KoolKrypto bought 23,500 spreads for $898.2K, posted it on X, and 159 wallets followed. (@koolkrypto223) bought 23,500 ETH 26 Mar 5000/7000 call spreads for $898.2K and said so on X. 159 other wallets hold matching legs; 129 first appear in our fill history on or after the post.

ETH needs: +87% in 175d
Positions: 50,859 · $1.6M
Spread now: $34.50 vs $38.22

Every entry →

Biggest Derive print, 24h

$21.2M notionalSold 250 BTC 90k call, 9 Oct 26 · $60K premium · package leg · 0x96b9…a701

Smart money, net

long $19.9MHYPE delta · long $11.2M BTC

Ideas, last 30 days

-12.4%on cost · 272 ideas · 43% profitable

Trade ideas

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

Track record, last 30 days: 272 ideas, average -12.4% on cost, 43% 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: 124 ideas · -35.1% · 30% profitable
Vol mispricing: 67 ideas · -33.1% · 27% profitable
Gamma wall: 60 ideas · +33.8% · 80% profitable
Followed wallet: 21 ideas · +56.0% · 62% profitable

6 ideas

Followed walletETH

@koolkrypto223

KoolKrypto sold the short ETH 2.5k call, 2 Oct 26

They paid: $185.07 · $370k for 2,000
Now: $196.2 mark
Their P&L: -$22k

Why this fires

Breakeven: $2,697
Best case: n/a
Traded: 10-01 02:23 · $5.37M

Sell 1× ETH 2.5k call, 2 Oct 26.

KoolKrypto (@koolkrypto223), a wallet we follow, collected $370k for 2,000 of them on Derive by RFQ (sell ETH 2.5k call, 2 Oct 26) with ETH at $2,686. 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 $5.37M notional, 2026-10-01 02:23 UTC.

KoolKrypto's wallet →

Vol mispricingPUMP

PUMP options look cheap: buy a straddle

Cost: $0 (13.0%)
Max loss: $0
Breakeven: $0.01 / $0.01

Why this fires

Move: ±13.0%
Expiry: 9 Oct · 7d
Trigger: IV 105% vs RV 204%

Buy the 9 Oct 0.0058 straddle on Derive.

PUMP has moved at 204% annualised over the last month (265% over the last week), but options are only pricing 105%. When the market moves more than options price in, owning options pays.

Rule: Implied 105% vs realized 204%, ratio 0.52 (rule fires below 0.85).

PUMP 9OCT26 chain →

Crowded tradeHYPE

5 smart-money wallets are short the HYPE perp

Wallets: 5 short
Net: -35,866 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 -35,866 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 wallHYPE

HYPE has a magnet strike at 87.5 for 2 Oct

Credit: $1.25 (1.42%)
Max gain: $1.25
Max loss: unlimited

Why this fires

Breakeven: $86.26 / $88.78
Expiry: 2 Oct · 0.5d
Trigger: $4.69M OI at 87.5, 0.6% below

Sell the 2 Oct 87.5 straddle on Derive.

$4.69M of open interest sits at 87.5 (mostly calls), 0.6% below spot, expiring in 0.5 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: 53,276 contracts.

HYPE 2OCT26 chain →

Pin riskETH

ETH max pain for 2 Oct is 1.8% below spot

Cost: $12.2 (0.45%)
Max loss: $12.2
Max gain: $37.8 (3.1×)

Why this fires

Breakeven: $2,688
Expiry: 2 Oct · 0.5d
Trigger: max pain $2,650 vs $2,698

Buy the 2 Oct 2.7k/2.6k put spread on Derive.

Max pain is the expiry price at which option holders collectively lose the most. For 2 Oct it is $2,650, against spot at $2,698. Price often drifts toward it in the last days as hedges unwind; a tendency, not a rule.

Rule: Max pain $2,650 vs spot $2,698, gap -1.8% (rule fires beyond 1.5%).

ETH 2OCT26 chain →

Cross-venueBTC

The same contract is 16 bps cheaper on Derive than on Deribit

Edge: $142.81 (16.5 bps)
Size: 5 · $714.03
Risk: leg risk

Why this fires

Trigger: >5 bps after fees

Buy on Derive at $13,942, sell on Deribit at $14,137.

The BTC 95k put, 26 Mar 27 is offered at $13,942 on Derive and bid at $14,137 on Deribit. After both venues' fees that is $142.81 per contract of locked-in edge.

Rule: 16.5 bps of forward after fees (rule fires above 5 bps).

Arb scanner →

Notable trades

Derive · Last 24h · Ranked by unusual activity

Full tape

Bought5,000 × bull call spread ETH 3k/3.3k 16 Oct 26
$13.5M
$85.6K net paid
KoolKryptoupside buyer1 Oct, 18:3870× this wallet's usual size
3 more
- 38% win rate · +$658k this month
- Followed wallet
- 2-leg package, net debit
Bought50 × 2-leg BTC package
$8.3M
$25K net paid
KoolKryptoupside buyer1 Oct, 02:5322× this wallet's usual size
4 more
- 38% win rate · +$658k this month
- Followed wallet
- 43× this wallet's usual size
- 2-leg package, net debit
Bought1.6 × bear put spread BTC 86k/87k 9 Oct 26
$417.8K
$4.2K net paid
0xd957…2ee9two-way trader1 Oct, 09:0712× this wallet's usual size
4 more
- 70% win rate · +$11k this month · on the smart money list
- smart-money wallet
- 36× this wallet's usual size
- 2-leg package, net debit
Sold20,000 × bear put spread HYPE 60/70 25 Dec 26
$1.8M
$28.4K net received
0x5323…fb78spread trader1 Oct, 14:428× this wallet's usual size
1 more
- 2-leg package, net credit
Bought2,000 × bull call spread ETH 3k/3.2k 9 Oct 26
$5.4M
$14.7K net paid
0x9e04…1172wing buyer1 Oct, 12:354× this wallet's usual size
2 more
- 50% win rate · -$12k this month
- 2-leg package, net debit

Open interest and flow

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

BTC 2OCT260.5 days

spot $84,617 max pain $82,000 wall $82,000

ETH 2OCT260.5 days

spot $2,698 max pain $2,650 wall $2,800

← 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 1 Oct, 20:55 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.