Hendrik Ghys, Co-Founder & CEO of Thalex, joins the Insilico Terminal Podcast to talk about crypto options, volatility trading, market makers, delta hedging, and why options are easier than most traders think.  We cover how Thalex is building a crypto options exchange, why options are harder to bring on-chain than perps, how MOVE-style contracts work, what market makers actually do when they hedge, and how traders can think about perps vs options.  The episode also covers selling volatility, delta hedging straddles, OPEX, gamma, call spreads, longer-dated options, and why many retail traders might be making trading harder than it needs to be.

00:00 Intro: Hendrik Ghys from Thalex 

01:47 Building a Crypto Options Exchange 

06:15 Why Thalex Focused on Better Options Products 

13:26 Why DeFi Options Are So Hard 

16:53 Perps vs Options for Traders 

30:13 How Options Market Makers Hedge 

40:18 Selling Vol and Delta Hedging 

49:34 Simple Options Rules for Retail Traders 

55:16 Day Trading Options vs Perps 

01:01:56 Learning Options by Doing

Why options are easier than you think - Thalex founder Hendrik Ghys on volatility and delta hedging

EmptyBrainTrader joins the Insilico Terminal Podcast to talk about crypto trading, execution, mean reversion, and the psychology of actually clicking the button.  We covered his early mistakes buying XRP and Zcash, blowing up in 2022, studying DOM and auction market theory, building a mean reversion style, dealing with FOMO and revenge trading, and why execution often matters more than perfect analysis.  We also talked about the current crypto market, Saylor fear, BTC downside risk, HYPE, Hyperliquid, perp DEXs, Extended, Variational, prediction markets, and why traders should focus on not losing big.

00:00 No Brains, All Balls and why execution matters 

08:00 Mean reversion, footprint, and fading extremes 

16:00 FOMO, patience, and learning to sit out 

24:18 Stocks, war fear, and why markets keep grinding higher 

33:35 Perp DEXs, Hyperliquid, Extended, and liquidity 

41:44 Market orders, swarm orders, TWAPs, and limit fills 

48:28 HYPE, HIP-3, and why Hyperliquid still matters

No Brains, All Balls, and Why Execution Beats Analysis with EmptyBrainTrader

CryptoGoon joins the Insilico Terminal Podcast to talk about leaving TradFi, discovering early DeFi, getting rugged, and finding real trading edges across crypto markets.  We cover the difference between solo trading and working inside a trading firm, how simple arbs and broken on-chain mechanics turned into profitable trades, what market making actually looks like, and why new perp DEXs and prediction markets can still offer opportunities for traders willing to dig.  He also shares his thoughts on Hyperliquid, HYPE, points farming, the current state of crypto, and why quant trading is often less about complex math and more about finding weird things before everyone else.

00:00 Intro + CryptoGoon’s background 

04:31 Getting rugged and discovering early DeFi 

07:08 Why TradFi-style edges worked in 2021 crypto 

11:03 Solo trading vs trading inside a firm 15:25 The on-chain casino arb that became PvP 

24:13 Finding edge early on new perp DEXs 31:10 Why quant trading is simpler than people think 

38:39 Why points farming can reveal real edge 

53:01 Crypto morale, HYPE, and where the market is now

CryptoGoon: Finding Edges in Broken Markets

Marty joins the Insilico Terminal Podcast to talk about his path from early Bitcoin and BitMEX to becoming a top perps and spot market maker on FTX, and later moving deeper into crypto options.  We discuss why options market making is so different from perps, why retail still prefers simple up/down leverage, how structured products work, what went wrong with DeFi options, and why portfolio margin matters.  Marty also shares his view on volatility selling, surviving major market stress events, the current state of Bitcoin and ETH, and why Hyperliquid has become one of the most important venues in crypto.

