Blog
Why We Decided to Invest in Trump Coin
| Investment ideas | 33 seen
As part of our ongoing exploration of asymmetric opportunities in the crypto markets, we have decided to make a small, opportunistic bet on Trump Coin ($TRUMP). This position will not replace or alter our core holdings in Bitcoin, Ethereum, and Solana, but will instead be structured as a side challenge using a disciplined, incremental approach.
The 52-Week ChallengeWe will allocate to Trump Coin gradually over the course of one year. Starting with $1 in week one, increasing by $1 each subsequent week, and continuing through week 52, this strategy will total $1,378 in contributions if completed.
Initial funding: Early weeks will be financed from our existing cash balances.Later weeks: We may allocate a portion of weekly options premiums into Trump Coin, depending on market…TerraM Token Buyback and Liquidity Policy for 2025–2026
| TerraM token | 40 seen
The TerraM token derives its value from the earnings generated by the Terramatris Fund. As the fund grows, a portion of that growth is systematically directed toward strengthening token liquidity. This structure is designed to provide existing token holders with improved price stability and reduced transaction slippage.
Liquidity Management PlanLiquidity is central to the long-term functioning of TerraM. Our structured plan includes:
Allocation Rule: For every $1,000 in net fund growth, $200 areadded to the Raydium liquidity pool through the TerraM:USDC pair.Objective: Increase the pool share from the current 4.10% of tokens to 6–7% over the next growth cycle.Expected Impact: By expanding liquidity, we aim to reduce slippage for token holders and support a more orderly…Trading Covered Calls on XRP with Deribit
| Crypto Options | 98 seen
At Terramatris we are always exploring new ways to structure option strategies around crypto assets. One of the more interesting challenges we’ve faced recently is figuring out how to trade covered calls on XRP.
Our favorite trading platform, Bybit, unfortunately does not yet offer XRP options. That left us looking for alternatives, and naturally, Deribit became our next candidate. Deribit does offer XRP options, but as always, the devil is in the details.
The Challenge: Collateral Rules on DeribitDeribit lists XRP options, but they are settled in USDC. At the time of writing, there is no way to post XRP directly as collateral for call selling. This complicates things because in a “classic” covered call setup, you’d hold the underlying asset (XRP in this case) and sell…
Managing Risk: Rolling Forward and Hedging With Trigger-Based Shorts
| Crypto Options | 28 seen
In the past week, one of our ETH option positions came under pressure. We were short 1.7 ETH put contracts with a 4100 strike expiring on August 22. With ETH price action weakening, the trade started to look challenged.
At Terramatris, our primary focus is risk management. Collecting option premium is attractive, but holding onto a position that feels unsafe can quickly turn into a liability. We therefore took a hard look at our choices:
Roll forward to a later expiry to keep premium income flowing.Hedge with futures to neutralize delta risk.Combination strategies, blending both approaches.Why It Felt UnsafeNear-dated puts carry high gamma risk. If ETH sold off aggressively before expiry, our margin exposure would spike, forcing reactive hedging at poor prices. That is not…
Snipping in DeFi: Tempting, But Not Sustainable
| Research | 52 seen
At Terramatris, we constantly evaluate emerging strategies in the decentralized finance (DeFi) landscape — especially those that promise asymmetric upside. One such tactic is snipping (or sniping), a method that’s gained attention for its high-speed, high-risk approach to token trading.
We want to offer a clear and honest take: while snipping can be entertaining and, in rare cases, wildly profitable, it doesn’t align with our long-term trading philosophy.
What Is Snipping in DeFi?Snipping refers to the practice of purchasing newly launched tokens at the exact moment liquidity is added to decentralized exchanges (DEXs) like Uniswap or Raydium. Traders — typically using bots — aim to front-run others by getting in before a price surge and exiting moments later with a quick…
Selling Covered Calls on Borrowed Bitcoin: Strategic Yield with Asymmetric Risk
| Crypto Options | 57 seen
On May 25, 2025, we executed a position that perfectly illustrates a niche but compelling setup in the crypto derivatives space. We:
Borrowed 0.01 BTC (worth $1,080 at the time),Posted 0.54 ETH as collateral (worth $1,350),And sold a cash-settled call option on 0.01 BTC with a strike price of $110,000,Collecting a premium of $17 with weekly expiry (May 30).Let’s break down the rationale, benefits, risks, and variations of this strategy — and why, despite its synthetic nature, it can be a valuable tool in Terramatris' option yield strategies.
The Core StrategyThe basic idea is to monetize a borrowed BTC position by selling a cash-settled call option against it. If BTC stays below the strike at expiry, we pocket the premium. If BTC rises above the strike, we owe the…
How to Sell a Synthetic Covered Call on ETH
| Crypto Options | 198 seen
At TerraMatris Crypto Hedge Fund, we actively deploy a range of options strategies to generate income and manage directional exposure. Today, I want to share an elegant and capital-efficient technique we’re using: the synthetic covered call—a method that replicates the payoff profile of a traditional covered call, without the need to hold the underlying crypto asset.
What Is a Synthetic Covered Call?Traditionally, a covered call involves owning a crypto asset (like ETH) and selling a call option against it. This generates premium income while capping upside beyond the strike price. But what if you want to benefit from the same structure without committing capital to the spot position?
The solution is to create a synthetic long position using options and then sell a call…
How to value TerraM token in 2024?
| TerraM token | 10 seen
Valuing the TerraM token in 2024 involves analyzing its underlying assets, performance metrics, and strategic initiatives. TerraM is the native token of the TerraMatris crypto hedge fund, with a total supply of 10,000 tokens.
Each token represents a 1/10,000th share in the fund, providing investors exposure to a diversified range of assets and strategies.
As of November 2024, the TerraMatris fund has demonstrated significant growth, achieving a year-to-date increase of over 930%. This impressive performance is primarily driven by focused options trading strategies on major cryptocurrencies such as Bitcoin and Ethereum.
The value of TerraM tokens has shown steady appreciation, starting at $1.08 in early 2024 and reaching approximately $1.66 in November. The…