Thalex(@ThalexGlobal):This is confusing. You buy a call option to get upside leverage. You're betting on the direction everyone wants. That leverage should be expensive, right? Long convexity, no liquidation risk. That position should bleed. But then price goes up a bit, IV goes up with it, and vega basically decides to more than pay for the whole carry? Price up, vol up is a strange thing. Guess we should enjoy the party while it lasts.

Thalex

@ThalexGlobal

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参加 December 2020

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Thalex@ThalexGlobal

2026.08.27 14:32

This is confusing. You buy a call option to get upside leverage. You're betting on the direction everyone wants. That leverage should be expensive, right? Long convexity, no liquidation risk. That position should bleed. But then price goes up a bit, IV goes up with it, and vega basically decides to more than pay for the whole carry? Price up, vol up is a strange thing. Guess we should enjoy the party while it lasts.