00:00 Marty’s path from early Bitcoin to market making 

06:17 Becoming a top FTX perps and spot market maker 

12:00 Why crypto options are still behind perps 

16:17 How institutions use structured products 

20:31 Why DeFi options struggled and what changed 

25:03 Prediction markets, binary options, and retail gambling 

30:37 Better ways to express directional trades with options 

37:51 Surviving 10/10, volatility spikes, and exchange outages 

43:14 Why Marty is skeptical about the current crypto market 

52:01 Bitcoin’s narrative problem and what could bring it back

Selling Vol, Market Making, and the Future of Crypto Options | Marty

In this episode, we’re joined by @GoshawkTrades, a systematic and algorithmic trader running 12+ live strategies across futures, equities, and crypto.  We talk about how he got into trading, why he moved toward systematic strategies, what he got wrong early, and what his trading looks like today.  We also cover where strategy ideas come from, how to test them properly, the most common backtesting mistakes, strategy decay, correlation across multiple algos, risk management, kill switches, quant vs discretionary trading, and how AI agents could change markets over the next few years.

00:00 Getting into trading and moving from discretionary to systematic 

03:47 Shorting small cap gappers and finding his first profitable system 

08:50 Moving from small caps into futures and crypto 

13:44 Discretionary trading, FOMO, and scratching the itch responsibly 

18:57 Where systematic strategy ideas come from 

23:34 Building a portfolio across trend, mean reversion, and inefficiencies 

31:41 Whether trend following still works in sideways markets 

40:07 How he sizes and allocates between strategies 

46:24 Dealing with drawdowns and knowing when to cut a strategy 

53:33 The biggest mistakes newer algo traders make 

01:05:50 Finding edge in new markets

Most traders fool themselves with backtests - GoshawkTrades on systematic trading

Skew joins the Insilico Terminal Podcast to talk about how crypto markets have changed, why trading is more competitive now, and how he uses order flow, market structure, CVD, OI, funding, and sentiment to find trades.  We covered his early Bitcoin story, learning to trade on BitMEX, the difference between speculation and real trading, how large players create traps in the market, how to find strong altcoins, and what he is watching in the current macro and crypto cycle.

00:00 The story behind “52kskew” and finding Bitcoin early 

09:07 Learning to trade on BitMEX and why price action comes first 

15:28 Market traps, liquidity games, and how crypto changed since 2019 

23:28 How Skew trades today: trend, momentum, and order flow 

29:14 Using OI, funding, CVD, and footprint without getting misled 

34:13 Speculation vs real trading, and the mistakes most traders make 

38:13 Finding strong altcoins, sizing positions, and managing risk 

46:09 Trading ranges, sentiment extremes, and market psychology 

53:54 Market maker games, toxic flow, and reading large players 

58:13 Current market outlook, macro risks, and advice for newer traders

Why Retail Gets Trapped - Skew on Order Flow, Altcoins, and Crypto Market Structure 

Jords joins the Insilico Terminal Podcast to talk about his path through crypto, from early trading mistakes and Solana NFTs to Hyperliquid, airdrops, logging off, and coming back when the market looked dead again.

We talked about why he avoids perps, how he became early to Solana NFTs, what made Hyperliquid stand out before the airdrop, why he prefers buying depressed assets over chasing leverage, and how logging off changed his relationship with crypto.

Also covered: missing Trump coin, the joy of missing out, buying when everyone thinks it’s over, BTC/HYPE positioning, crypto cycles, and why contributing to the industry can be a better path than gambling your net worth.

00:00 Who is Jords?

06:00 Getting into crypto through COVID markets

17:10 How he became early to Solana NFTs

20:25 Why he logs off when crypto gets euphoric

29:49 Why perps never worked for his trading style

33:01 Discovering Hyperliquid before the airdrop

41:03 What life looks like after “making it”

50:25 The joy of missing out on Trump coin

56:22 Buying when everyone thinks it’s over

59:11 Crypto outlook, BTC/HYPE, and advice for beginners

The joy of missing out - Jords on Hyperliquid, Solana, and making it in crypto

StonXBT joined the Insilico Terminal Podcast to talk about his path from early crypto, learning market profile and order flow, trading on a prop desk, and building a risk-first approach to markets.  We covered scalping DOM and iceberg orders, why most traders skip real source material, how he thinks about position sizing and leverage, turning £3k into £800k, and why the biggest returns usually come from boring trend-following rather than constantly chasing trades.  We also talked about Bitcoin, Hyperliquid, crypto losing its original identity, macro risk, oil, AI, the carry trade, and why markets can keep going up even when the world looks unstable.

