KoolKrypto bought 23,500 spreads for $898.2K, posted it on X, and 153 wallets followed. (@koolkrypto223) bought 23,500 ETH 26 Mar 5000/7000 call spreads for $898.2K and said so on X. 153 other wallets hold matching legs; 122 first appear in our fill history on or after the post.

ETH needs: +88% in 181d
Positions: 49,305 · $1.6M
Spread now: $37.40 vs $38.22

Every entry →

Biggest Derive print, 24h

$8.5M notionalBought 100 BTC 95k call, 30 Oct 26 · $82K premium · package leg · 0x96b9…a701

Smart money, net

long $21.2MHYPE delta · long $9.9M ETH

Ideas, last 30 days

-2.9%on cost · 209 ideas · 49% profitable

Trade ideas

rule-based, not advice; each card shows what triggered it

Track record, last 30 days: 209 ideas, average -2.9% on cost, 49% profitable

Each idea is recorded the first time it fires and marked at the current mid every 15 minutes; expired legs settle at intrinsic. Return is per unit of the structure as a share of the entry cost, before fees. Ideas open for less than a day are not scored yet.

Pin risk: 102 ideas · -37.9% · 28% profitable
Gamma wall: 49 ideas · +27.9% · 80% profitable
Vol mispricing: 43 ideas · +11.5% · 53% profitable
Followed wallet: 15 ideas · +92.8% · 80% profitable

6 ideas

Followed walletBTC

@koolkrypto223

KoolKrypto sold the bear call spread BTC 85k/95k 30 Oct 26

They paid: $2,762 · $552k for 200
Now: $2,405 (mark $2,303)
Their P&L: +$92k

Why this fires

Breakeven: $87,447
Best case: n/a
Traded: 09-25 00:47 · $33.77M

Sell the bear call spread BTC 85k/95k 30 Oct 26 on Derive.

KoolKrypto (@koolkrypto223), a wallet we follow, collected $552k for 200 of them on Derive by RFQ (sell BTC 85k call, 30 Oct 26, buy BTC 95k call, 30 Oct 26) with BTC at $84,578. Large active book, about $1B notional and +$8M realized a month. Explained the ETH March-27 call-spread thesis on X on 11 Sep 2026.

Rule: Followed wallet traded $33.77M notional, 2026-09-25 00:47 UTC.

KoolKrypto's wallet →

Vol mispricingBTC

BTC options look cheap: buy a straddle

Cost: $4,164 (5.0%)
Max loss: $4,164
Breakeven: $79,836 / $88,164

Why this fires

Move: ±5.0%
Expiry: 9 Oct · 13d
Trigger: IV 33% vs RV 43%

Buy the 9 Oct 84k straddle on Derive.

BTC has moved at 43% annualised over the last month (52% over the last week), but options are only pricing 33%. When the market moves more than options price in, owning options pays.

Rule: Implied 33% vs realized 43%, ratio 0.77 (rule fires below 0.85).

BTC 9OCT26 chain →

Crowded tradeHYPE

5 smart-money wallets are short the HYPE perp

Wallets: 5 short
Net: -34,626.5 contracts
Trigger: ≥5 wallets one side

Why this fires

Sell the HYPE perp on Derive, in small size.

The steadiest traders on Derive rarely agree. Here 5 of them are on the same side of one contract, net -34,626.5 contracts. Their edge persists only weakly from month to month, so treat this as a shortlist, not something to copy blindly.

Rule: 5 wallets same side (rule fires at 5 or more).

Smart money book →

Gamma wallZEC

ZEC has a put wall at 1.5k for 2 Oct

Credit: $64.9 (4.19%)
Max gain: $64.9
Max loss: unlimited

Why this fires

Breakeven: $1,435
Expiry: 2 Oct · 6.4d
Trigger: $1.12M OI at 1.5k, 3.1% below

Sell the 2 Oct 1.5k put on Derive.

$1.12M of open interest sits at 1.5k (mostly calls), 3.1% below spot, expiring in 6.4 days. Dealers hedging that strike sell as price approaches it from below and buy as it approaches from above, which tends to pin price near it into expiry.

Rule: Largest open interest within 5% of spot on the nearest expiry: 725 contracts.

ZEC 2OCT26 chain →

Pin riskBTC

BTC max pain for 26 Sep is 2.5% above spot

Cost: $318 (0.38%)
Max loss: $318
Max gain: $1,182 (3.7×)

Why this fires

Breakeven: $84,318
Expiry: 26 Sep · 0.4d
Trigger: max pain $86,000 vs $83,923

Buy the 26 Sep 84k/85.5k call spread on Derive.

