Strategy Research & Market Structure

XRP-Backed ETH Options Strategy: 14.6% Return While Cutting Risk by 80%

On April 23, 2026, a smaller XRP-denominated account managed separately from the main Terramatris strategies initiated a structured crypto options income strategy on Bybit.

The account holder approved the strategy specifically to generate additional income from long-term XRP holdings without liquidating the underlying XRP position.

At the time, the account held 751 XRP valued at approximately $1,000, while ETH traded near $2,321.

Instead of selling XRP, the strategy used XRP as collateral for selling ETH put options.

The initial exposure size was approximately…

Discovering Derive: Our First Steps into True DEX Options Trading

At Terramatris, we’ve always been fascinated by the evolution of crypto markets and the growing range of opportunities they create for traders and investors. For years, our main focus has been on more traditional centralized exchanges (CEX) such as Bybit and Deribit. These platforms have provided liquidity, stability, and advanced trading features—making them indispensable for our operations.

But one thing has always been missing: a true decentralized exchange (DEX) for options trading.

Recently, while researching potential institutional partners for our US operations (Kraken…

Trading Covered Calls on XRP with Deribit

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.

Covered calls are one of the most popular options income strategies because they allow investors to generate option premium while maintaining long-term exposure to an asset. If you're new to covered calls, start with our guide: How to Generate Income With Ethereum Covered Calls.

While Ethereum options markets are relatively mature, XRP options remain more challenging…

Snipping in DeFi: Tempting, But Not Sustainable

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.

Snipping refers to the practice of purchasing newly launched tokens at the exact moment liquidity…