#termmax If you’re not an arbitrageur, and not an institution—just want to use TermMax as a fixed-income tool—most important of all is to first acknowledge one fact: only the time value you can understand belongs to you. FT is suitable for holding to maturity, benefiting from the discount convergence; XT is suited for expressing interest-rate direction, but requires judgment; GT is for leveraged exposure—its volatility is not something ordinary users can easily handle. For getting started, the best order is to first complete a full FT workflow once, which is far more useful than studying complex strategies.
In terms of position sizing, it’s recommended to set a few hard criteria first. First, look at the order-book depth in the corresponding maturity market. If the bid-ask spread is already wider than the fixed income you could realistically capture, then entering isn’t really meaningful. Second, check whether the FT discount matches the remaining days. A sudden widening of the discount without a corresponding negative catalyst may be a liquidity issue rather than an opportunity. Third, pay attention to the V2 floor yield, because it determines how high or low your waiting cost will be. When the floor yield is high, you can wait longer; when it’s low, you need to be more selective about the price.
Near maturity, don’t make decisions on the spur of the moment. The last one or two days are the most unstable liquidity phase, and the impact cost may wipe out the gains you built up earlier. You can reduce your position in advance, roll over to the next maturity week, or only do the final leg when depth is sufficiently strong. By widening the time window, you have a better chance to capture profits from discount convergence—rather than always racing with arbitrage capital for the last sliver of spread.$SNDKB
At its core, TermMax is more suitable for gradual observation and small-position experimentation, not for rushing in just because of TVL or a TGE hotspot. The earlier the market is treated as a tool, the less likely you are to be swept up by short-term narratives. Every dollar you make should be traceable to which segment it came from: floor yield, discount, or time value. If you can’t explain the source of the returns, you often won’t be able to keep them. #TermMax @TermMax $SPCXB
In terms of position sizing, it’s recommended to set a few hard criteria first. First, look at the order-book depth in the corresponding maturity market. If the bid-ask spread is already wider than the fixed income you could realistically capture, then entering isn’t really meaningful. Second, check whether the FT discount matches the remaining days. A sudden widening of the discount without a corresponding negative catalyst may be a liquidity issue rather than an opportunity. Third, pay attention to the V2 floor yield, because it determines how high or low your waiting cost will be. When the floor yield is high, you can wait longer; when it’s low, you need to be more selective about the price.
Near maturity, don’t make decisions on the spur of the moment. The last one or two days are the most unstable liquidity phase, and the impact cost may wipe out the gains you built up earlier. You can reduce your position in advance, roll over to the next maturity week, or only do the final leg when depth is sufficiently strong. By widening the time window, you have a better chance to capture profits from discount convergence—rather than always racing with arbitrage capital for the last sliver of spread.$SNDKB
At its core, TermMax is more suitable for gradual observation and small-position experimentation, not for rushing in just because of TVL or a TGE hotspot. The earlier the market is treated as a tool, the less likely you are to be swept up by short-term narratives. Every dollar you make should be traceable to which segment it came from: floor yield, discount, or time value. If you can’t explain the source of the returns, you often won’t be able to keep them. #TermMax @TermMax $SPCXB
小仓走通FT
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先模拟盯盘口
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