Cayø Largo

Trading Strategies

Options Strategies from the Basics. Tested on Deribit Data. Execution and Results.

Research

Data-driven Field Notes and research on the crypto options market.

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Trading StrategySep 30, 2026Beginner

Crypto Covered Calls, Part 1: How to Choose and Cap the Call

This series introduces crypto covered calls, with Bitcoin on Deribit as the worked example. They pay a holder a premium in the coin itself, on a coin kept anyway. Part 1 reads a real option chain, chooses the call and follows it through 2026. One rally sank the plain call; a cheaper second call kept the stack roughly level.

Covered CallsBitcoinDeribit

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Cayo options repositioning heatmap for BTC, ATM 8-30 day cohort, every Greek's dealer-signed flow hour by hour, blue added and orange removed, with the VommaEX row highlighted

Jul 17, 2026Trading Idea

4 Traps Between a Crypto-Options Backtest and a Profit

Four crypto-options signals that shine in backtest and die at real fills. What the spread, the wrong vehicle, overlapping windows and a trending coin cost you.

Trading IdeaBacktestingTransaction Costs

Deribit options dashboard showing why knowing your Greeks is not enough for live crypto trading

May 20, 2026Options Trading

Why Knowing Your Greeks Won't Save You on Deribit

You learned Delta, Gamma, Theta. You can explain Black-Scholes over coffee. Then you open Deribit's options page and none of it helps. Here's why options theory breaks down on a live screen.

Options GreeksCryptoDeribit