systems require full margin for each position separately, so even offsetting trades locked up capital inefficiently, and managing multiple strategies often meant juggling multiple accounts.

Kyan changes this with its portfolio margin system, ensuring risks are separated by asset but still optimized within each portfolio. The result is a trading experience that feels closer to a centralized exchange in terms of flexibility and efficiency, but fully onchain and self-custodial.

Read this article to learn more about what Kyan represents and why we decided to take this direction.

A Glimpse of What’s Ahead

Kyan is a professional-grade, self-custodial trading platform that doesn’t force you to compromise. Whether you’re building multi-leg spreads, running directional trades, or managing risk across multiple assets, Kyan gives you the tools in a way that feels fluid and intuitive. It’s an exchange built for the future: onchain, transparent, and designed around the trader’s workflow.

This is just a first look. As Kyan moves closer to launch, expect greater efficiency, a more intuitive trading experience, and refinements that make advanced strategies easier to execute. But even now, it’s clear: Kyan is setting the standard for what onchain derivatives trading can be.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by signing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Crypto Rinsed, TradFi ATH | Monday Alpha #53

marty — Mon, 22 Sep 2025 19:37:14 +0000

TL;DR: Rinserino in Crypto, Tradfi ATH

BTC ATM IV

1W: 33.12%
1M: 33.89%
3M: 38.30%
6M: 55.22%
Index Price: $112,512
DVOL: 36.44

ETH ATM IV

1W: 61.68%
1M: 61.29%
3M: 61.97%
6M: 63.82%
Index Price: $4,174
DVOL: 63.21

Marty's Thoughts / Recap

We seemed to have run through a whole bull market in a single weekend on some alts, including ASTER and AVNT. We even got CZ to emerge from the woodwork with unprecedented engagement across the board. It was all looking fantastic… until futures opened last night.

It can be incredibly frustrating watching our positions bleed while AI and tech stocks push U.S. markets to historic highs. But we need to remember why we entered the crypto space in the first place. We came here for outsized returns — and we still get them, just maybe not when we want them most. I'd love to see U.S. futures, crypto, and gold all rallying simultaneously, but that's rarely how markets work.

The charts tell the story perfectly. In the past month, gold is up over 11%, NVIDIA and QQQ are making new highs, while crypto continues its grinding consolidation and as of yesterday… its freefall. We're witnessing a classic rotation where different asset classes take turns leading. Right now, traditional tech is absorbing all the "future of technology" capital flows, leaving crypto temporarily sidelined.

Yet the long-term thesis remains intact. Looking at the broader timeline, crypto still delivers the asymmetric upside we originally came for… returns that dwarf traditional indices over meaningful time horizons. NVDA may be leading the pack overall, but picking individual tech names is just as challenging as navigating crypto markets. The difference is crypto's volatility creates opportunities that simply don't exist elsewhere… until now? There is always a sector that has the spotlight on it, and since the launch of GPT the light has been on AI and tech as a whole.

Note: This rotation won't last forever. There is always a shiny new toy and a ticker to trade. We just have to stop running through metas in a weekend here in the crypto space. I'm assuming the next one on the list is XPL with their hint of releasing a Neo Bank today on Twitter. (NFA)

Quick Chart Dump

1 Month Return

5 Year Return

From top to bottom, 1-month returns in large caps, mid caps, and small caps.

Some winners, some losers. More red than green. Though this is a 1-month look, if you pull up the charts on the weekly there are some insane runners from this weekend. We need to stop running through metas over a weekend.

Even if we look at things like LDO, which was supposed to be piggybacking native staking on the ETH ETFs, we can see it's been slaughtered in the last 30 days.

More charts below:

1 Month Sector Performance

The ONLY thing that's positive in the last 30 days is L1. Everything else is getting absolutely murdered. Even the L1 basket is only up 1% this month… not great. This chart is interactive on Velo, so you can check which coins they put in each basket.

2-Week Cumulative Return By Session

U.S. trading hours with their burger bid seem to be the only thing keeping us afloat lately. EU and APAC sessions have been consistently brutal for BTC and ETH…

CME Annualized Basis 6 Month

Basis has remained remarkably steady over the past six months, with both BTC and ETH consistently floating around 8% annualized. This represents one of the most straightforward trades available to traders. I've covered the trade before: you buy the underlying, short the futures, and lock in nearly 8% annual returns with zero directional risk.

For larger institutions, this type of scalable, “risk-free” yield is incredibly attractive in today's environment. You can check the CME futures against the ETF inflows to see this as well.

Charts from Velo Data: https://velodata.app/
Twitter: https://twitter.com/VeloData?s=20

Kyan Sneak Peek

As we all know, Kyan is Premia's rebrand into a full-fledged derivatives exchange. The platform will feel very familiar to Deribit users with its Portfolio Margin system and the addition of perpetual contracts alongside options. All contracts will be USDC-margined, and there will be a multi-leg strategy builder plus RFQ functionality for larger and more sophisticated users. Above is a sneak peek of the new and improved UI!

Kyan is currently in its final stages of private testing before the testnet launch in early October. This testnet phase will include a trading competition, giving users the opportunity to try out the platform and get rewarded for participation! The timing couldn't be better: as institutional demand for crypto derivatives continues growing, having a decentralized alternative with professional-grade features will capture significant market share from the centralized incumbents.

Wrap-up

Recap:

Basis is steady at 8%
U.S. sessions keeping us afloat
Crypto still outperforming TradFi indices in the long run

Trade on Premia: https://app.premia.blue/

Join the Marty Community Telegram: https://t.me/optionswithmarty

Mind you, there is never a paid group. All information is free, and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Structured Products in Crypto | An Introduction

Weka — Fri, 19 Sep 2025 18:00:00 +0000

Please note that Kyan does not provide investment advice, and nothing herein should be construed as such. Anyone considering trading or holding derivatives or crypto assets should be aware that the risk of loss can be very high, and it is upon each individual to seek advice from an appropriate professional advisor.

This is our introduction to a three-part series covering structured products and what people can expect from them in crypto. Join our Discord to ask some questions and learn more!

Despite being worth over $3 trillion, the structured products market represents one of the most misunderstood investment vehicles available today.

Many investors remain unfamiliar with structured products and their potential applications. These instruments offer a unique investment proposition, the ability to build any payoff an investor might want, but mostly they are used to mitigate downside risk in volatile markets while still capturing upside potential.

Structured products combine the safety of bonds (native yield) with the growth potential of derivatives, creating tailored investment solutions that can be customized to meet specific risk-return objectives. For investors seeking greater control over their portfolios with defined outcome investing, structured products can serve as powerful portfolio tools because of their flexibility and customization options that can be tailored to individual client needs.

Primer: What is a Structured Product?

A structured product is fundamentally an investment that provides returns based on the performance of an underlying asset. These assets can span equity markets, crypto, indices, funds, interest rates, currencies, and commodities. The payoff and level of capital at risk can be predefined, with payoff profiles are designed to capitalize on rising, falling, or range bound markets. Whatever you can imagine, it can be structured.

Every structured product consists of four main components working in harmony:

Underlying — The reference assets that serve as the foundation for performance measurement. Notes are linked to the price return of cryptos, stocks, bonds, commodities, indices, and other financial instruments that determine how the investment will perform.
Protection — The capital preservation mechanism that shields investors from underlying asset declines, typically implemented through zero-coupon bonds (TradFi) or native yield (crypto), though protection levels vary widely across products with some offering partial, full, or no principal protection.
Maturity — The predetermined time horizon for the investment, usually ranging from six months to 10 years in TradFi, days to months in Crypto. This represents the lifespan of the investment during which the structured product will track its underlying assets.
Payoff — The final return structure that investors receive at maturity. This represents the present, expected return delivered to the investor based on how the underlying assets performed during the investment period.

This combination creates a hybrid investment that offers both downside protection and upside participation, characteristics typically unavailable in traditional investments (just long perps/stocks).

Structuring a product yourself may sound easy, but creating a structured product independently is comparable to assembling a computer from individual components versus purchasing a pre-built system. In the case of Structured Products, the Investment Manager is the computer builder. It is much easier to have it built, sold, and managed for you than it is to do everything by yourself.

Current Crypto Structured Product Offerings

The crypto derivatives market has witnessed some innovation in structured products, with major exchanges like OKX and Bybit offering retail-accessible crypto structures. By now, I would expect more, but this is a start.

These platforms provide Snowball structures, which are accumulator products where investors have a pre-determined purchase price usually set at a discount to the initial fixing price. They also offer Shark Fin products that provide principal protection with leveraged upside participation when prices remain within specific ranges, and Dual Currency Investment products that earn enhanced yields by accepting the risk of being paid in a different cryptocurrency when trading pairs like BTC/USDT move against the investor's position.

Unlike traditional structured products relying on zero-coupon bonds, these crypto variants leverage native yields, staking rewards, and derivative strategies to create 24/7 accessible products with lower minimums and instant settlement. This representing a significant evolution toward more accessible and efficient structured investment vehicles for the digital asset ecosystem.

Which Protocols Will Unlock Structured Products for Crypto in the Future?

Traditional finance has developed every type of derivative imaginable, enabling structured products to flourish as a core offering for clients globally.

In crypto, we're now seeing similar innovation with the creation of yield bearing stablecoins, native staking, liquid staking, and other mechanisms that serve as building blocks for more sophisticated structured products. Centralized exchanges already offer structured products, while DeFi projects like Cega and Unravel have pioneered more complex, or as we say… exotic structures.

Kyan's upcoming launch will feature perps and options. As Kyan evolves with features like cross-collateral and vault functionality, they will be equipped to develop various structures that will allow users to deploy capital into different investment strategies.

Note: Cega was sold.

Global Market Landscape

The global structured products market encompasses $3 trillion in outstanding instruments, with regional distribution mostly in Asia, followed by Europe, then the USA. This market originated in Europe in 1976 with the first structured note created in London, later gaining popularity in Switzerland and Germany. The market has experienced steady growth across all major financial centers, though its applications differ significantly by region.

Unlike in the United States, where structured products remain primarily institutional investments, they serve as retail investment vehicles in Europe and Asia. This difference reflects varying regulatory environments, investor sophistication levels, and market development patterns.

