Section
How to read the instruments: funding, open interest, options, order flow.
ORDER FLOW
The same fifteen minutes of Bitcoin read +61% delta on spot and +22% on the perpetual. On NEAR, the sign flipped. A volume figure without a market attached is not a figure.
Options, explained
The strike that minimises what option writers owe is a real calculation with a real use — and it is not a price target. A live Deribit board shows why.
Order flow, explained
How to read aggression, spot a possible absorption pattern and recognize when the data cannot support the story.
The risk desk
Two worked examples show why realized payoff, costs and out-of-sample testing matter more than the percentage of winning trades.