Derivatives Decoded

Adam Guren built Hunting Hill Global Capital from a $10M friends-and-family fund in 2012 to $650M in AUM today, with 90% of risk now in crypto derivatives. Starting as an ETF arbitrage trader at a prop shop in 2005, he spotted GBTC's closed-end fund premium in 2016 and never looked back. As one of the few SEC-registered, New York-based managers trading crypto derivatives since the early days, Adam...

Two Prime built one of the largest bitcoin-backed lending operations in the US by doing what collapsed lenders didn't: lending exclusively to institutions with provable bitcoin reserves. CEO Alexander Blume and CIO Nathan Cox explain their credit framework that's processed $3.5 billion in loans with zero liquidations across 40 margin calls, how they structured products using derivatives to elimina...

Institutional traders need infrastructure that works across both traditional and digital asset markets. Michael Higgins explains how Hidden Road built pension fund-backed prime brokerage that processes $15 billion daily across CME futures and crypto venues, proving sophisticated cross-asset infrastructure can serve institutional flow regardless of market type. With regulatory capital requirements...

The absence of primary listing exchanges in crypto creates challenges that most institutional players underestimate until they attempt to build derivative products at scale. Director of Digital Asset Research & Strategy Martin Leinweber ’s transition from traditional bond portfolio management to crypto indexing at MarketVector gives us unique insights into how institutional infrastructure must...

The institutional crypto derivatives market has quietly evolved into a sophisticated ecosystem demanding infrastructure standards that most platforms simply cannot deliver. Luuk Strijers , CEO of Deribit , has spent six years building the technical and operational foundation that now serves 75-80% of institutional derivatives volume globally. Their recent decision to accept Coinbase's acquisition...

The cryptocurrency landscape has been radically transformed, but Matthew Hougan , Chief Investment Officer at Bitwise , believes markets are still underpricing the implications. In this candid conversation with Ash on Derivatives Decoded, Matthew reflects on how regulatory obstacles previously forced Bitwise to dedicate enormous resources just to basic operations like banking relationships and leg...

"Build or buy?” In crypto, that question just got a lot more complicated, explains Shiliang Tang , Advisor to FalconX and Founder & General Partner at MNNC Group , in this episode of Derivatives Decoded. Shiliang tells Ash about his journey building and selling two major trading operations in the volatile digital asset space, bringing a battle-tested perspective on institutional trading few ca...

From redefining prime brokerage models to navigating the complexities of T+0 settlement, this episode of Derivatives Decoded features Jeff Dorman , Chief Investment Officer at Arca , delivering an institutional playbook for the future of digital asset market structure. Drawing from his experience as a credit trader during the 2008 financial crisis, Jeff gives Ash a compelling analysis of why tradi...

In this episode of Derivatives Decoded, Ash speaks with Jason Urban , Global Head of Trading at Galaxy Digital , who brings his expansive insights on the evolving landscape of crypto trading and the burgeoning options market.    He discusses the importance of regulation in fostering a secure environment for digital assets, emphasizing the need for clear guidelines that encourage innovation. Jason...

In this episode of Derivatives Decoded, Ash speaks with Robert Wallden , Head of Trading at Abra . Robert shares his insights on the dynamic world of crypto trading and derivatives, discussing the critical importance of navigating market sentiment and how traders can adapt quickly to volatility.    Robert also explores cross-margining strategies, highlighting their role in optimizing capital effic...

In our very first episode of Derivatives Decoded, our host, Founder & CEO of Kemet Trading, Ash Ashmawy , speaks with Josh Lim , Co-founder of Arbelos Markets . Josh shares his insights on the dynamic world of digital assets and the challenges faced by participants in the crypto market. He emphasizes the importance of effective risk management strategies to navigate volatility and ensure susta...