New tech has democratized access to structured products in recent years, making them more transparent and efficient while reducing fees. What was once exclusively available to institutional investors and ultra-high-net-worth individuals through private banking is now accessible to a broader investor base through financial advisors and fintech apps.

Crypto-native Opportunities for Structured Products

Crypto markets present unique opportunities for structured products, particularly given the absence of traditional crypto bonds and the emergence of native yield mechanisms.

Unlike traditional markets where zero-coupon bonds provide the protective foundation for structured products, crypto structured products can leverage native staking yields from assets like Ethereum, which generates returns through network validation, or yield-bearing stablecoins like USDC/T that earn returns through exchange deposit rewards, or DeFi borrowing/lending protocols.

These native yield sources can replace the bond component in traditional structures, creating products that offer exposure to volatile crypto assets while providing built-in income generation. For instance, a crypto structured product might combine ETH staking yields with options strategies to create downside protection while maintaining upside participation in Ethereum's spot price movements. Similarly, products could use USDC/T yield as the protective base layer while incorporating derivatives linked to Bitcoin or other cryptocurrencies, effectively creating principal-protected exposure to digital assets.

The programmable nature of decentralized finance also enables more sophisticated structures, such as dynamic hedging mechanisms and automated rebalancing features that can adjust protection levels based on market conditions. While regulatory frameworks for crypto structured products continue to evolve, the underlying technology, 24hr trading, and native yield mechanisms provide compelling building blocks for the next generation of structured investment solutions.

Note: Structures can be built on any token from majors to memes.

Structured Product Example: PPNs

As mentioned before, Structured Products are custom to the investors needs. If you can dream of a payoff, it most likely can be created. I don't want to scare anyone off in our first article of the structured product series, so let’s keep it real light today.

Principal Protected Notes (PPNs) are designed for conservative investors who want to participate in market growth while protecting their initial investment.

These structures guarantee you won't lose your original principal (as long as the issuing exchange/bank remains solvent), but any returns are tied to how well an underlying asset performs. The trade off is simple: you get safety, but you typically give up some potential gains compared to investing directly in that market. This is created by having a spot position paired with a derivates package.

Marty, Explain It Like I’m Five

Think of PPNs as a safety net for your money.

Let's say you have $100,000 worth of Bitcoin today. You're worried Bitcoin might crash, but you also don't want to miss out if it goes up.

A PPN lets you have the best of both worlds, but it comes with a catch. If Bitcoin drops by 80%, you still get your full $100,000 back when the investment matures. But if Bitcoin doubles, you might only get 50% of those upside gains instead of the full 100%.

It's like having insurance on your investment… you pay a premium (by giving up some upside) to protect against losses. You can adjust how much protection you want — more protection means less potential upside participation, and less protection means more upside participation, but with more risk.

This is just one quick example, in future articles of our structured product series we will go over more and more complex structures and how they work. We didn't want to lose you on the first one!

Conclusion

Structured products represent investment solutions that can effectively address diverse portfolio needs across the risk spectrum.

From conservative principal protected structures suitable for risk averse investors to yield enhancing products designed for those willing to accept higher risk profiles, these instruments offer unparalleled customization and flexibility within the modern investment landscape.

As crypto markets continue to evolve and become increasingly complex, structured products provide valuable tools for investors seeking defined outcomes and enhanced risk return profiles. While not suitable for every investor or situation, they represent an important component of portfolio management.

The combination of downside protection, upside participation, and customization capabilities makes structured products particularly relevant in today's challenging investment environment.

Follow up in the Telegram: Kyan discord, twitter, for lvl 2 which will cover the inner workings of various structured product offerings

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Development Update | Kyan Exchange & Premia Academy

Weka — Wed, 17 Sep 2025 18:32:00 +0000

Hey everyone! It’s been a long time coming.

Kyan is now in the final stages of internal testing. The UX design team is going above and beyond to ensure that trading on Kyan feels even better than a CEX.

I’m excited to say that everyone will soon get their hands on it. Kyan will launch in a beta phase on Arbitrum testnet, allowing us to collect important data on user behavior and platform functionality.

Options Chain - Kyan Alpha

Perps Orderbook - Kyan Alpha

Now, in terms of timelines, we’re talking weeks, not months. Close enough for me to subtly mention a few things we have lined up…

Firstly, we will host a Trading Competition on Kyan for the duration of the beta phase. Users will be able to trade on Kyan and collect various rewards without putting any capital at risk.

That’s not all — we are also giving the Premia Academy its due visual revamp in tandem with a whole cohort of new courses, specifically catered to trading portfolio margined options and perps on Kyan.

Academy Rework (WIP)

On behalf of everyone at Premia Labs, I want to thank y’all for sticking with us throughout the years. Kyan is the result of countless hours of research, design, and development. There’s also a small easter egg in one of the screenshots above!

You’ll all get to take it for a spin soon — stay tuned.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Onchain as a Competitive Edge

Linda — Fri, 12 Sep 2025 15:00:00 +0000

Options dominate derivatives markets in traditional finance, but in crypto, they’ve lagged far behind. Meanwhile, perpetual futures (perps) have already made the leap onchain, proving that speed, liquidity, and transparency can coexist in a self-custodial model.

The next frontier is clear: bringing options onchain at scale. This case study explores why that shift is inevitable, what challenges need to be solved, and how Kyan is building the infrastructure to make it happen.

Before you scroll down, sign up on kyan.blue to stay up-to-date with Kyan’s development and the upcoming beta event.

The Problem: Options Lag Behind in Crypto

In traditional finance, options are the cornerstone of derivatives markets. They regularly outpace futures in trading volume, offering flexibility for hedging, speculation, and structured strategies.

Source: Traders Magazine

Yet in crypto, options have remained underdeveloped. Most trading activity has concentrated on perpetual futures.

Sources: Coingecko, Deribit Insights

Options have struggled with fragmented liquidity, clunky execution, and infrastructure that couldn’t deliver the speed or depth that active traders demand. For institutions, the gap between what’s available in TradFi and what exists onchain has been too wide.

Onchain Perps Have Already Broken Through

The breakthrough came with perps. When centralized exchanges introduced them, they became the most popular crypto derivative overnight. The next step was proving that they could thrive onchain.

Source: Hyperliquid stats

Hyperliquid has already demonstrated this. By combining deep liquidity, fast execution, and transparent settlement, it set the standard for what onchain perps trading can be. Traders no longer had to compromise between self-custody and performance.

The demand for onchain options is clear, and the only reason they haven't worked yet is that there has been no efficient implementation.

Transparency, Custody, and Composability

Onchain options solve real, persistent pain points in the market:

Transparency: All deposits and withdrawals visible onchain.
Self-Custody: Traders control their assets directly, no centralized counterparty risk.
Composability: Options can integrate seamlessly with vaults, structured products, and broader DeFi infrastructure.
Emergency Withdrawal: On Kyan, if the protocol becomes inactive (no equity updates for 30 days), users can withdraw directly from the smart contract based on the last published equity values.

But unlocking this opportunity requires solving three key challenges: liquidity, latency, and execution flexibility.

How Kyan Delivers Onchain Options

Kyan is purpose-built to bring professional-grade options trading onchain, eliminating the tradeoffs that have held back the market until now.

Liquidity from Day One

Kyan launches with committed market makers for both perps and options, ensuring deep orderbooks and tighter spreads. Traders can execute strategies with confidence, from single-leg positions to multi-leg spreads.

High-Performance Infrastructure

Low latency is no longer exclusive to centralized venues. Kyan’s infrastructure delivers instant execution, making onchain trading feel seamless and competitive with the best CEXs.

RFQ for Large Trades

Institutions often need to move in size. Kyan’s RFQ system supports block trades starting from $200K, giving whales and advanced traders direct access to liquidity without draining the market. Kyan’s architecture is designed to support massive trades, whether it be for options, perpetual futures, or combo trades.

Portfolio Margin

Kyan calculates margin at the portfolio level. Offsetting positions lower requirements, improving capital efficiency while maintaining system safety. Accounts and asset-based risk separation give traders even more control.

Learn how portfolio margin works on Kyan here.

Combo Trades

With support for up to 6 options and 1 perp in a single transaction, Kyan enables advanced multi-leg strategies at lower cost and with reduced execution risk. This unlocks the full flexibility of options trading in a way no other DeFi platform has achieved.

More about multi-leg strategies on Kyan in this article.

Bridging TradFi Sophistication with Onchain Innovation

Kyan bridges the gap between what institutional traders expect in TradFi and what DeFi can now deliver. It combines deep liquidity, fast execution, and transparency in a fully self-custodial model.

The result is an onchain options exchange that doesn’t just compete with centralized platforms but offers unique advantages: transparent risk management, composable strategies, and block trade execution without intermediaries.

The Future of Derivatives Is Onchain

Just as perps found their breakthrough moment, options are at the cusp of their own. Transparency and self-custody are no longer nice-to-haves. They’re required.

Kyan is leading this evolution. With institutional-grade infrastructure, liquidity, and risk management, it makes onchain options not just possible, but powerful.

The question is no longer if options will move onchain. It’s who will lead the way. With Kyan, that future has already begun.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

The Institutional Playbook Continues | Monday Alpha #52

marty — Mon, 08 Sep 2025 18:00:00 +0000

BTC ATM IV

1W: 33.13%
1M: 35.72%
3M: 38.95%
6M: 42.24%
Index Price: $112,679
DVOL: 36.97

ETH ATM IV

1W: 63.57%
1M: 64.51%
3M: 65.52%
6M: 66.35%
Index Price: $4,373
DVOL: 65.07

Things To Watch:

Sept 10: US PPI
Sept 11: US CPI
Sept 17: FOMC

Marty's Thoughts / Recap

They are officially running the same playbook with SOL. In our last newsletter we said "First they did the playbook with BTC, then ETH, so what's next… dare I say they do it with SOL? I wouldn't doubt it. If there's a product to sell and make money, these guys will sell it.”

