$SOXL news

Every $SOXL story, instantly, with how the price moved after each one.

• October: The Market After The Bell RWA perps traded $829.4 billion in October, a record month and 29% more than September. Most of the growth came while stock exchanges were closed. Across the 25 most traded US stock perps, half of October's volume traded outside NYSE regular hours, up from 42% in September. Fifteen of the 25 did more than half their trading off-hours. The news calendar helps explain this trend. Brazil voted on a Sunday. Korea hit a circuit breaker before Seoul opened. SpaceX, Meta, Tesla and Intel all reported after the close. Each time, perps traded the news when it broke, not when the market reopened. Brazil Voted on a Sunday; Perps Traded It Brazil held its presidential runoff on Sunday, October 25. US exchanges were shut until Monday. EWZ, the iShares MSCI Brazil ETF, could not trade until Blue Ocean's overnight session opened at 00:00 UTC. EWZ perps traded through the count. Hourly volume rose from about $1 million on Sunday evening to $53.7 million in the 00:00 UTC hour on October 26. Between 20:00 UTC Sunday and 13:00 UTC Monday, EWZ perps traded $232 million, and open interest rose 154%, from $16 million to $41 million. Pyth priced 99% of that volume. Korea Traded the Selloff Before Seoul Opened Following a hotter-than-expected US CPI print on October 14, the KOSPI fell sharply in the next session, triggering a circuit breaker. It closed down 7.57%. Perps moved first. SKHYNIX, SAMSUNG and EWY perps traded $474.4 million in the 23:00 UTC hour, six times a normal hour, and $651.5 million in the hour Seoul opened. From the CPI release to the Seoul close, the three traded $3.94 billion, 2.9 times the same hours in a typical week. Open interest rose 28%. Traders added exposure to the move as well as trading it. SpaceX Reported After the Bell; the Volume Came in the First Hour SpaceX reported its earnings after the US close on October 20. SPCX perps traded $1.13 billion in the 20:00 UTC hour, 56 times the usual for that hour, and stayed five to 14 times above normal through the night and pre-market. Over the next 24 hours, SPCX traded $7.15 billion, 5.3 times the same window in a typical week. Open interest slipped 4%. Positions turned over rather than building. Tesla's Roadster Reveal Traded in the Evening Tesla unveiled the Roadster on the evening of October 15, US time. TSLA perps traded $111.5 million in the 01:00 UTC hour, 9pm in New York and 36 times a normal hour. Volume stayed six to 12 times above normal into the pre-market. Over 24 hours, TSLA traded $1.17 billion, 4.1 times normal, and open interest rose 51%, from $128 million to $193 million. The volume came with new positions. Two After-Hours Prints, Two Different Books Meta and Tesla both reported after the close on October 21. Meta's stock fell 18% after hours on its revenue guidance. META perps traded $299.2 million in the 20:00 UTC hour, 67 times normal, and $841 million over the next 24 hours, 4.4 times a typical window. TSLA traded $194.8 million in the same hour and $869 million across the window, 3.9 times normal. Open interest fell on both, by 10% for META and 9% for TSLA. Volume ran four to five times normal while positions closed: traders were taking risk off. Six days earlier, the Roadster night had added 51% to TSLA open interest. Half the Trading Now Happens After the Bell Every event above broke while US exchanges were closed. Two months of data show that pattern is now the normal state of the market. The 25 most traded US stock perps did $272.3 billion in October, 21% more than September. 49.8% of that volume traded outside NYSE regular hours, up from 41.7% in September. Fifteen of the 25 traded more than half their volume off-hours, up from ten. The growth came almost entirely outside the session. Post-market volume rose 139%, overnight 60% and pre-market 23%. Regular-hours volume rose 4%. Of the $46.5 billion added, 89% traded while NYSE was closed. Weekends were the exception, down 10%. The open is still the busiest hour. The 13:00 UTC hour averaged $3.65 billion on October trading days, 63% more than the next busiest. What changed is the trading around it. News sets the timing. Across 14 events over the two months, news that broke during US hours stayed there: AMD's $1 trillion day on September 21, Meta's Muse rally and Marvell's investor day all traded 73% to 85% in the regular session. News that broke outside those hours pulled volume with it: Brazil, Korea, the Roadster and four after-hours earnings prints traded 