Max pain is the expiry price at which option holders collectively lose the most. For 26 Sep it is $86,000, against spot at $83,923. Price often drifts toward it in the last days as hedges unwind; a tendency, not a rule.

Rule: Max pain $86,000 vs spot $83,923, gap 2.5% (rule fires beyond 1.5%).

BTC 26SEP26 chain →

Cross-venueHYPE

The same contract is 53 bps cheaper on Deribit than on Derive

Edge: $0.49 (52.9 bps)
Size: 218 · $107.7
Risk: leg risk

Why this fires

Trigger: >5 bps after fees

Buy on Deribit at $12.08, sell on Derive at $12.63.

The HYPE 96 put, 25 Dec 26 is offered at $12.08 on Deribit and bid at $12.63 on Derive. After both venues' fees that is $0.49 per contract of locked-in edge.

Rule: 52.9 bps of forward after fees (rule fires above 5 bps).

Arb scanner →

Notable trades

Derive · Last 24h · Ranked by unusual activity

Full tape

Sold100 × bear call spread BTC 100k/110k 27 Nov 26
$8.4M
$68.6K net received
KoolKryptotwo-way trader24 Sept, 22:5357× this wallet's usual size
3 more
- 38% win rate · +$1.51M this month
- Followed wallet
- 2-leg package, net credit
Sold100 × bear call spread BTC 85k/95k 30 Oct 26
$8.5M
$279.8K net received
KoolKryptotwo-way trader25 Sept, 00:4757× this wallet's usual size
3 more
- 38% win rate · +$1.51M this month
- Followed wallet
- 2-leg package, net credit
Bought10,000 × bull call spread HYPE 95/105 9 Oct 26
$933.5K
$27K net paid
0x31bd…34aaupside buyer25 Sept, 11:584× this wallet's usual size
3 more
- 35% win rate · +$36k this month · on the smart money list
- smart-money wallet
- 2-leg package, net debit
Sold1,210 × bear call spread ETH 3k/3.5k 30 Oct 26
$3.2M
$56.2K net received
0xa68c…05fcwing buyer25 Sept, 17:579× this wallet's usual size
1 more
- 2-leg package, net credit
Sold50 × bear put spread ETH 2.4k/3.5k 25 Dec 26
$134.5K
$34.9K net received
0xe492…d08cpremium seller24 Sept, 23:27smart-money wallet
2 more
- 36% win rate · +$554k this month · on the smart money list
- 2-leg package, net credit

Open interest and flow

nearest expiry by strike · net premium by expiry, 24h

BTC 26SEP260.4 days

spot $83,759 max pain $86,000 wall $82,000

ETH 26SEP260.4 days

spot $2,680 max pain $2,700 wall $2,575

← Net soldNet bought →

Premium bought minus premium sold, measured from the side initiating each trade. These are option payments, not profit or loss. Last 24 hours; trades of at least $50k notional.

Data timing

This page was calculated at 25 Sept, 21:28 UTC and checks for updates every 5 minutes while visible. Scheduled updates: quotes every minute; trade sync and alerts every 5 minutes; wallet statistics, cohorts and idea results every 15 minutes; wallet performance hourly.

Individual sources can be older than the page, and a check can return the same cached page while a newer version is prepared. Automatic checks pause in hidden tabs and catch up when you return.

Calculations and trade ideas use fixed rules and templates, not AI.

How to read this page

Market prices, open interest, volatility signals and flow on this page come from Derive. The biggest print is the largest contract execution or same-second sweep by underlying notional, before notable-trade ranking; a package leg is not the whole spread. Premium is the amount paid for the option. Deribit supplies comparison prices and the cross-venue scanner. Implied is the at-the-money vol interpolated to 30 days from the Derive chain; realized is the annualised standard deviation of daily index moves over the last 30 days. Below 0.85× we call options cheap, above 1.25× expensive. Smart money is the top quarter of wallets by risk-adjusted 90-day results, among those that made at least $5k and traded in the last two weeks, with market makers removed; "smart long" on an asset chip is their net delta. Ideas are generated by fixed rules from these numbers, not by a person or a model; payoff diagrams are per unit at expiry and ignore fees. Notable trades are ranked by size against the wallet's usual size, distance from spot, smart-money or followed status, price versus Deribit's mark, and package legs. Alerts are aggressor fills over $250k notional in options (with at least $2k premium) or $1M in perps, over $50k by a smart-money wallet, or over $10k by a wallet we follow by hand; market makers are left out of the whale rows. The same rules feed the Telegram alerts.