Today the news dropped that Jump, Multicoin, and Galaxy are launching a Solana Treasury company with $1.65B in cash. With this news breaking, others will quickly follow suit. Over the past two weeks, BTC has been flat, ETH is down, and SOL is positioning itself for a breakout. With new institutional inflows and fresh hype building, I expect the price to keep climbing. But as always, hype eventually fades and we need to see real innovation and actual use cases, not just capital being thrown around, for the sustained growth we're looking for.

We also got some positive news from NASDAQ this morning: tokenized securities will be traded on the same order book with shared execution as traditional securities on NASDAQ if certain conditions are met.

This could be a game changer for bridging traditional and digital assets.

I'm particularly interested to see how this plays out and how quickly the system adapts to tokenized securities. The integration will likely require significant infrastructure updates to handle 24/7 trading cycles, smart contract settlements, and regulatory compliance across both traditional and digital frameworks. Market makers will need to adjust their strategies for assets that can trade around the clock, and we'll probably see new clearing and settlement mechanisms emerge. The real test will be whether institutional traders embrace the efficiency gains or if regulatory hurdles slow adoption. Either way, this represents a major step toward the convergence of traditional finance and blockchain technology.

Note 1: Robinhood announced Robinhood Chain which uses Arbitrum to start offering their products, they are on the forefront of the onchain and tokenized stocks movement. Though the Arbitrum news dropped a few weeks ago, they are up 15% today on this new NASDAQ news.

Note2 : It would be funny if they brought all this new tech and didn't trade 24/7.

BTC, ETH ATM IV continues to slump.

Looking at the ATM implied volatility charts, we're seeing a clear downward trend across both BTC and ETH. ETH's IV has dropped from around 75 handle in late August down to the mid 60s, while BTC has fallen from the low 40s to the mid 30s handle. This IV compression tells us the options market is pricing in less expected volatility ahead, which typically happens when uncertainty fades and markets stabilize.

The consistent decline across all time frames suggests this isn't just short term noise but a broader shift in market sentiment. Lower IV means cheaper options premiums, which could present opportunities for those looking to get positioned. However, it also indicates the market expects less dramatic price swings in the near term. I am all for a vol down, price up situation Keep an eye on this trend because when vols gets too low, it often sets the stage for surprise moves that catch everyone off guard… which we have seen over and over again.

1 month returns look similar to our last newsletter, mostly red with some green sprinkled around. Is the alt season in the room with us now?

Quick Chart Dump

L2 category takes the crown barely, the rest are finally catching up, but still down a lot.

Nothing out of the ordinary here… Nothing too hot, nothing too cold.

Charts from Velo: https://velodata.app/
X: https://x.com/VeloData?s=20

Wrap-up

My next 2 long form articles are coming out soon. Mr. Weka my Editor In Chief is starting to review the initial drafts. One will be about Structured Products, with the other covering The 4 Year Cycle accompanied by my insights and thoughts on those topics.

I think that while structured products are more used by institutions, they just haven't gotten the spotlight yet and it is just a matter of time until we start seeing an uptick in those derivatives offerings. Look out for those long forms coming out in the next few weeks! We will of course share them here and on all the Marty and Kyan socials!

As for my current views on the markets… let’s keep it short. Everyone knows that they are cutting in September for FOMC… How much? 25bps? 50bps? I’m in the camp that it’s 25bps, if it’s 50bps right off the bat then it doesn't give me too much confidence… Remember that the market is not the economy.

As for all the latest IPO and coin offerings…. they just look like a cash grab… WLFI, BMNR, SBET, BLSH… and all the others are just either down only, filled with drama, not bringing anything positive to the market… or a mixture of all of the above. If I was going out and trying to pick single name stocks or coins I would be very skeptical of these types of predatory offerings. You are probably better off buying BTC or ETH… NFA of course.

Everyday we see new innovation in the space and new talent flocking to crypto. Crypto used to be dismissed as a meme by institutions and retail alike, but now we're at a tipping point. Institutions recognize they can invest, build, and profit from new offerings in ways that weren't possible just a few years ago.

Alongside these institutions are the DeFi projects that have been here for years, quietly building and laying the foundational infrastructure that these traditional players now depend on to onboard and scale their operations. What's fascinating is watching this convergence play out in real time. The same protocols that were considered experimental are now handling billions in institutional capital.

This shift represents more than just adoption… it's validation for the entire crypto ecosystem. The infrastructure is mature enough, the regulatory clarity is improving, and the profit potential is undeniable. We're witnessing the transformation from a speculative asset class to legitimate financial infrastructure that traditional finance can't ignore anymore. The question isn't whether institutions will continue entering the space, but how quickly they can adapt to keep up with the pace of innovation.

As we look into 2025, Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards. Majority of my 3rd and 4th quarter will be working with Mr. Weka writing educational content including more long form, advanced topics, and How To tutorials. We may even do some videos as well for all to learn easily. If there is something you want to see us write about and put in there, please reach out. For now, if you are interested in learning the basics of derivatives, please check out current edition of the academy here academy.premia.blue.

Note: Email sign-ups get the newsletter 20ish minutes before.

Recap:

Vol slipping
Same Playbook Being Ran On SOL
Is The Altcoin Season In the Room With Us?
Huge US Data Coming Next 2 Weeks

Trade on Premia: https://app.premia.blue/

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

The ETH Train

Marty — Mon, 25 Aug 2025 19:00:00 +0000

TL;DR: Tell It How It Is - The Market Don't Care

BTC ATM IV

1W: 38.22%
1M: 35.67%
3M: 38.15%
6M: 42.25%
Index Price: $112,209
DVOL: 37.10

ETH ATM IV

1W: 74.46%
1M: 71.75%
3M: 68.72%
6M: 67.62%
Index Price: $4,654
DVOL: 74.03

Things to watch this week

Thursday: Prelim GDP q/q
Friday: USA Core PCE m/m

Note: This week on the Marty X Kyan Options Show we have Mr. Marusha from CT on, we will cover trading alpha, Maru's intro to CT, and more. Tune in on Wednesday 2pm EST / 18hr UTC!

Marty's Thoughts / Recap

Just like to show price like this instead of in candles sometimes. It grounds us, makes us realized maybe it ain’t so bad. This is a monthly zoom out of both BTC and ETH, and the market doesn’t lie… All aboard the ETH train!

This week I want to cover a few things including basis, hopium, where is bitcoin landing, the 4 year cycle, and more. Let’s jump in!

First, we shall go down memory lane… it’s April. The tariffs are coming, it’s so over, ETH hits 1400ish. It is clearly over. We sit at this range for a month or so and we put in a solid low that we haven’t revisited since. I think 98% of people were caught off guard on this push to nearly 5k which is why we have seen such a rapid acceleration in price.

The tech didn’t magically get better overnight, but something shifted. There are 3 tradable products in TradFi for crypto. BTC, ETH, and SOL. The playbook is simply… basis trade with spot ETF/futures, take up supply and create hype/buying pressure with treasury companies, sell options on those treasury holdings. I’m not sure they are at stage 3 yet, but they will get there to juice their yields. A lot of miners have been selling options for years, it’s these new treasury companies that aren’t there yet.

First they did the playbook with BTC, now ETH, so what’s next…. dare I say they will do it with SOL? I wouldn’t doubt it, if there is a product to sell and make money these guys will sell it.

ETH Is Crushing It

ETH is crushing now, taking out its previous ATH over the weekend. so let’s focus there. Basis is juiced between 8-12%, futures OI and volume are skyrocketing. Basis is real and the traders are taking advantage of it. I have covered this before, but when you see insane ETF flows to the upside, you always need to check the futures flows as well.

Take a look at the monthly returns across large caps, mid caps, and small caps. Does this look like a bull market? I’m not too sure. Sure, the winners circle includes ETH, LINK, and AERO…

Overall, it looks like a slaughterhouse. Is this alt season in the room with us now?

As always we stay clear and far from memes and alts. There is tons of hopium on CT daily of some new alts, some new shiny toy, and every day is a new influenza selling some hopium on the block. Let’s cover hopium quickly…

There is conviction and there is hopium. Though they are very similar i would say the main difference is being education and research. Conviction is when you have educated yourself and done the research, then placed your bets, and you ride it out. Hopium mostly includes gambling, not doing the research.

Though gambling is human nature, and keeps our markets alive… you don't have to log in everyday, punt money on random tickers, smoke hopium, and think you’re going to be rich.

Yes, some people hypergamble their way to millions, and I think CT glorifies this, but for every 1 that makes it, 1000 people lose it all. That’s the harsh reality of the game that we play. The stakes are high, and someone has to lose for us to win.

Quick Chart Dump

Monthly sector performance — L2 category takes the crown, the rest are getting turbo nuked.

1-month return by day — for BTC, Wednesday is our golden day for the past month. We have been getting hammered on the start of the week. But check below….

For ETH the green candles run the world. GAT DAM! It has just been the ETH train, everyday besides Monday/Thursday has been a massive green dildo. I’m not sure how much long it lasts, so enjoy it pimps.

The 4-year Cycle

I want to cover the 4 year cycle, and where BTC goes from here.

I’m happy to be wrong and as a trader, we can always pivot and put on a different trade. The Bitcoin 4-year cycle stems from the halving mechanism where miners' rewards are cut in half, creating supply shocks that historically drove predictable patterns. Simply… Bitcoin would run first, then Ethereum, then shitters. This cycle has been completely different.

For over a year, Bitcoin dominated exclusively while ETH stagnated. Then shitters ran while ETH went nowhere, and now altcoins are getting destroyed as ETH finally pushes toward all time highs. This inversion suggests fundamental market structure changes driven by institutionalization. Remember there are only 3 main tradable products for the suits… BTC, ETH, SOL.

Maybe Su Zhu was right, just early… The supercycle seems to be here. The signs are clear — institutionalization accelerating daily, volatility is dying, and steady upward price action since ETF launch. We're transitioning from retail driven boom bust cycles to true institutional growth. Bitcoin ETFs brought Wall Street validation and created steady institutional buying. Corporate treasuries, pension funds, and wealth managers are now all allocating to Bitcoin, and crypto majors at an insane pace via ETFs, mostly via Blackrock’s offerings.