53% to 100% off-hours. Intel showed it again on October 29. INTC perps traded $781.3 million in the first hour after its earnings as the stock fell more than 20% after hours, and open interest rose 30% by morning. Positions follow a daily rhythm. Open interest rose in 70% of pre-market sessions and on all eight weekends, and fell in 84% of post-market sessions. Traders build exposure before the bell and over weekends, and reduce it after the close. Off-hours is also where DEXs gain share. DEXs carried 14.4% of top 25 volume in regular hours, 20.4% post-market, 20.7% overnight and 22.4% at weekends. Index perps were already a DEX market, with DEXs taking 71% of S&P 500 volume and 60% of Nasdaq-100. Perps also trade at significantly higher volumes than tokenized versions of the same stocks on spot DEXs. In the seven days to October 29, tokenized stocks traded $1.95 billion on onchain spot DEXs. US stock perps traded $122.1 billion, about 63 times more. SpaceX traded 37 times more as a perp, Alphabet 42 times and SanDisk 249 times. The bell still sets the rhythm. It no longer sets the limits. October in Numbers RWA perps traded $829.4 billion in October, up 29.3% from September's $641.6 billion and the largest month in the tracked history. Daily volume averaged $26.8 billion. The busiest day was October 29, Intel's earnings day, at $47.7 billion. Open interest ended the month at $14.36 billion, up 11.8%, after reaching a new high of $14.60 billion on October 26. Asset Ranking Gold led at $104.3 billion. SOXL, the 3x leveraged semiconductor ETF, was second at $91.8 billion, followed by SanDisk at $80.6 billion, SK Hynix at $46.6 billion and oil at $44.0 billion. Asset Class Ranking Equities led with $384.4 billion, 46.3% of volume. Indices rose to $217.1 billion, 26.2%, from 17.1% in September; SOXL and KORU alone accounted for $120.9 billion of it. Commodities followed at $206.4 billion (24.9%) and FX at $21.5 billion (2.6%). Venue Ranking Binance led at $451.6 billion, 54.5% of volume. OKX followed at $82.1 billion, then Hyperliquid at $77.6 billion, Bitget at $51.1 billion and Variational at $45.0 billion. The top five held 85.3% of volume, down from 86.9%. QFEX ($9.4 billion) and Veranta ($8.9 billion) entered the tracked set. Market-Data Provider Ranking Venues sourcing Pyth prices accounted for $734.3 billion, 88.5% of October volume. Venue in-house pricing followed at 6.8%, mostly Variational and QFEX, then Chainlink at 3.6%. By class, Pyth priced 95.9% of equities, 91.6% of commodities and 81.1% of indices. Methodology and Sources All figures are actuals for closed UTC days through October 31, pulled November 1 from RWA Markets via the Pyth partner API, built by @zinnresearch. Market totals, asset classes, venues, providers and open interest use the partner perp-only series. Open interest is end-of-day, month-end to month-end. Provider attribution applies the current oracle map to each day, a different method from September's period-end estimate, so the two shares are not directly comparable. Session figures cover the 25 most traded US-listed single-name stock perps over September and October, excluding ETFs, leveraged ETFs and indices. SKHY (ADR) and NBIS are included. Sessions follow the NYSE calendar in UTC; venues without hourly data, notably Variational, are excluded from session shares. October had 22 trading days and nine weekend days, against 21 trading days, Labor Day and eight weekend days in September. Pyth Network 🔮
• US stock spot trading has officially launched on Poloniex. Trade US stocks on Poloniex! 🫶 @Poloniex H.E. Justin Sun 👨‍🚀 🌞
• What the Hell Happened? What the Hell Happened? The tweet, if X does not embed it. The reply, if X does not embed it. That was the first hour of Thursday's session. It got worse. By the close the Nasdaq-100 was down 6.36%. In twenty years it has had six worse days. Three were Covid. Three were 2008. Liberation Day isn't on the list. Neither is the Monday after America lost its AAA. The worst Nasdaq-100 closes since 2006. Nov 5 is seventh. Semis fell 12.25%, worse than any day of the dot-com crash. SanDisk lost 22%. Micron lost 17.5%. By Friday morning it had reached Seoul, where KOSPI hit its circuit breaker three minutes after the open. The night before, the at-the-money SPY put cost $2.80. The options market was pricing a 0.76% day. By Thursday's close that put was worth $35.35. The Nov 6 SPY 767 put: $2.80 to $35.35 in one session. Note: this is a stub of the full piece on Hypercall Insights. X can't carry the interactive charts, the expandable days or