KoolKrypto bought 23,500 spreads for $898.2K, posted it on X, and 157 wallets followed. (@koolkrypto223) bought 23,500 ETH 26 Mar 5000/7000 call spreads for $898.2K and said so on X. 157 other wallets hold matching legs; 126 first appear in our fill history on or after the post.

ETH needs: +88% in 179d
Positions: 49,563 · $1.6M
Spread now: $35.50 vs $38.22

Every entry →

Biggest Derive print, 24h

$2.9M notionalBought 1,075 ETH 3.4k call, 30 Oct 26 · $18K premium · package leg · 0x9e04…1172

Smart money, net

long $21MHYPE delta · long $11.4M ETH

Ideas, last 30 days

-5.5%on cost · 232 ideas · 47% profitable

Trade ideas

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

Track record, last 30 days: 232 ideas, average -5.5% on cost, 47% 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: 112 ideas · -42.1% · 27% profitable
Gamma wall: 53 ideas · +32.1% · 81% profitable
Vol mispricing: 50 ideas · +6.4% · 46% profitable
Followed wallet: 17 ideas · +83.3% · 71% profitable

6 ideas

Followed walletBTC

@koolkrypto223

KoolKrypto sold the short BTC 82k call, 2 Oct 26

They paid: $2,630 · $132k for 50
Now: $2,880 (mark $2,975)
Their P&L: -$17k

Why this fires

Breakeven: $84,892
Best case: n/a
Traded: 09-26 16:13 · $4.21M

Sell 1× BTC 82k call, 2 Oct 26.

KoolKrypto (@koolkrypto223), a wallet we follow, collected $132k for 50 of them on Derive by RFQ (sell BTC 82k call, 2 Oct 26) with BTC at $84,116. 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 $4.21M notional, 2026-09-26 16:13 UTC.

KoolKrypto's wallet →

Vol mispricingLIT

LIT options look expensive: sell a strangle

Credit: $0.17 (3.5%)
Max gain: $0.17
Max loss: unlimited

Why this fires

Breakeven: $3.84 – $5.97
Expiry: 9 Oct · 11d
Trigger: IV 111% vs RV 83%

Sell the 9 Oct 4 put and 5.8 call on Derive.

LIT options imply 111% annualised volatility for the next month, but the market has only moved at 83% over the last month (86% over the last week). At 1.33× realized, option sellers are being paid more than recent movement justifies.

Rule: Implied 111% vs realized 83%, ratio 1.33 (rule fires above 1.25).

LIT 9OCT26 chain →

Crowded tradeHYPE

5 smart-money wallets are short the HYPE perp

Wallets: 5 short
Net: -35,329.5 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 -35,329.5 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 wallBTC

BTC has a magnet strike at 85k for 28 Sep

Credit: $454 (0.54%)
Max gain: $454
Max loss: unlimited

Why this fires

Breakeven: $84,581 / $85,470
Expiry: 28 Sep · 0.4d
Trigger: $2.30M OI at 85k, 0.3% above

Sell the 28 Sep 85k straddle on Derive.

$2.30M of open interest sits at 85k (mostly calls), 0.3% above spot, expiring in 0.4 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: 27 contracts.

BTC 28SEP26 chain →

Followed walletBTC

@koolkrypto223

KoolKrypto bought the bull call spread BTC 88k/94k 9 Oct 26

They paid: $583.05 · $117k for 200
Now: $639 (mark $550.5)
Their P&L: -$7k

Why this fires

Breakeven: $88,660 / $104,750
Best case: $416.95 (1×)
Traded: 09-26 16:10 · $42.07M

Buy the bull call spread BTC 88k/94k 9 Oct 26 on Derive.

KoolKrypto (@koolkrypto223), a wallet we follow, paid $117k for 200 of them on Derive by RFQ (buy BTC 88k call, 9 Oct 26, sell BTC 94k call, 9 Oct 26) with BTC at $84,133. 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 $42.07M notional, 2026-09-26 16:10 UTC.

KoolKrypto's wallet →

Cross-venueBTC

The same contract is 20 bps cheaper on Derive than on Deribit

Edge: $172.82 (19.9 bps)
Size: 5 · $864.11
Risk: leg risk

Why this fires

Trigger: >5 bps after fees

Buy on Derive at $13,960, sell on Deribit at $14,185.

The BTC 95k put, 26 Mar 27 is offered at $13,960 on Derive and bid at $14,185 on Deribit. After both venues' fees that is $172.82 per contract of locked-in edge.

Rule: 19.9 bps of forward after fees (rule fires above 5 bps).

Arb scanner →

Notable trades

Derive · Last 24h · Ranked by unusual activity

Full tape

Bought300 × bull call spread ETH 5k/7k 26 Mar 27
$815K
$14K net paid
0x0ae5…7194spread trader27 Sept, 08:264× this wallet's usual size
1 more
- 2-leg package, net debit
Sold1,075 × bear call spread ETH 3k/3.4k 30 Oct 26
$2.9M
$47.9K net received
0x9e04…1172wing buyer27 Sept, 11:432-leg package, net credit
1 more
- 54% win rate · +$19k this month
Sold1,000 × bear call spread ETH 3k/3.5k 30 Oct 26
$2.7M
$45.9K net received
0x9e04…1172wing buyer27 Sept, 20:082-leg package, net credit
1 more
- 54% win rate · +$19k this month
Bought500 × bull call spread ZEC 2.5k/3k 27 Nov 26
$830.4K
$32.6K net paid
0x7573…6dc8wing buyer27 Sept, 09:002-leg package, net debit
Bought9.6 × long strangle BTC 70k/115k 26 Mar 27
$827.5K
$48.6K net paid
0xdfac…fcd0unlabelled27 Sept, 03:012-leg package, net debit

Open interest and flow

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

BTC 28SEP260.4 days

spot $84,590 max pain $85,000 wall $85,000

ETH 28SEP260.4 days

spot $2,686 max pain $2,650 wall $2,625

← 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 27 Sept, 21:35 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.