For Bitcoin and Ethereum options and futures traders, this environment rewards patience over timing explosive moves. The traditional cycle playbook may no longer apply. Lower volatility means adjusting strategies while maintaining exposure to the long-term growth story. The current meme apocalypse hitting altcoins while BTC and ETH remain stable shows market participants are becoming selective, comfortable with established cryptocurrencies but skeptical of speculative tokens. This is no shock. Again, there is only 3 tradable products on CME for the suits.

As I see it, with all these new TradFi participants flocking in, they will continue to sell and create new products, overall dampening vols MORE and MORE. I hope and suspect that these new treasury companies have banks and PMs in their ear trying to sell them various structured products (SP). SP have been my pride and joy to research, learn about, and build any payoff you could imagine. I will put out a separate article about the halving, and structured products over the next month or so to dive deeper into the thoughts above.

As we look into 2025, Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards.

Majority of my 3rd quarter will be working with Mr. Weka writing educational content including more long form, advanced topics, and how-to tutorials. We may even do some videos as well for all to learn easily. If there is something you want to see us write about and put in there, please reach out. For now, if you are interested in learning the basics of derivatives, please check out current edition of the academy here academy.premia.blue.

Note: Email sign-ups get the newsletter 20ish minutes before.

Recap:

Basis is Back
L2 Category Takes The Lead
Bull Run Just For ETH
Supercycle?

Sign up for Kyan: https://www.kyan.blue/
Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

Premia Is Now Kyan | Rebrand FAQs

Linda — Fri, 15 Aug 2025 14:55:00 +0000

As we’ve recently announced, big changes are underway at Premia Labs: Premia is now Kyan.

This rebrand is more than just a fresh coat of paint. It marks a new chapter in our mission to deliver the most advanced and flexible derivatives trading experience: tools for all traders. With portfolio margin, sub-accounts, combo trading, and CEX-like performance, Kyan takes everything we’ve learned since Premia’s inception and builds on it for the next generation of traders.

In this article, we will answer some questions you might have about how this rebrand will proceed and what will happen to Premia Blue.

Before you scroll down, sign up on kyan.blue to stay up-to-date with Kyan’s development and the upcoming beta event.

Why Is Premia Now Kyan?

As the protocol evolved, we realized that the technology we were building was more than just the next version of Premia. It was an entirely new trading system. The Kyan architecture was designed from the ground up to offer:

Portfolio margined options and perps
Low latency and zero gas fees
Deep liquidity for a wide range of maturities

The new name reflects that leap forward, while still carrying the DNA of what made Premia a trusted name in crypto options.

Find some Kyan UI sneak peeks below:

More on how our vision has evolved and what to expect in this article.

What Will Happen to Premia Blue (Premia V3)?

At this point in time, there are no more OLM emissions, and development on Premia Blue (Premia V3) has been halted.

While Premia Blue was a milestone for decentralized options trading, our focus is now fully on Kyan.

What About the Premia Blue Vaults?

We’re not leaving vault users behind. We plan to introduce a new passive yield strategy product within Kyan that will give users access to yield opportunities similar to vaults, but powered by the improved Kyan infrastructure.

These vaults are planned to share liquidity between Kyan and Archetype. There will be a flywheel. More details will follow after Kyan’s launch.

What About $PREMIA?

No changes here: there is only one token ($PREMIA) across all Premia Labs projects, including Kyan and Archetype.

What is Premia Labs?

Premia Labs is our new home base — a development collective that builds financial tools for traders of all backgrounds.

It’s where Kyan, Archetype, and any product carrying the .blue domain come together. And it’s how we stay true to the values that got us here, while giving each platform the freedom to do what it does best.

When Will Kyan Launch?

We’re currently in a closed user feedback audit phase, gathering insights from early testers while undergoing final security checks. Parallel to that, we’re in internal QA testing, preparing for a testnet trading competition. Once those are complete, we’ll open the doors for the public beta launch.

A New Era for Premia Labs

Kyan our most advanced product yet — faster, more capital-efficient, and designed for traders who want the best of crypto derivatives trading without compromise. Whether you’re a returning Premia Blue user or not, Kyan is built for you.

Stay tuned for more updates on the trading competition, public beta, and the upcoming passive yield strategies. The future of decentralized derivatives trading starts here.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

The BTC and ETH Bullrun? | The 50th Edition

marty — Mon, 11 Aug 2025 19:30:00 +0000

TL;DR: The 50th Edition of Monday Alpha

BTC ATM IV

1W: 33.06%
1M: 34.28%
3M: 40.42%
6M: 44.56%
Index Price: $119,838
DVOL: 37.27

ETH ATM IV

1W: 68.68%
1M: 69.19%
3M: 66.24%
6M: 68.46%
Index Price: $4,296
DVOL: 66.93

Marty's Thoughts / Recap

Things to watch out for:

Tuesday Aug 12: US CPI
Thursday Aug 14: US PPI

CME FED WATCH TOOL: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

This tool is free, we have covered it a few times in previous newsletters. All eyes are on the September rate cut which is sitting around 86.4% chance of an Ease, 13.6% chance of No Change, and 0% chance of a Hike. This is a great tool to see real market sentiment instead of Twitter slop. There is a 95% chance of a cut in October, and 99% chance in December. Of course, the market will slowly start to price those cuts in, I think we are seeing this now in the markets.

Tomorrow, Tuesday Aug 12, we have US CPI numbers coming in, its expected +2.8% y/y vs the previous +2.7% y/y. This data point tomorrow will really shape up our final expectations of Septembers FOMC meeting.

As for currently, price of majors are up, alts are getting rinsed -10%, and US futures are trading down -0.08%. Seems to be a little bit of chop chop before tomorrows data point.

Lets recap from the last newsletter. We covered Institutional trading desk dropping Eth services at the pico bottom, US data points coming in, and that it was going to be a big big week… Well fellas… Eth ran to almost 4300, and BTC ran just over 122k. Eth has been on a ripper, but leaving most of the alts behind. The rotation used to be BTC ran first, followed by ETH, then shitters followed… but Eth has just decided to join the Bullrun but just for BTC party. I guess we can now call it the BTC and ETH bullrun.

For our long term readers, you know we only trade BTC and ETH and stay away from the shitters. I would like to have a few trench warriors on the Eden or Marty Show to give us some insights, alpha, and stories of their ups and downs.

2-Week Crypto Returns (Large Caps)

2-Week Crypto Returns (Mid Caps)

2-Week Crypto Returns (Small Caps)

Charts from Velo: https://velodata.app/
Twitter: https://twitter.com/VeloData?s=20

Marty’s Thoughts

Looking at the charts above you wouldn't think this is a bull run anymore… It just seems to be the ETH show the last 2 weeks. We had every bit of good news for ETH possible. ETH Treasury companies sprouting out of the ground like weeds, ETH Founders on the news shilling to the public, ETH doing more volume than BTC, and mass short liquidations to fuel the fire.

Pull that chart up Jaime.

ETH Daily

ETH bros in control. From April when ETH hit $1400 to now hovering around $4300, it has been a wild ride. But is it over? I suspect not… But this comes with a catch, this is crypto. Crypto is the last free market. It is the first to move, and moves the most out of other markets. Just as fast as things can move up 50%, they can go down 50%. If you are now just trying to catch the ETH train, it probably isn't the smartest route to be.

Let’s dig into the vols a little. Lets just use Deribit's DVOL for BTC to keep it simple. Vol is meant to be sold, we all know this. But SOMETIMES it is meant to be bot. We are sitting at almost All Time Low Levels… Levels not seen since Aug/Sept 2023. This is something to pay attention to and to reposition your book to account for…. As Loris says, vol is meant to be sold, until it isn't, then you get ran over by the steamroller.

I’m not expecting 100v asset again, but a nice rise into 40/50 could go a looong way for your positions. I wouldn't look for outright calls here… I would more look for various types of spreads with a wide payout range. These types of plays are not 1DTE type plays, usually look out 1-2 quarters and size in.

BTC 24HR Top Volume Options Trader

ETH 24HR Top Volume Options Trader

Quick Note... there was a large player in ETH that was long December 3200/3500-6000 Call spreads bought in May this year. The godly trader appeared again. He cashed those plays from May, bot December 4k Calls, 4000/6000 Call Spreads, and 5000/7000 Call spreads, all for December.

We were all laughing in May at this trade when Eth was sitting at 2500ish when the trade was put on, but my god did he cash. We will keep an eye on ETH price and this guys trade if he decides to unwind or roll into something else.

Final Thoughts

As we look into 2025, Premia V4 aka Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards.

As V4 comes into the public eye in testing shortly, we would love all of your feedback. I’ll work with the team on finding the best way to share bugs and feedback from our readers. If you have any good ideas, please share.

For now, if you are interested in learning the basics of derivatives, please check out current edition of the academy here academy.premia.blue (currently undergoing maintenance, so some courses might be unavailable). We are going to be launching a whole new academy for V4, with more up to date and more in depth content.

Thank you to all the readers who make this newsletter possible, this is our 50th Edition, we are sitting at about 4000+ email sign ups, and thousands of readers every 2 weeks. As for the Options Talk Show if you or someone you know wants to be a guest feel free to DM me, we are booking out December 2025 already!

Note: email sign ups get the newsletter 20ish minutes before.

Recap:

Eth trader positioned for Santa Rally
CPI/PPI This Week
Vols At All Time Lows, Time To Pay Attention
50th Edition of the Newsletter

Trade on Premia: https://app.premia.blue/

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

Friendly Liquidations on Kyan

Linda — Fri, 08 Aug 2025 15:00:00 +0000

Liquidations are one of the most critical and least pleasant aspects of trading on margin. For many traders, they represent sudden losses, forced selling, and little to no time to react. With Kyan, we’ve taken a different approach.

Instead of treating liquidation as a blunt-force exit mechanism, we’ve designed our system to act as a safeguard, not a punishment. Kyan’s goal is to restore the portfolio to a healthy state while preserving as much of the user’s capital and strategic intent as possible. This means giving the trader time to react, targeting risk in smarter ways, and only escalating liquidation when absolutely necessary.

Let’s take a closer look at what this means, how it works, and how Kyan gives users more time and flexibility when their margin runs low.

Before you scroll down, sign up on kyan.blue to stay up-to-date with Kyan’s development and the upcoming beta event.

