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![aeyakovenko Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::2327407569.png) toly 🇺🇸 [@aeyakovenko](/creator/twitter/aeyakovenko) on x 610.4K followers
Created: 2025-07-18 17:36:11 UTC

For someone to quote coin X/usdt, they need to borrow X and usdt for the depth of the book.  If the book has $10m of value in it that costs X% per year fed rate.  So $250k, plus effectively the cost to short 5m of X or X year option on X.  The higher the volatility of the coin the more expensive it is to borrow it.  

On average MM option pricing is going to converge to within a small K of the above, simply because of competition. 

Every year wm returns XXX% apy on their operating capital someone else will enter the market and undercut them by 50%.  For every coin they make money on, there is a bunch they don’t.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946262738315223148/c:line.svg)

**Related Topics**
[volatility](/topic/volatility)
[5m](/topic/5m)
[$250k](/topic/$250k)
[fed rate](/topic/fed-rate)
[fed](/topic/fed)
[$10m](/topic/$10m)
[usdt](/topic/usdt)

[Post Link](https://x.com/aeyakovenko/status/1946262738315223148)