the live tools, so read the full version here. Everyone has a reason for it: data center moratoriums, AI capex, the Democrats. We don't think any of them explains the day. Here's ours. After a big event passes, traders do the same thing: the risk is gone, so they sell options and buy stocks back. Funds that size their positions off volatility do it automatically. We think that's a large part of why the VIX closed at 16.6 on Wednesday. It wasn't a forecast. It was a lot of money positioned for nothing to happen, and when something did, that money all had to sell in the same session. The Anthropic IPO is the next big date on the calendar, and we think the same setup is forming around it. What happened Tuesday was the midterms. Democrats took both chambers, and in Texas Gina Hinojosa beat Greg Abbott after calling for a data center moratorium. Wednesday the S&P rallied 1.6%, the VIX fell 20% to 16.61, and the one-day VIX halved. It was already splitting under the surface: that morning Microsoft was up 5.5% and Amazon 7% while CoreWeave fell about 4%. Thursday the S&P fell 4.36%, the Nasdaq-100 6.36%, and the Philadelphia Semiconductor Index 12.25%. It went well past chips. CNBC's tally had Iren down 17%, Nebius 15% and CoreWeave 10%. Anything with data center exposure got sold. Memory led: the bigger the AI beta, the bigger the fall. SanDisk fell 22%. Micron fell 17.5%. If you read our SanDisk piece in August, that ordering won't surprise you: memory is the highest-beta way to own AI capex, and it gives it all back first. Nvidia fell 9%. Apple barely moved. How bad was it? Depends what you're measuring, and most of the coverage got this a bit wrong. The worst SOX closes since May 1994. For semis this was nearly a record. Only March 16, 2020 was worse. Thursday beat every day of the dot-com crash and every day of 2008. For the S&P it wasn't close to a record. It ranks 43rd since 1970. The S&P's fall was 6.6 times its recent daily volatility, the largest multiple of anything on the list. The index had been so quiet that a medium-sized bad day looked like an extreme one. That's the first clue. The vote wasn't the surprise Start with the obvious suspect. If the election had shocked anyone, that would explain Thursday. It didn't. On Polymarket a Democratic sweep had climbed steadily for months, from about 44% in August to 74.5% by election day. Options priced the event about as well as you can: the VIX1D closed Tuesday at 23.22, an implied S&P move of 1.46% for Wednesday. The S&P moved 1.58%. So the market got the event right. The mistake came next. It decided that once the vote was done, the risk was done, and all the premium came out in one session. The volatility curve through the week of the vote. On Tuesday the front of the curve sits above everything, because the vote is the only thing being priced. On Wednesday it collapses and the curve slopes up. Saxo called the biggest one-session falls in the VIX and 9-day VIX in its data set. The one-day VIX closed at 12.08, 27% below the VIX. That priced Thursday at 0.76%. Priced the vote, then priced nothing: implied versus actual S&P moves. The S&P did 4.36%. That's 5.7 times the implied move. Goldman's desk put it at about five times Wednesday's straddle, so we're in the same place. One nuance worth being fair about. Skew barely moved on Wednesday. Cboe's skew index went from 150.0 to 150.9. So people kept paying for the crash tail. What got sold was the middle of the distribution: the ordinary, boring 2% day. Saxo's line was that the market "stopped paying for the vote but not for the chip debate." We'd go further. It stopped paying for anything that wasn't on the calendar. The moratorium story doesn't hold up The headline explanation for Thursday was data centers, and there's a real case for it. Democrats won Congress. Hinojosa won Texas, where Wells Fargo puts 27% of planned data center gigawatts. Dozens of local measures restricting data centers were on ballots in 10 states. Top Democrats called for a national moratorium after the sweep, and the Sanders and Ocasio-Cortez bill from March was back in circulation. Dan Ives said the buildout would slow and that Big Tech capex growth now likely peaks in 2027. If that's what moved the market, you'd expect the people betting directly on moratoriums to care. They didn't. The state moratorium contracts barely moved. Indiana's contract has traded $5.1M. It went from 18.5% to 18.0%. Texas is the sharper test: the candidate who wanted a moratorium won, and the December 2027 contract stayed at 21.5%. Yes needs a statewide