Margin Ratios on Kyan

To understand how liquidations work on Kyan, it helps to know how margin is calculated. Kyan’s risk engine continuously monitors each portfolio on the platform and uses two key metrics:

Initial Margin Ratio (IMr): This ratio measures how close the portfolio is to reaching its maximum allowable directional risk. When IMr hits 100%, the user can no longer increase exposure, but they can still open new positions to reduce risk or deposit more equity. It’s a warning signal, not a shutdown.
Maintenance Margin Ratio (MMr): This is the critical metric. It measures how close the portfolio is to liquidation. Once MMr exceeds 100%, it means the portfolio no longer meets the minimum required equity to support the positions. At this point, the liquidation engine activates to bring the account back to a healthy state.

The Friendly Liquidation Process

Kyan’s liquidation engine doesn’t rush to sell everything. Instead, it evaluates the portfolio and targets specific components that can reduce risk with minimal disruption. This tiered process helps maintain the integrity of open strategies, especially multi-leg positions, while working to bring the account back within healthy margin levels.

Here’s how it works:

Step 1: Delta Hedging or Perp Liquidation

The first move is to reduce directional risk by delta hedging. This step alone is often enough to bring the portfolio back to a healthy state without touching the user’s core strategies. It’s fast, low-impact, and preserves the structure of most multi-leg positions.

In this step, Kyan opens additional positions to offset the portfolio's directional exposure, unless the account is perp exposure only. For those accounts, Kyan will liquidate the entire position.

Step 2: Portfolio Decomposition

If delta hedging isn’t enough, the system begins unwinding specific components of the portfolio. It starts with the least impactful trades, such as synthetics, vertical spreads, and standalone options, using a greedy algorithm that targets the most risk-reducing trades first.

This approach preserves the most complex strategies as long as possible. Trades are sent to the market gradually using limit orders. If they don’t get picked up, incentives increase over time until the orders are executed.

Step 3: Full Liquidation (as a Last Resort)

If none of the above steps restore a healthy margin and no one takes the orders, the account may be flagged as bankrupt. In this rare case, Kyan’s insurance fund steps in to take over the remaining positions.

A System Built for Traders

What makes this liquidation system “friendly” isn’t just the mechanics. It’s the intent. By prioritizing smart, staged unwinding of risk rather than wholesale liquidation, Kyan gives traders the best possible chance to recover and retain their capital.

Even when liquidations happen, Kyan offers transparency, time, and opportunity: time to react, opportunity to reduce risk, and a system that works with the trader, not against them. Along with real-time IMr and MMr feedback, this system is designed to minimize unnecessary losses.

Whether you’re building complex multi-legs or running a directional strategy, you can trade with confidence, knowing that the platform is engineered to protect your positions, not liquidate them at the first sign of volatility.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Premia in July

Linda — Fri, 01 Aug 2025 13:00:00 +0000

Welcome back to the Premia Wrap-Up — a newsletter of owl things Premia.

We’re excited to share a roundup of the latest developments, with a focus on the ongoing rollout of Kyan, new content, and growing media presence through articles, podcasts, and streams.

What’s been happening at Premia and what’s to come? Let’s take a look!

Meet Premia Labs

If you’re following our blog or our other socials, you may have already come across the name “Premia Labs” in our recent announcement. It’s the new name for the team behind our projects.

We realized that one platform is not enough to bring our vision to life. One product can’t do everything, so instead, we’re creating a suite of trading products for various needs: tools for all traders.

Premia Labs is where Kyan, Archetype, and any future product carrying the .blue domain come together. And it’s how we stay true to the values that got us here, while giving each platform the freedom to do what it does best.

We’ve already launched the Premia Labs X account so go show it some love!

Kyan Development Update

Development of Kyan, our CEX-grade options and perps exchange with portfolio margin and combo trades, has reached a major milestone: it is now in the alpha testing/user behavioural audit phase. A small group of users is currently testing the platform in a live environment as we refine the user experience and the backend processes.

Options Orderbook on Kyan

Looking ahead, we’re preparing for a public beta launch, which will feature a trading competition, so make sure you’re signed up on kyan.blue to get all the updates. The team has been working diligently behind the scenes, building and refining every component of the platform. We truly appreciate the community’s patience, and we're taking the time to polish Kyan so that you get access to the best features with the smoothest, most powerful trading experience possible.

Perps on Kyan

Blocmates Features Kyan

A huge thank you to the team at Blocmates for their deep dives into Kyan. If you’re not familiar with them, they’re a crypto-native research and media outlet known for breaking down complex DeFi protocols into clear, digestible content.

They’ve published two detailed pieces on Kyan so far: an overview of the platform and its features and a closer look at Kyan’s portfolio margin and multi-leg strategy builder.

These articles explain Kyan’s mission, technical foundations, and key innovations in a clear and accessible way. If you haven’t read them yet, they’re a great way to get up to speed. More to come!

Eden Podcasts & Options Talk

Don’t miss our Eden podcast series, a Premia-associated show where we explore all things crypto and market structure with Cozy, Marty, and Denton.

Additionally, we host our biweekly Options Talk podcast on X and our YouTube channel every other Wednesday. In these streams, we sit down with traders, builders, and researchers to talk markets, strategies, and the evolving world of crypto.

TL;DR:

Premia Labs is the new name for the team behind Kyan, Archetype, and all .blue products, building a suite of trading tools.
Kyan is now in closed alpha testing. A public beta and trading competition are coming so sign up at kyan.blue for updates.
Blocmates published two detailed articles on Kyan, covering its core features, portfolio margin, and strategy builder.
Check out our Eden podcast and Options Talk YouTube/X streams for insights into the markets, trading, and all things crypto.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by signing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Monday Alpha #49

marty — Mon, 28 Jul 2025 18:30:00 +0000

TL;DR: We Are So So So Back

BTC ATM IV

1W: 34.86%
1M: 37.65%
3M: 42.97%
6M: 46.15%
Index Price: $117,559
DVOL: 39.87

ETH ATM IV

1W: 68.82%
1M: 6704%
3M: 66.24%
6M: 66.29%
Index Price: $3,763
DVOL: 66.93

Note: ETH front-end lifted.

Marty's Thoughts / Recap

This week is a big week. From US data, tariff news, and tech earnings this week, we got it all. Things to watch out for:

Tuesday July 29: JOLTS Job Openings
Wednesday July 30: FOMC, Microsoft & Meta Earnings
Thursday July 31: PCE, Unemployment Claims, Amazon & Apple Earnings

On the tariff side, it was decided that there will be a 15% baseline tariff on most EU exports to the US. A kicker to this is, the EU will buy $750b in energy from the US over 3 years. Looking at this, we need to look out a quarter or two to see the full effects coming into play. Tariffs are a tax, and while the government gets more income, the US consumer gets hit with this 15%. It is on MOST goods, there are some exemptions. Car tariffs from EU drop from 27.5% set in April to 15%.

Thought the tariffs are 15%, they are much less than the original projected. With markets… if the news is "less bad”, then its mostly good. Asia and Europe Markets rose this morning. Now we have to wait and see if this translates into the US markets.

2-Week Crypto Returns (Large Caps)

2-Week Crypto Returns (Mid Caps)

2-Week Crypto Returns (Small Caps)

Charts from Velo: https://velodata.app/
Twitter: https://twitter.com/VeloData?s=20

Marty’s Thoughts

This one is a little more writing, and less pictures. It is always good to switch it up. I wanted to touch on FOMC and tech earnings this week.

Quickly on FOMC, the FED WATCH CME TOOL is where to look at what the market is expecting. Cut, hike, or no change. It looks like a no change this time around, all eyes are on the September meeting for our first cut of the cycle. I know there is a lot of drama and noise around Trump and JPow… but Jpow will just finish his term, and then be replaced.

As for tech earnings, I am expecting smooth sailing. With the expansion of data centers, AI, users, etc. the ball should just keep rolling. We have Amazon, Microsoft, Apple, and Meta this week. Some powerhouse names. I know Zuck used to be an alien reptilian, but if you listen to his most recent interviews where he is talking about building out data centers, and the current “arms race”, it is a clear sign we are nowhere near the end yet. If there is a mishaps in earnings, expect that to be reflected in the overall market, but for now it looks like onwards and upwards.

As for price, we are seeing a little pullback this Monday morning, but overall things look good. Last week Galaxy sold off 80,000BTC for a client, and we’re sitting higher than that 114k dip. The sale shook the market swiftly, some players even picking up some short dated puts in SIZE. Around 5000 contracts in 1-2 week options, someone knew the announcement was coming… This morning on Eden we speculated if the Satoshi Era investor just decided it was a good time to diversify, or if he knew something bigger was coming. I am more in the camp that he decided to diversify.

Looking forward, what’s next? BTC sits 4% off ATH, ETH off 20%, we have been pumping for a month with no stops really and people are calling for the end… It is really hard to base anything of real value on X any longer, everyone is calling for it to be so over, and as soon as a green candle comes… we will be so back. If you want to continue in this market, it is time to find some real edge. For the last month, sure, you could have just longed your longs, but this comes to an end eventually, the chop comes, and people round trip and give it all back. Sure, I would love for up only to continue, but I am expecting some chop before continuation. Happy to be wrong.

I do think its funny that some large institutional guys gave up on ETH at the pico bottom, and only offer BTC services now. Goes to show, even some of the largest players thought it was so over. Everyone has their niche, everyone is trying to find and have an edge. You're not alone, and with trading you have to be flexible. The arb gets arb'd, the spread closes, fees changes, etc. You have to be adaptive to win.

Cozy posted this pasta in a chat, let’s not be like this guy.

“I love round tripping bro tbh there’s nothing like it. One moment you’re counting your eggs next moment they’re not hatching haha love that feeling man. You start thinking about all the things you’re going to do with that money and how life is so good then BOOM it’s all gone haha love that shit feels so good man.”

Final Thoughts

As we look into 2025, Premia V4 aka Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards.

Note: email sign ups get the newsletter 20ish minutes before.

