2025-12-27 14:26:33

Recently, I've been trading BTC options and I found something strange—the direct loss of 2000 yuan on the option premium, which is simply outrageous. The spread for a single coin has been like this for a long time, and I just can't understand it.

Shouldn't the price be close to the spot price? During settlement, it's also physical delivery. Buying from the market and then settling—can't you just profit from the spread? If the fees are too high, that doesn't make sense either—fees for a coin haven't even been cut below 1000 yuan in half a year, yet there's still a 1000 yuan spread remaining.

What's even more ridiculous is that options with more than a year to expiration are hardly sold by anyone; most of the trading is automated. Is this due to a lack of counterparties? Or is there some other factor I haven't figured out? The entire pricing logic seems to be flawed somewhere, but I just can't pinpoint what's wrong.

BTC0,38%

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ChainPoet

· 13h ago

Bro, this is the trap of implied volatility; option pricing isn't that simple. --- A 2000 yuan price difference? It's all theta eating you up. --- Insufficient counterparty volume is just a false problem; the real issue is that IV premium is way too outrageous. --- Automated trading and order spoofing are basically liquidity traps; avoid long-term contracts. --- Options and futures are completely different; the spot arbitrage logic simply doesn't work here. --- Less than 1000 yuan in fees? Bro, you haven't even factored in the implicit costs. --- That's why I don't trade BTC options; risk pricing models haven't been designed to give retail traders a good face. --- It's normal that no one sells for over a year; who the hell wants to hold gamma risk for that long?

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CryptoCross-TalkClub

· 13h ago

Laughing out loud, this is the "invisible hand" of the crypto world doing the harvesting. No one understands pricing better than market makers. The pitfalls of options are far deeper than you think—funding costs, volatility, liquidity discounts... a bunch of hidden fees eating away at you. Long-term options are better left unsold; who bears the risk premium? In the end, retail investors have to swallow it all themselves.

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rugged_again

· 13h ago

Got cut again, I've already fallen into the trap of options before.

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fren_with_benefits

· 13h ago

Bro, this is about implied volatility, not just simple arbitrage opportunities. Options pricing isn't like spot trading; when volatility expectations are high, buyers have to pay a premium, understand? It's normal that no one sells a one-year option; market makers simply don't want to take on long-term exposure.

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BearMarketBard

· 13h ago

This guy really doesn't understand implied volatility of options. The spread isn't that simple. Basically, options are about asymmetric buying and selling. When you think it's cheap, it's already been taken advantage of. It's normal that no one sells long-term options. Who dares to casually quote risk pricing? That's what automatic market making is all about.

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ForeverBuyingDips

· 14h ago

Bro, this is the work of implied volatility. Option pricing isn't that simple. Are you really bleeding from fees? I suggest you take a look at the Greeks. It's normal that no one is selling long-term options; liquidity is just like that. You need to learn the tricks of market making.

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