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We don't talk much about spot trading on @dreaming because our focus is bringing crypto and equity options mainstream among the onchain crowd.
That said, if you're looking to trade spot across 20+ chains with 0% trading fees, Dream is one of the best places to do it.
That said, if you're looking to trade spot across 20+ chains with 0% trading fees, Dream is one of the best places to do it.
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Still in awe that this guy won our $1K–$10K trading challenge in less than 24 hours with one trade.
He turned $990 into over $12K on a single HYPE position, a 1,182% return or nearly 4 consecutive doubles.
He turned $990 into over $12K on a single HYPE position, a 1,182% return or nearly 4 consecutive doubles.
In less than 24 hours, the Dream $1K to $10K Trading Challenge has been completed.View quoted post on X
@alfalfaohmecha bought HYPE $89 0DTE calls for $990 and closed the position for $12,468, a 12.6x return (+1,182.61%).
Stay tuned for more trading competitions on Dream.
Update: The HYPE $90 calls that we were criticized over last week have gone from $3.63 to a current bid of $9.12 (+151%).
The original $48,000 position is now worth over $121,500.
The original $48,000 position is now worth over $121,500.
Wanted to address this because I think there’s some misunderstanding around how options are priced on Dream.
First, your position was a HYPE $90 call with HYPE trading around $81. That’s roughly 10% out of the money, with over a month left until expiration.
Despite being that far out of the money, you were still quoted around $44,000 to close a position you originally paid $48,000 for. That’s roughly 92% of your initial cost recoverable at that moment.
When you buy options, you’re paying upfront for leverage and convexity. The cost of an option depends on things like vol, expiration, and how far the underlying is from your strike. That doesn’t mean you’ll always be able to sell the option back at its mark price. Spreads are a separate part of options pricing and depend heavily on liquidity and the risk market makers take when quoting.
Now, regarding the 21% spread, there’s absolutely room for improvement. We’re actively working on improving liquidity and tightening spreads across every asset on Dream. I’m not going to pretend our execution is perfect because it isn’t.
I also want to clarify something about how we calculate PnL on Dream. We intentionally use the executable bid to calculate your PnL whenever your position is in profit. This means your green PnL is backed 1:1 by the amount you can actually cash out. If Dream shows you’re up $5,000, that’s exactly $5,000 in profit you can realize by closing your position at that moment. We’re never going to intentionally show users profits they can’t cash out.
As options move into the money, their value provides a stronger basis for liquidity. But Dream also supports closeouts for out of the money positions, as you can see here. Even with HYPE trading roughly 10% below your strike, you were still able to get a quote to recover 92% of your cost. Again, there’s room to improve spreads, but I think that’s important context.
Lastly, I think this highlights something bigger. Options are becoming increasingly popular with the onchain crowd, but there’s still a pretty big knowledge gap around how they actually work. We’re already working on educational content at Dream to make things like pricing, spreads, and liquidity easier to understand.
I get the frustration, and I’m not dismissing the criticism. There’s a lot we still need to improve, and we’re working on it every day. But I also think it’s important to distinguish between legitimate issues with execution quality and accusations that Dream or its market makers are deliberately taking advantage of users. Our business depends on people having a good experience and wanting to come back.View quoted post on X
$1,000 and a Dream
Introducing the Dream $1K to $10K Trading Challenge.
The first trader to turn $1,000 into $10,000 trading options on Dream wins $10,000.
The race starts now.View quoted post on X