Recap:

Sitting Just Off ATH
Big Week (Data)
Large Institutional Player Drops ETH At Pico Bottom
Tariffs ‘n Chill

Trade on Premia: https://app.premia.blue/

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

Monday Alpha #48

marty — Mon, 14 Jul 2025 17:00:00 +0000

TL;DR: We Are So So So Back

BTC ATM IV

1W: 39.32%
1M: 37.77%
3M: 41.79%
6M: 44.91%
Index Price: $120,779
DVOL: 39.46

ETH ATM IV

1W: 67.87%
1M: 65.51%
3M: 65.66%
6M: 65.79%
Index Price: $3,037
DVOL: 66.93

Note: Bam! Front-end lifted.

Marty's Thoughts / Recap

Note: I’m writing this on Sunday Evening/Monday morning as the PRE alpha, as I will be traveling tomorrow. Thank you for all the constant readership and support from everyone.

2-Week Crypto Returns (Large Caps)

2-Week Crypto Returns (Mid Caps)

2-Week Crypto Returns (Small Caps)

Nothing but green fellas... MKR & KAIA are ruining the Green Party. Above are the 2-week returns for Large, Mid, and Small Caps. We have been writing about buying longer dated upside, covering both BTC & ETH, but we are quite surprised in both the size and speed of the past 2 weeks. If you have been reading the newsletter, we have been preparing, planning, and executing. I was expecting more September and December for a gradual climb up into the classic Santa Rally… but this is insane. Everything is running season. Buy n’ hold season. Long your longs season.

In all seriousness, most things aren’t even close to ATH besides a few of the coins even with the major run. We go back to our saying… It’s a bull run, but just for BTC.

As always for our readers we try reel everyone back in to reality instead of falling for the mania. Please don’t round trip life-changing money. I’m not saying it's over, but the market is always here and just as fast as we can go up 10k, we can go down 10k. I will say… I would have preferred to have a move like this during the week when the big boys are here, we would have a better shot at holding and not retracing. (As I write this we spiked to BTC 122k while ETH sits at 3046 on a red hourly candle. Not TA by any means, check back tomorrow during US open see where we truly settle—either higher or lower.)

Coming in this week we got a big one. US CPI on Tuesday, US PPI on Wednesday, and various FOMC members speaking throughout the week. A cool US CPI getting through The Tariff Time could give the markets the fuel we need to continue. Of course, drawbacks and a healthy market structure along with prolonged runs are always more welcome than just going straight up…

BTC ATM Implied Volatility

ETH ATM Implied Volatility

As we look here, IV has slowly been drifting over the past few months for both majors. When we get these prolonged downward trends it's time to get positioned, or at least start to nibble. We have been public here in the newsletter about accumulating various Sept/Dec payoffs that are starting to cash. Hopefully some readers took note.

We know that crypto is becoming more and more institutionalized, and that larger players are coming in and muting vol… but there is always a pop. I’m not sure BTC is a 100 vol asset anymore unfortunately, but even getting back up to 50/60 handle will be a blessing, even if just for the short term.

Just wanted to show this little chart right here. The exchanges are running their Total Open Interest high levels from December 2024. Money has, and is continuing to flow into crypto. This summer is very different than last year’s OI. Hyperliquid is about to pass Deribit, let's see if they can get through OKX in the future. Last newsletter we covered CME OI which I will touch back on the next newsletter because we need this following week's data after hitting ATH.

We are grateful to get a peak into the largest trades provided by Greeks.live. These trades were the largest trades blocked on Greeks.live this past week. As always, we can't see the whole book here or if they were opening/closing. Nothing major catches my eye like a sharp play or a mega whale manipulating the markets. We have some various calendars, some outright calls and puts sold into Aug/Dec.

One big trade I want to look back on that was featured here in the newsletter, is the guy who bought tons of ETH Dec 3/6k call spreads. He is probably up a decent amount now, let's see if the rally is sustained into end of year.

To Join Greekslive Block Marketplace: t.me/GreeksLive
Find Greekslive On Twitter: https://twitter.com/GreeksLive

Marty’s Thoughts

Let’s turn to look at my current thoughts on the trajectory of the crypto market. While we regularly discuss these topics on our semi-daily Eden Show with the fellas, I find value in writing out these ideas every once in a while. Of course ideas change as the world changes. Here's how I see it now.

Consider the recent data from Visa, which highlights a significant trend (you can explore more here: https://visaonchainanalytics.com/transactions). Stablecoin volume has absolutely skyrocketed, consistently reaching new highs in both dollar amount moved and transaction count. This upward trend is set to continue.

One might hope we haven't spent over a decade developing this technology only for it to only be stablecoins. The truth is, I don't possess a crystal ball, but the global financial system is 100% moving towards instant settlement across all sectors. So there is hope that it’s not just going to be stables. Though, I'm not convinced that all traditional companies transitioning to this new world order will utilize public blockchains.

Remember, blockchain technology is a ledger, and it can be either private or public. For many corporations, the ability to reverse transactions and maintain overall control over their blockchains is most important. Also, not every piece of data needs to be in the public’s eye for these companies. While a lot of companies are currently experimenting with existing Layer 1 and Layer 2 solutions, I believe most will ultimately develop their own blockchain systems.

Maybe with the help of Crypto native teams like Brazil did with their DREX program. Brazil’s government partnered with various crypto-native companies and brought them into the government sandbox to help build out the program. DREX is a CBDC, can read more here: https://www.bcb.gov.br/en/financialstability/drex_en.

Following this, Brazil will probably be the first large country with a CBDC implemented, we will be the guinea pig for the world as we are a country with over 200 Million People.(I know DREX is a horrible name, just call it Digital Real)

The world demands instant settlement. There's simply no justifiable reason for delays of days for international transfers or stock trade settlements. Let’s keep it simple, today's youth have TikTok brain, they won’t tolerate T+2 settlement times for their stock sales and various transfers. Though for this vision to fully materialize, significant regulatory frameworks and approvals will be required to safeguard financial markets. Robinhood seems to be on the forefront of this with their Robinhood Chain… Great name…

As for the crypto trading sector itself, I anticipate continued growth. In all majors, ETFs, memes, and derivatives as a whole. Memecoins are pure entertainment and speculation, and people by nature, are drawn to gambling. Gamblors unite.

Regarding Bitcoin, it has firmly transitioned into an institutional asset. The days of retail "whole coiners" are largely behind us, shifting retail focus towards leveraged perpetuals, options, and other derivatives. On the institutional front, with multi-year contracts on offerings like IBIT, I am expecting to see a burst of structured products tailored for accredited/institutional investors.

On a final note, I had expected clearer guidance and regulation from the US on crypto by now. That doesn't seem to be the current situation. What we're witnessing instead is a free for all. As the US moves past the era of strict rules under Gary G, it feels like the Wild West once more, with publicly traded companies now leading the charge. I agree that stifling innovation in the US could be detrimental to crypto. However, average citizens still lack clear new guidelines or tax laws from the current administration. It appears the big players continue to benefit most.

That's a wrap folks, we will see you this week again for a back to back Options Talk With Marty Wednesday 2pm EST.

Charts from Velo: https://velodata.app/
Twitter: https://twitter.com/VeloData?s=20

Final Thoughts

As we look into 2025, Premia V4 aka Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards.

Note: email sign ups get the newsletter 20ish minutes before.

Recap:

ATH Season
Big Week (Data)
Testnet Launching Soon
Wild West Is Back

Trade on Premia: https://app.premia.blue/

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

Introducing Premia Labs

Linda — Mon, 07 Jul 2025 17:00:00 +0000

For the past several months, we’ve been open about the fact that our vision for Premia is evolving. We’ve talked about how the lessons from Premia v1 through v3 shaped what comes next, and how our new platform, Kyan, will take that foundation and build something entirely new for serious onchain traders.

Now, we’re excited to share another piece of that evolution: Premia Labs. This new name and updated branding mark the next chapter for the team behind all of our projects. It signals that we’re not just building one product, but a full suite of tools, designed for different traders and different needs, all under one recognizable ecosystem.

Premia Labs is our new home base. It’s where Kyan, Archetype, and any product carrying the .blue domain come together. And it’s how we stay true to the values that got us here, while giving each platform the freedom to do what it does best.

Before you scroll down, sign up on kyan.blue to stay up-to-date with Kyan’s development and the upcoming beta event.

What Is Premia Labs?

Premia Labs is the next stage of our evolution from a single protocol into a focused builder of specialized trading products. The same team but a broader mission: to create tools for all traders.

Under Premia Labs, we’re launching new products that push the original Premia vision further than ever. We’re giving each of them the freedom to do one thing extremely well, instead of asking one exchange to be everything at once.

And for you, our community, it means more choice and more ways to access advanced trading, manage risk, and use DeFi in a way that fits your strategy.

Why the Shift?

The idea behind Premia Labs is simple: one brand can’t do it all. We’ve learned a lot since launching V1 about how people trade options, what tools they really use, and what keeps them coming back.

Premia v3 showed us that full decentralization can limit performance in ways that clash with the needs of serious traders. It also showed us that there’s still huge demand for simple, trustless DeFi tools.

Premia Labs solves this by branching out our ecosystem. Each product under the .blue domain will carry forward the DNA of Premia, but each will be free to serve its own community and use case.

Read this article to learn more about how our vision is evolving.

What’s Coming Next

Soon, Kyan will launch as our next-generation options and perpetuals exchange. It takes everything we learned from building the first fully onchain options exchange and pushes it further: multi-leg strategies, integrated perps, intuitive portfolio margin, and an experience that feels as smooth as a top-tier CEX, but permissionless and transparent at its core.

At the same time, we’re winding down active development on Premia Blue (Premia V3). It’s been an important stepping stone, but it’s time to move forward.

And for traders who want a more traditional DeFi experience, Archetype will remain part of the family too. Archetype is our DeFi aggregator designed for users who want the best pricing, lowest fees, and widest reach across EVM chains, all with no trade-offs on decentralization.

One Vision, Many Products

Along the way, we learned something important: one product can’t do everything well. The DeFi space isn’t one-size-fits-all and the needs of a pro options trader aren’t the same as those of a casual DeFi user swapping tokens across chains.

It’s time to reflect that reality in how we build.