00:00 Intro / how Sokio first found Ston on CT  

02:04 Ston’s origin story and getting into crypto 

12:14 From random TA to real risk management 

15:36 Scalping DOM, icebergs, and BitMEX execution 

20:21 Why risk management matters more than the strategy 

24:44 Why traders should read source material, not Twitter summaries 

34:21 Hyperliquid, crypto’s identity crisis, and real use cases 

42:38 Macro, war, oil, and why markets keep ignoring risk 

01:04:12 How to make big returns with BTC/ETH and trend following

StonXBT: Turning 3K Into 800K, Prop Trading, Risk Management & Macro

Krillin joins the Insilico Terminal Podcast to talk about getting into crypto in 2017, riding the altcoin euphoria, losing money through the bear market, and slowly turning that into a real trading process.  We cover early altcoin trading, manual market making on IDEX, risk management, adapting across market conditions, why he moved more toward SPX and TradFi, how macro helped him sell the 2021 top, his thoughts on Hyperliquid, and why trading should be treated like a serious job - not a shortcut to getting rich.

0:00 Intro & Krillin’s CT origin story 

5:52 Getting into crypto in 2017 

8:19 Turning $10k into almost $200k 

13:45 Manual market making on early DEXs 

17:38 Rebuilding after the 2018 bear market 

24:58 When to be defensive vs offensive 

28:23 Using AI for stock research 

33:40 Macro, liquidity, and selling the 2021 top 

37:11 Why SPX fits his trading style 

48:39 Hyperliquid, Binance, and DEX liquidity 

58:49 Advice for newer traders

Crypto isn’t what it used to be - Krillin on markets, macro, and adapting as a trader

Rbit joins the Insilico Terminal Podcast to talk about his 15-year journey through crypto — from discovering Bitcoin on 4chan, mining BTC in 2011, losing funds on Mt. Gox, and trading the early BitMEX era, to building statistical arbitrage and HFT systems.  We cover the 2017 ICO cycle, Bitcoin fork trades, why 2018 pushed him toward quantitative trading, what stat arb actually means, how HFT signals differ from longer-term strategies, why smaller venues can still offer major edge, and how crypto market structure is becoming more competitive as exchanges move closer to TradFi infrastructure.

00:00 Getting into Bitcoin in 2010, mining, Mt. Gox, and coming back in 2017 

13:37 ICO mania, BitMEX, and the Bitcoin fork trade 17:14 Why 2018 pushed him toward quant trading 

24:52 Building a profitable stat arb business on FTX 

40:21 Stat arb vs HFT, and why crypto got more competitive 

49:09 What his trading operation looks like today 

55:13 The future of crypto market structure and where edge is going 

01:05:04 Advice for newer traders and why quant thinking differs from retail

Rbit: Bitcoin Mining, Mt. Gox, Stat Arb & the Future of Crypto HFT

Dive into the fast-paced world of cryptocurrency trading with the Insilico Terminal Podcast, the ultimate audio companion for traders of all levels. Hosted by the team behind Insilico Terminal - the high-performance, user-friendly platform. We bring you expert insights, market analysis, and behind-the-scenes stories straight from the crypto trenches.

Each episode features in-depth discussions on trading-strategies, execution tips, emerging trends in crypto, and exclusive interviews with top traders, builders, and industry innovators. Tune in for actionable advice, real-time market breakdowns, and the latest updates on Terminal's advanced features. 

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