SUI education · How-to playbooks

End-to-end desk workflow: read the chain, pick expiry and strike, size risk, choose a venue, then execute only on the exchange you can access.

ATM for gamma and vol, OTM for cheap convexity, ITM for delta-heavy hedges — plus liquidity, skew, and walls so you do not pick a dead strike.

Front week for events and gamma, back tenors for durable hedges and calmer theta — read term structure so you do not buy the wrong clock.

Size to max loss in the settlement currency, not to notional or to “one contract feels small.” Crypto inverse products make this easy to get wrong.

Protective puts, put spreads, and collars — how crypto desks think about downside without pretending a hedge is free or perfect.

IV rich or cheap versus realized and versus the surface — straddles, calendars, and verticals as vol tools, not crystal balls.

Using perps or futures to offset option delta — what gamma does to the hedge, why funding matters, and why it is not a free vol machine.

Close the front, open the next — rolls as two trades (or a combo), with fees, spreads, and a new risk profile you must re-underwrite.

Cut, hedge, roll, or convert to a spread — decisions that start from remaining max loss, not from “it will come back.”

CPI, FOMC, ETF flows, unlocks, listings — how implied move and term inversion show up on the surface, and why buying the headline is often buying rich IV.

Mark versus mid versus last; width in premium and in vol; size on the BBO — so you stop treating a stale last as a tradable price.