The Premia name has always stood for advanced, transparent tools that give traders real control over their strategies. That vision stays the same, we’re just giving it more room to grow.

Premia Labs ties it all together. Whether you’re trading on Kyan, using Archetype, or exploring new tools under the .blue domain, you’ll know they’re built by the same team that’s been pushing the boundaries of onchain options since day one.

Tools for all traders. That’s our new promise. And we can’t wait to show you what comes next.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Tuesday Alpha #47

Marty — Tue, 01 Jul 2025 19:00:00 +0000

TL;DR: Chippity Chop, Vols Slide

BTC ATM IV

1W: 29.64%
1M: 35.87%
3M: 40.62%
6M: 43.46%
Index Price: $106,400
DVOL: 37.31

ETH ATM IV

1W: 52.74%
1M: 59.43%
3M: 62.08%
6M: 63.99%
Index Price: $2,442
DVOL: 61.34

Note: ETH front-end finally back in line.

Marty's Thoughts / Recap

Sorry fellas and long term readers for the delayed newsletter as yesterday was a nightmare from hell with no WiFi on a 12+ h flight.

FOMC news came as expected, with no new shock to the market, and the volslide has begun. We have seen ETH front-end be mega lifted over the past couple newsletters, this week finally falling back in line. As price continues to chop and the month comes to an end, where does that leave us? Do we have a catchy name for July yet, as we did with Joyful June?

As we go to check in on price, every dip gets bid, and every dip gets sold, keeping us at prices seen since early/mid May. We are just covering BTC and ETH here. As we look forward to the macro landscape, there are some things to pay attention to. The Big Beautiful Bill being one of them. The White House is saying one thing, and the CRFB and Congressional Budget Office are saying another, both taking jabs at one another. Honestly, it’s like a reality TV show.

I’m not one for theater politics, and we should really get down on the nitty gritty. I’ll do a deep dive on the bill and see which side I’m on for the next newsletter. One side saying it will add $3 TRILLION to the deficit, the other other saying it will not. It seems like it should be quite easy to see if $3 trillion is being added or not.

If adding to the deficit and rate cuts are coming, then you know what that means… The golden bull continues. Let’s keep it simple. Rates coming down and money being injected = up.

Check out the below for the political drama happening right before our eyes.

The White House: https://www.whitehouse.gov/articles/2025/06/myth-vs-fact-the-one-big-beautiful-bill/

CRFB: https://www.crfb.org/blogs/cbo-score-shows-senate-obbba-adds-over-39-trillion-debt

BTC and ETH vols continue to slide post WW3 scares and FOMC passing. As noted in the last newsletter, we are still positioned in September/December upside with various structures. While vols are this low, we continue to sell vol too in our treasury management services gigs. Of course, none of this is financial advice, and positions can flip quick, but with a low vol summer, I would love to see the markets pick up into Q4 this year. When things are this stale, flat, vols dead, it’s a good time to see if the market offers any good longer term plays that you as a trader can put on and profit from.

Last newsletter I went full Middle-East-crisis-expert, and I’m glad the region has found stability and we can continue the slow grind up. We shouldn’t kill others for any reason, let alone fire insane missiles and drop big bombs. As WW3 comes to an end, let’s look forward to the positive things we have coming this year:

This Thursday July 3^rd before the US holiday: Nonfarm Employment and Unemployment Rate
July 9^th : FOMC Minutes
July 15^th : CPI
July 29^th : JOLTS
July 30^th : FOMC

One thing to keep in mind is all this Biden/tariff overhang and to see if it comes in on this CPI or if we come in cool again. (The Biden overhang is a joke, but the tariff overhang is real.) With JOLTS, I’m expecting a whipsaw reaction, but all eyes are on the prize. When it comes to FOMC, according to the CME FedWatch tool, there’s a 78.8% no change, BUT a 21.2% chance of a cut. We got hope boys! Let’s continue to watch this change in the next newsletter. If the market is predicting more and more cuts, then expect this news to be somewhat frontran. Of course, nothing is certain until JPow’s conference and of course the color tie he is wearing.

CME FedWatch Tool: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

Let’s quickly beat a dead horse. Basis is dead. From the highs of mid 20% basis in the election season, to the freefall where we are now, it has been a wild ride. When basis spikes, please lock in some of these gains. It’s the most risk-free trade you can take to profit. Let’s look on the left in Open Interest. It has picked up significantly in both BTC and ETH in DOLLAR terms, but let’s now look below in COIN terms… In amount of coins, ETH is up at all time highs. There was a lot of speculation around ETH when it was near that sweet sweet 3k point looking for that push into 4k, but that has since been faded. It will be interesting to see if they hold for the minimal basis, or if they were speculating via long futures.

Charts from Velo: https://velodata.app/
Twitter: https://twitter.com/VeloData?s=20

Final Thoughts

As we look into 2025, Premia V4 aka Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards.

I wanted to continue the soft shill and give a little more insight. We have started integrating as a market maker on V4, we are working closely with the team in finding bugs. I’m told a few more weeks for a testnet launch that all of you will get to test out and enjoy. We would love all of your feedback. I’ll work with the team on finding the best way to share bugs and feedback from our readers. Maybe we can incentivize with some Marty hats for readers/testers.

Note: email sign ups get the newsletter 20ish minutes before.

Recap:

Vol Down, Price Flat
Political Drama Over 3T Deficit or Not
Testnet Launching Soon
21.2% Chance of Cut at Next FOMC

Trade on Premia: https://app.premia.blue/

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

More Products, Broader Vision

Linda — Fri, 27 Jun 2025 18:00:00 +0000

When we launched Premia back in 2021, our goal was clear: bring options trading onchain in a way that was decentralized, transparent, and accessible. From v1 to v3, we did just that, building one of the first fully onchain options protocols that allowed anyone to trade complex financial instruments without giving up custody or control.

But as we’ve grown, so has the space around us. And so have the expectations of our users.

Today, we’re sharing how Premia’s evolution is giving rise to two distinct products: Kyan and Archetype, each serving different needs, both connected under the .blue domain that signals they're part of the Premia ecosystem.

Make sure to sign up on kyan.blue to stay up-to-date with Kyan’s development and the upcoming beta event.

Divide and Conquer

As the ecosystem matured, it became clear that one product or one brand couldn’t capture everything we were building toward. No single platform could serve all users equally well. Some traders want deep liquidity, advanced risk management, and execution speeds that rival centralized exchanges. Others want a more traditional DeFi experience: one that's simple, low-fee, and cross-chain compatible.

Rather than compromise, we decided to split the vision.

Kyan is our answer to high-performance onchain trading, tailored for serious options and perp users who want a CEX-like experience without sacrificing control. Archetype, on the other hand, serves users who value DeFi-native design, with tools for swapping, aggregating, and accessing vanilla options in a familiar environment.

By drawing this line, we can give each type of trader exactly what they’re looking for.

What .blue Stands For

.blue is the umbrella term for everything we’re building. Products launched under .blue will share the same values that defined Premia, but each will be free to pursue its own specialized mission.

The .blue domain makes it easy for users to identify products connected to the Premia ecosystem, offering a clear signal of shared quality, ethos, and design standards. Whether it's Kyan, Archetype, or future tools, if it’s under .blue, it’s part of the same vision.

Kyan: The Vision Lives On

Kyan expands what Premia started. It’s still focused on options, but with the addition of perpetual futures, portfolio margin, and multi-leg strategies all rolled into a single cohesive trading experience. It’s faster, more powerful, and more professional. It leverages the best of Ethereum and Arbitrum to maintain the self-custodial foundation our users expect.

This wasn’t a pivot. It was a refinement of our vision: moving away from the idea that full decentralization is the only measure of value, and toward creating tools that are truly usable, intuitive, and robust for serious traders.

Kyan is a high-performance derivatives exchange, built for pro traders and institutions. Trading on Kyan feels like using a top-tier CEX, but it remains underpinned by the trustless architecture of Ethereum. That balance between performance and decentralization is what defines the next phase of our journey.

As our ecosystem grows, Kyan signals a clear evolution in how we approach onchain trading. It’s our response to the increasing need for faster execution, greater flexibility, and a smoother user experience. Built on the foundation of everything we’ve learned since Premia v1, Kyan takes those lessons and applies them to a more advanced, trader-focused platform that’s ready for the demands of today’s market.

Read more about the transition from Premia to Kyan in this article.

What About Archetype?

While Kyan pushes the limits of performance for pro traders, Archetype is here to meet the needs of users who prefer a more traditional DeFi experience. It offers a simple, intuitive way to access core financial tools without compromising on decentralization, accessibility, or cost-efficiency.

Archetype is a DeFi aggregator that lets users swap tokens and buy vanilla options across multiple EVM chains, without fees and without sacrificing simplicity. It leans into the ease and openness that made Premia appealing in its earlier forms.

By separating the experiences, we avoid forcing a one-size-fits-all solution. Kyan delivers pro-level performance. Archetype delivers DeFi-native simplicity. Together, they let users choose the tools that match their needs, while staying connected through the same shared vision that powered Premia from the start.

What’s Next

As our brand evolves into a broader ecosystem, the launch of Kyan marks a major step forward. Kyan is our answer to the need for performance, flexibility, and user experience in onchain derivatives, built with everything we’ve learned since v1.

Meanwhile, Archetype and .blue extend our reach into DeFi-native tooling and cross-chain accessibility. The same Premia team continues to drive innovation across these products, staying true to the values that defined our earlier iterations: transparency, accessibility, and forward-thinking design.

The Premia name may be changing, but the mission continues with more firepower and clearer focus than ever. Thanks for being with us through every version so far! The next chapter is here, and we’re just getting started.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading decentralized derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!

Monday Alpha #46

Marty — Mon, 16 Jun 2025 19:20:00 +0000

TL;DR: Tell It How It Is - The Market Don't Care

BTC ATM IV

1W: 36.58%
1M: 39.16%
3M: 43.36%
6M: 46.39%
Index Price: $107,868
DVOL: 40.74

ETH ATM IV

1W: 71.90%
1M: 71.08%
3M: 68.31%
6M: 67.24%
Index Price: $2,638
DVOL: 75.03

Note: ETH front-end is still way lifted. Ongoing for weeks now.

