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macrocephalopod's profile
macrocephalopod
macrocephalopod
macrocephalopod
@macrocephalopod

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macrocephalopod

@macrocephalopod

Paul Allen, Vice President M&A, Pierce & Pierce (Sie/Hir) | Vegan | Silence is Violence | Women’s Rights Are Human Rights | ACAB (Assigned Cephalopod At Birth)

Joined December 2020

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    1. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      A bit more than a week later was May 19, a huge crypto sell off. My DOGE/USD future was auto-deleveraged to close out a levered long, leaving me naked long DOGE in a falling market. Not good!

      2 replies 0 retweets 19 likes
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    2. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      I was in a meeting when I was notified and it was half an hour before I could trade out of the spot position. I was incredibly lucky - my futures buy nearly bottom ticked the market at ~0.2 and I closed out the spot at ~0.31 for a +50% profit (about +3% of my total equity)pic.twitter.com/GYF1b4gkez

      1 reply 0 retweets 18 likes
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    3. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      I removed that the pnl from that trade from the chart above - here's what it looks like if I leave it in. Taking a ~6% basis position in a memecoin where I knew there was high risk of auto-deleveraging was a bit stupid, and I was lucky it worked outpic.twitter.com/XbzXkQ9dkV

      1 reply 0 retweets 18 likes
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    4. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      I made a bunch of other dumb mistakes too, like sizing the spot/futures legs incorrectly to begin with, occasionally trading the wrong contract and needing to trade out, and messing up a currency conversion once. Fortunately none of them cost me more than a few bps.

      1 reply 0 retweets 29 likes
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    5. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      By far the most time consuming thing was doing my pnl each day, so I'd definitely look for a way to automate that in the future. I also bought a subscription to Skew Analytics which was helpful, though probably not strictly necessary.

      2 replies 0 retweets 21 likes
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    6. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      Some other helpful resources - FTX Premiums https://ftxpremiums.com/  for tracking basis across multiple coins on FTX

      1 reply 2 retweets 29 likes
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    7. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      Binance Premiums https://binancepremiums.com/  (by @robertmartin88, you should follow him) which was useful for tracking the same thing on Binance.

      1 reply 0 retweets 25 likes
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    8. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      Was also v helpful to discuss ideas and implementations with @therobotjames @choffstein and @drewg__

      1 reply 0 retweets 18 likes
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    9. macrocephalopod‏ @macrocephalopod 1 Jul 2021

      macrocephalopod Retweeted Joe Weisenthal

      I've closed out all the positions now because basis came down to ~5% on most exchanges and I have better ways to use the cash - but nice to know that if the basis comes back again, I'm ready to get back into the Bitcoin free money tradehttps://twitter.com/thestalwart/status/1407410049874595840 …

      macrocephalopod added,

      Joe Weisenthal @TheStalwart
      The Bitcoin free money trade is gone. No more profits in buying spot and shorting the futures. https://www.bloomberg.com/news/articles/2021-06-22/bitcoin-s-money-printing-machine-breaks-down-as-futures-collapse?sref=vuYGislZ … via @VildanaHajric and @kgreifeld pic.twitter.com/7gdFIbkuUH
      Show this thread
      4 replies 0 retweets 52 likes
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    10. Radon-Nikodym‏ @RadonNikodym2 2 Jul 2021
      Replying to @macrocephalopod

      Any areas of interest for using the cash other than just long the market?

      1 reply 0 retweets 0 likes
      macrocephalopod‏ @macrocephalopod 2 Jul 2021
      Replying to @RadonNikodym2

      Not ones that are publicly available I'm afraid

      4:27 AM - 2 Jul 2021
      1 reply 0 retweets 0 likes
        1. Radon-Nikodym‏ @RadonNikodym2 2 Jul 2021
          Replying to @macrocephalopod

          The juiciest kind

          0 replies 0 retweets 0 likes
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