Tag: derivatives
All the articles with the tag "derivatives".
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The GPU Compute Market Is Electricity, Not Oil (Part 1)
GPU compute is being financialized the way oil was in the 1980s, but the correct commodity analogue is electricity, not oil. A rigorous look at the microstructure: perishability, locational marginal pricing, basis risk, standardized units, forward curves, and why the math breaks where the electricity analogy breaks. Part 1 of a two-part series.
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Gamma Exposure (GEX): The Hidden Force Behind Bitcoin Price
Bitcoin's price isn't just driven by supply and demand. A \$507 million invisible hand -- dealer gamma exposure -- now dwarfs ETF flows by 13x and mechanically pins, repels, or accelerates price through options hedging dynamics. A deep dive into the math, the market structure, and the Q1 2026 gamma trap.