Marty's Thoughts / Recap

The bull run for Bitcoin continues, and what a wild two weeks it's been. The world feels like it's teetering on the edge, with WW3 fears creeping into headlines, the Trump/Musk bromance hitting the rocks, and markets swinging between dips and rips with the kind of volatility that separates the pimps from the limps.

In our last newsletter, I mentioned picking up some protective puts to hedge against a big run. That same week, the Trump/Musk drama unfolded and we watched BTC nuke down to around the 100k level. Since then, we've seen the full cycle play out a mega dip that had me cashing out those puts, followed by a 10k rip, then another nuke last Thursday/Friday on World War 3 scares, only to find ourselves sitting higher today than where we were in the last newsletter.

The puts got closed on the dip, and I'm currently positioned in September/December upside calls since the WW3 scare hit the tape. Of course, this is not financial advice. Now, I'm not usually one to dive deep into personal positions because things change constantly, positions swing, and it's never a complete picture of the full portfolio, but this time the play worked out well.

Here's the thing about trading… when the world is panicking and everything gets pushed to the extreme, that's your time to pounce. While everyone else is running scared, that's when opportunities present themselves. A lot of trading and I mean A LOT of trading is done by algo’s, and when there is an extreme movement… Algos push us even deeper into that direction just for the market to settle shortly after and there is usually a mean reversion back to normal… This time around, BTC vol is actually LOWER in this newsletter period than the last one. Which is insane given the geopolitical tension and what has unfolded the past weekend.

We scattered around some September/December calls and call spreads, closing about half this morning on the rip. The market gave us exactly what we were looking for. Price was nuking, back-end contracts were still trading in the 40 handle, this was a clear signal to buy some cheap upside.

As we covered in the last newsletter, Bitcoin has entered its institutional adoption phase. This is what us Bitcoiners dreamed of, selling our coins to the institutions. We're seeing accumulation across the board from all kinds of investors, and more keep flocking to the space. Blackrock has a product to sell, and boy are they selling it. This creates a dynamic of slow grind up against fiat currencies with volatilities drifting lower over time. But that doesn't mean the whole market can't get spooked and crash into an uncertain weekend. These things happen, and they'll continue to happen.

I'm not much of a political person. I don't vote, nor do I have any desire to be a billionaire voting with my dollars. It all seems silly to me, more of a headache than anything else. People forget that politics Twitter isn't the real world. You can still go outside without being in a war zone. Be grateful for that simple reality. Besides Gainzy, that MF is really in a war zone, we hope he stays safe and his country finds peace.

When we have these geopolitical scares, the market goes risk off, and that includes Bitcoin. BTC still isn’t the Gold style safe haven people claim it to be… GOLD was UP, BTC was DOWN. BTC seems to be finding its ground as the best risk asset, and can hide under the cloak of digital gold to be sold to institutional investors to match their theses.

BTC is the last free market, it's the first mover, and it moves the most in both directions. But here's what's telling about the current state of the markets maturity… this market ate through and saw right through the Middle East scare within a single day. We had a crash Thursday/Friday, and we're now trading much higher this morning, and we were climbing all weekend off the lows. When there's a shakeout, the game plan is simple… have some cash ready and deploy it into cheap bets that can pay off big. The market rewards those who can stay calm when others are running around like a chicken with their head cut off.

No one wants war it's not good for anyone, and innocent lives are at stake. But the market doesn't care about the noise… it sees right through it for what it is. The Middle East doesn't want peace, they'll continue this garbage as they always have, and nothing ever really changes. Israel has been claiming Iran is MONTHS AWAY from a nuclear missile since the 1990’s… Nothing ever happens. It is gross at the amount of propaganda there is from both sides forcing people to pick sides. Brazilian News is the best during times like this, they don’t have any involvement, they call it out how it is, and keep clean news coming to the people.

Here's the kicker… Bitcoin's price was lower during the Elon and Trump drama than it is during this Middle East feud. That should tell you everything you need to know.

It is Israel vs Iran, not a G7 country… heck its not even G20 countries fighting. Though it is sad, it is noise in the global picture of things. Not to get political, but what’s really messed up is that Oman was supposed to host talks between Iran and US about Iran Nuclear program on SUNDAY… Israel derailed that and started firing missiles, obviously to stop the talks from happening… It is a sick joke, putting people’s lives at stake. I don’t pick sides, it is all wrong, I just play it how it is. This is simply my view, and not political advice.

As we enter summer, you should probably go out and enjoy it. If you’re not positioned, don’t chase perps, I would be in a BTC spot bag with some cash on the side to add into dips. I saw some folks on the timeline today exiting into cash and stepping back from crypto to set up their real life. As always, if you've made some life changing money, please change your life.

Zoom out, the BTC bull run will continue against fiat in the long term, the market will provide opportunities, and the world will keep spinning. Stay sharp, stay grateful, and remember that in this game, the best trades often come when everyone else is too scared to make them. This is Marty's Thoughts telling it how it is, no sugar coating. I don’t mean to get too political and offend anyone or pick sides. Both sides are wrong.

Let’s wrap it up… It is mid June, BTC is up 15% YTD, and off 3% from new highs. A mini WW3 passed this weekend, US inflation came in COOLER the other week… and there is FOMC this week. Place your bets. You can see the odds on the CME FEDWATCH tool. There is a 99.8% no change. Powell will hit the stage and market will move because of the color tie he is wearing kek. The market knows there will be no change (99.8%), and it will look for the press conference and his tone of voice. Clearly, he doesn’t care what Trump wants him to do. Remember, the market likes certainty. If data is lining up as expected, J Pow’s tone is correct, etc then we prob keep this train pushing. If there is a wrench thrown, then there is opportunity there.

Charts from Velo: https://velodata.app/
Twitter: https://twitter.com/VeloData?s=20

Final Thoughts

As we look into 2025, Premia V4 aka Kyan will be launching. With portfolio margin and perps, it will be a great place to check out, trade, and compete in future competitions for rewards. Majority of my 2nd quarter will be working with Mr. Weka writing educational content including more long form, advanced topics, and how-to tutorials. We may even do some videos as well for all to learn easily. If there is something you want to see us write about and put in there, please reach out. For now, if you are interested in learning the basics of derivatives, please check out current edition of the academy here academy.premia.blue (currently undergoing maintenance, so some courses might be unavailable).

Note: email sign ups get the newsletter 20ish minutes before.

Recap:

Vol down, Price Up
Middle East Not Maturing, BTC Is Though
Marty’s PS Cashed, Now In Sept/Dec CS, NFA
99.8% No Change At FOMC

Trade on Premia: https://app.premia.blue/

Join The Marty Community Telegram: https://t.me/optionswithmarty

Mind you there is never a paid group, all information is free and we will never ask you for money. The Telegram is always free and provides a community for people to chat and learn.

From Premia to Kyan

Linda — Fri, 06 Jun 2025 18:00:00 +0000

Since 2021, we’ve been building under the name “Premia.” It came to represent our mission to bring open, self-custodial options trading to DeFi. From v1 to v3, Premia was our foundation: a fully onchain options exchange shaped by experimentation, iteration, and a desire to make financial tools available to everyone.

Now, with the launch of v4, we're entering a new chapter and introducing a new brand with Kyan. If you’ve been following our updates, the name is already familiar, but today we’re diving into what it means, why we chose it, and how it reflects the evolution of both our product and our vision.

Before you continue reading, make sure to sign up on kyan.blue to stay up-to-date with Kyan’s development and the upcoming beta event.

Why “Kyan”?

“Premia” was the right name for the early phases of the project. It represented the foundation. Since then, we’ve come to outgrow that scope.

The product has evolved into something fundamentally different. What was once a DeFi-purist options platform is now becoming a full-suite derivatives exchange, combining options, perpetual futures, and portfolio margin, all in a streamlined, trader-first experience. We’ve expanded what we’re building, and the name needed to reflect that growth.

The name Kyan comes from kyanite, a mineral formed under intense pressure, much like diamonds. That felt fitting. Premia’s symbol has always been a gemstone, and over the years, this project has been forged through the same kind of pressure: from user expectations, market demands, and our own ambition to build something better.

Kyan is what comes after years of refining and reshaping Premia’s core ideas. The color, the roots, and the team remain. But the product, the vision, and the possibilities are new.

What Is Kyan?

Kyan is an options and perps exchange built for serious trading. It’s the first onchain platform to natively combine:

Portfolio Margin: Evaluates risk across your full portfolio, reducing overcollateralization and freeing up capital.
Perpetual Futures: Perps used as a delta-hedging tool with one click, essential for managing risk in complex strategies.
Combo Trades: Allows traders to create and execute up to six-leg strategies with real-time PnL and capital-efficient margining.
CEX-like UX: No more clunky workflows or lag. Our users get low latency, clean design, and a trading experience that’s fast, intuitive, and flexible.

This is more than a facelift. We’ve reimagined how onchain derivatives should work and built Kyan to deliver that experience without compromise.

Read this article to find out more about Kyan’s upcoming features.

Why This Direction?

We’ve spent years in the trenches of DeFi options, and we’ve seen what works and what falls short. While decentralization is still core to our values, we recognized that users want performance, especially if they’re trading at size or running complex strategies.

Kyan focuses on speed, capital efficiency, and tools that serious traders need, all while still running on Arbitrum, with self-custody preserved.

This hybrid approach allows us to build something that wasn’t possible before: a true alternative to centralized derivatives exchanges, powered by DeFi.

Looking Ahead

Premia laid the foundation. Kyan builds on it and pushes the boundaries.

With a new name, refined architecture, and an expanded toolkit that includes perps and portfolio margin, Kyan represents an evolution: not just in what the platform can do, but in how it empowers users to trade. It’s the culmination of years of iteration, pressure, and progress. And while it reflects how far we’ve come, it’s also a starting point for everything still ahead. We’re just getting started.

Thanks for being part of the journey! More coming soon.

What Does Kyan Mean for Crypto Options?

Make sure you’re first in line for Kyan’s beta events and updates by singing up here.

Kyan will be a significant upgrade for anyone trading derivatives.

If you have any questions, hop into our Discord or shoot us a message on X. We would love to know your thoughts!