Options MM
OPTIONS MM
BTC / ETH options market-making — provide two-sided quotes on Deribit / Aevo / Lyra, monetising the bid-ask spread and pricing vega/gamma risk into steady mid-frequency yield.
Transparency
Strategy alpha is executed entirely off-chain; the protocol receives only a totalAssets signal from the reporter. Capital boundaries remain enforced by the on-chain vault and capBps, but the strategy behaviour itself is opaque.
The integrator has self-reported a transparency tier; community verification is not yet complete. Treat this assessment as preliminary.
MTM for the market-making book on Deribit / Aevo / Lyra is off-chain; high-cadence reporter required.
Rating
QUANTITATIVE METRICS
HUMAN REVIEW (1-5)
Steady spread income offset by occasional vega events; this seed reflects a vega-spike year.
The profit of options market-making is the stable spread between two-sided quotes; the risk is vega (IV change) and gamma (sharp underlying moves). Options MM strips that risk via continuous delta hedge + vega-limit pricing, isolating the steady yield from market-making itself. This is the engineered path for productising "providing options-market liquidity".
Signals
SIGNALSReal-time IV surface · order-book imbalance · CEX/DEX spread · ETF options flow
Sizing
SIZINGVega limit (≤ 0.5% AUM per name) · gamma limit · real-time delta hedge (perp) · per-contract max position 5–10%
Risk bounds
RISK BOUNDSVega breaks -8% → de-risk · IV >100 → pause MM · day -5% liquidate · exclude illiquid contracts (OI < 1M)
Backtest
NAV trajectory (1 year)
2025-06-01 → 2026-06-01Drawdown
Simulator
This simulator uses synthetic backtest data and is not investment advice; actual performance may differ materially.