law, and Abbott's August pause was already blocking new grid connections during a state audit. There's a limit to this test, and we should say it. These contracts only pay on a statewide law. Local fights can make the buildout slower and pricier without ever resolving Yes. Barclays' Dominique Toublan called the pushback "bipartisan but local, making the buildout pricier rather than stalling it." So flat odds don't prove nothing changed. They do show that the thing people said happened on Thursday, a sudden jump in the odds of a statewide stop, didn't happen. And semis were already leaving. Semis broke before the vote. From October 1 to the vote the SOX fell 17% and Micron 22%, while the S&P was down about 1%. On Wednesday, the day of the relief rally, the SOX fell 3.1% and Micron 7% while the S&P rose 1.6%. It was breaking before anyone posted about data centers. It wasn't an election trade on the way down, either. Daily changes in sweep odds and SOX returns had a correlation of 0.06 from August to the vote. The headline gave people a reason. The trade was already leaving. The capex version has the same timing problem. Thursday's scariest line was Elon Musk saying SoftBank was defaulting on turbine orders, which nobody has confirmed. The serious version came from Capital.com's Kyle Rodda, who told CNBC the AI trade was already fragile because big tech earnings had fallen short of growth expectations. We agree with that, and it's our point. Fragile describes positioning. Apart from that unconfirmed claim, we can't find anything about capex that was known on Thursday and not on Wednesday, when the same stocks were already being sold into an index rally. The cheapest thing in the market was the index This is the part we think most people missed. Everything was underpriced. But it wasn't evenly underpriced. Implied versus actual on Thursday. The index missed by the most. SPY missed by 5.5x. The single names missed by 3 to 4x. The thing that fell the least was the most mispriced. That sounds backwards, so here's the mechanism. An index is a basket. If one stock falls 5% and another rises 5%, each had a wild day and the basket had none. The VIX prices the basket, so it only sees moves that happen together. Wednesday is the cleanest example you'll get. Micron fell 7% and the SOX fell 3.1%, and the S&P rose 1.6%. If you were long chips it was an awful day. If you were looking at the VIX, it was a relief rally. From October 1 to the vote the SOX fell 17% while the S&P lost about 1%. Money leaving AI went into the rest of the index, so the basket barely noticed. Traders call that low correlation, and the trade built on it is dispersion. For most of this year AI went one way and everything else went the other, so single-stock vol stayed high while index vol stayed low. We wrote about how much of this term structure was AI back in April. Here's a toy version. Toy market: the stocks stay as wild, only the index changes. Take a market that's 40% AI stocks running at 45% vol and 60% everything else at 14%. If the two halves barely move together, a correlation of 0.1, the index runs about 20.6% vol. Push that to 0.9 and it runs about 25.8%. No stock got any more volatile. They just started moving the same way, and the index went up by a quarter. So a low VIX in a market like this isn't telling you the market is safe. It's telling you the market has a big short position in correlation, and it's been right for a while. Anyone holding the index at 16 vol was on the short side of that bet, whether they knew it or not. Thursday everything fell together. The best hedge for an AI crash turned out to be the boring one: a Wednesday SPY put went up 12.6 times, and an Nvidia put went up 5.8 times on a stock that fell twice as much. Some of that is mechanical, because cheaper options have bigger multiples. Implied versus actual is the honest number, and it says the same thing. If you want to hedge a crowded trade, don't buy protection on the crowded trade. It's already expensive. Buy it on the thing that looks safe because of the crowded trade. Who was actually selling The obvious answer on Twitter was GEX and vol sellers. That's only half right, and the wrong half is interesting. Dealers ended Wednesday estimated long gamma, about +$32.7B per 1%. In that state they buy dips, so you'd expect them to slow a selloff. They never got the chance. Wednesday's close of 7,689 sat only about 30 points above the 7,659 flip. The S&P opened near 7,646, already under it, and by 09:35 it was under Thursday's 7,634 flip too. That cuts against the tidy