If you're chasing Alpha points through volume tiers, read the volume methodology page before you size anything.
Trading volume on Alpha markets is not the premium you paid. The docs define it as tradingAmts minus the tokens actually transferred — which in practice means notional.
Their own worked example includes the transaction hash. A Long on an ESPORTS call where the trader's actual token input was about 23.1 is counted as roughly 496.9 of trading volume. Closing the position counts again, around 490.3.
So one round trip on roughly 23 units of premium produces close to 987 units of counted volume.
That isn't a loophole. Options volume is conventionally measured by notional everywhere, and @TermMax publishes the formula and the hashes so anyone can verify it — which is more than most.
It does mean headline Alpha volume and money actually spent are two very different quantities, and the tier challenges reward the first one.
When a venue reports options volume, should it publish premium alongside notional?
#termmax @TermMax $BTC
Trading volume on Alpha markets is not the premium you paid. The docs define it as tradingAmts minus the tokens actually transferred — which in practice means notional.
Their own worked example includes the transaction hash. A Long on an ESPORTS call where the trader's actual token input was about 23.1 is counted as roughly 496.9 of trading volume. Closing the position counts again, around 490.3.
So one round trip on roughly 23 units of premium produces close to 987 units of counted volume.
That isn't a loophole. Options volume is conventionally measured by notional everywhere, and @TermMax publishes the formula and the hashes so anyone can verify it — which is more than most.
It does mean headline Alpha volume and money actually spent are two very different quantities, and the tier challenges reward the first one.
When a venue reports options volume, should it publish premium alongside notional?
#termmax @TermMax $BTC