version of this story, where dealers absorb the first leg and then give up. On these estimates they were adding to the fall almost from the first trade. GEX doesn't explain why the market gapped lower, but it explains more of the day than the Wednesday number suggests. And dispersion trades didn't blow up: Risk.net reports some gamma-weighted versions made almost 7%, because single-stock vol rose more than index vol. The S&P against the estimated gamma flips on Nov 5. Who was selling, hour by hour, on the Nasdaq-100 perp. What the tape looks like to us: discretionary longs started it. Nomura's Charlie McElligott called it "shooting the generals," funds protecting 2026 gains in the year's best names. He wrote that the unwind had been "wildly acute" for more than a month and was nearing "round trip" levels in some trades, which fits a market that had been leaving since October. The perp fell 4.3% in the first 90 minutes, with no dealer cushion under it. The mechanical sellers were in there too, though as you'll see, we can't time them. Estimated forced selling that never shows up in a GEX chart. Two of those belong next to GEX, and one of them comes with a problem. Leveraged ETFs have to sell after a down day. That's how they work: a 3x fund holds a fixed multiple of its assets, so when it loses money it's over-exposed and has to cut. It's short gamma by design, and it was sold to retail. SpotGamma's estimate, posted at 12:44 ET, was about $42B into the close, $19B of that in semis. Nvidia's share alone was about $4.4B, roughly 20% of its 20-day average volume. For just SOXL, SOXS and TQQQ, SpotGamma's figures add up to about $29B, and our own arithmetic below gets about $32B. Both are estimates, not reported trades. None of it shows up in a GEX chart built on options open interest. The SOXL perp on Hyperliquid fell 38% in a day. Here's the problem. We expected this selling to show up as heavier volume at the close, and it didn't. The last 30 minutes were busy, but the whole day was busier, so the close was a smaller share of the day's volume than normal. The size estimates hold up. The timing doesn't: we can't show this landed at the close, and some of it may have traded earlier. How a 3x ETF turns a bad day into forced selling. Vol-control funds are the cleanest example of the thesis. They hold more equity when realized vol is low and less when it's high. As an illustration, a fund targeting 10% vol runs about 125% exposure when the market is realizing 8%. If realized jumps to 20%, it wants 50%. So weeks of calm literally built the position, and a vol spike is literally the sell order. Bloomberg's estimate was about $61B over this episode. Calm wasn't a description of the market. It was on their books. CTAs, for what it's worth, were already short. Citadel Securities had them at -3.3 standard deviations before Thursday. Not them. A caution on the numbers: estimates of dealer gamma ranged from about -$7B to -$95B per 1% depending on who and when. Every one of those models guesses who's long what. Use the direction. Don't quote the number like it's a fact. Method, data sources and what we did not measure are in the full piece. The day after gets priced like any other day We went in believing the day after a known event is the least protected day of the month. We tested it, and that's too strong. The day after is usually fine. Thursday was the worst miss in 889 sessions. VIX1D has about three and a half years of history, so we ran all 29 Fed decisions since it started, plus the last two elections. After a Fed day the next session was priced at a median 0.95%, above the 0.80% of a normal day, and it moved 0.58%. It beat its price 10 times out of 29, or 34%, against 26% for all sessions. Wednesday's 12.08 wasn't cheap either. It sat in the middle of the last three years and above most of the prior 60 sessions. So selling the day after has been a good trade, and that's the point. It works often enough that it gets crowded. The event premium goes out in one session, VIX1D fell 48% on Wednesday, and what's left is an ordinary price for an ordinary day. Nothing is left over for the second-order risk, the thing that follows from the event and has no date. Thursday moved 5.7 times its price. That's the largest miss in all 889 sessions we have. The next largest is 4.0 times, on June 5, 2026. Two elections and one blowup is not a law. It's a reminder of what an ordinary price buys you. The trade flipped just as fast the other way. By Thursday's close VIX1D was 36.8, an implied 2.32% move for Friday. The S&P closed up 0.3%, about a seventh of that. If you bought protection at Thursday's close you paid the top. Options are cheapest when you don't want them, and that isn't a coincidence. Our call: Anthropic is the same setup There's another date on the calendar. Anthropic filed its S-1 on October 26, for what would be the largest IPO ever, with a roadshow planned for the week of November 9 and a valuation target of $1.5T or more. The filing showed $16.3B of first-half revenue, $9B of compute spending, and five customers making up about 25% of revenue through September. The filing lifted the whole chain: Benzinga called it a $570 billion order book for chipmakers, and the SOX rose about 3% that day. Ten days later that same chain had its second-worst day since 1994. This time you can watch it being priced, in public, around the clock. Polymarket odds Anthropic lists by each date. The date came back, the price did not. The ANT perp on Hyperliquid, a synthetic bet on the expected share price, fell about 20% over Thursday and Friday, from 117 to around 94. It lost another 12.6% on Friday while the SOX bounced 4%. Polymarket's odds of a listing by Nov. 30 fell from 82% at Wednesday's close to about 51% early Friday, then came all the way back to about 81% by Friday night. We found no report that explains the rebound. The Block saw Kalshi's odds of a listing before Dec. 1 fall from about 88% to 60% during the drop. The most likely valuation bucket dropped from $1.50T to $1.75T down to $1.25T to $1.50T. All of that happened while Reuters was reporting investors asking for a lower price, and Bloomberg had buyers talking about $1.2T to $1.3T. Nobody needed a banker to tell them where it was clearing. So here's the call. The date may move, and the price certainly has. But whenever this prices, everyone is going to hedge into it, and everyone is going to take those hedges off after. If it goes fine, the market will treat that as the all-clear, the way it treated the vote. Vol comes in, the front of the curve collapses, and the day after will be priced like any other day. We think the risk is the day after, not the day of. We could be wrong. If vol stays bid after pricing, or the AI trade just rallies through it, this call was bad and we'll say so. The bull case is real too: TrendForce still has Q4 DRAM contract prices up 10 to 15%, hyperscaler capex plans haven't changed, and the SOX is on its lowest forward multiple since 2019. With CTAs this short, a squeeze wouldn't be strange. Friday's chip rally was a preview. Who bought it here We checked our own tape. Almost nobody bought the hedge here either, and the numbers are small, because we're small. Between Wednesday's close and Thursday's open, three traders bought puts on our stock and S&P options, about $55,000 of notional, nearly all of it Microsoft and Apple. A normal weekday in October saw about $452,000 of puts bought. At Thursday's close those puts were worth about 3.8 times what they cost, on intrinsic value alone. Most of that wasn't collected. The largest buyer sold within half an hour of the open at about 1.35 times cost. Held to the close, the same puts were worth about 4 times. Almost nobody bought the hedge here either. Then the flow turned the other way. During Thursday's session customers bought $526 of put notional and sold $67,000, and they bought $161,000 of calls. On the second-worst day for semis since 1994, the tape here sold fear and bought the dip. It's a tiny sample, but it's the same trade at a smaller size. The hedge was cheap the night before, and hardly anyone wanted it. Why we care Back to Seoul. When KOSPI stopped for 20 minutes on Friday, with SK Hynix leading it down, the SK Hynix perp on Hyperliquid kept trading. It went up about 4% during the halt. KOSPI on Friday morning, with the halt marked. SK Hynix kept trading while Korea was halted. Where the price was while the exchanges were shut. These names trade around the clock now. Hyperliquid's equity perps gave you a price on Friday morning when Korea couldn't. We wrote about what that looks like in the S&P in September. One twenty-minute window isn't proof of anything, but a halt doesn't stop people wanting out. It just moves where they go. Perps give you price. They don't give you convexity. A perp short on Wednesday night would have made money. A Wednesday SPY put made 12 times its cost, with a known maximum loss and no liquidation price. The lesson from this week is that the time you need a hedge isn't the time you know you need one, and it might not be during New York hours. That's the gap we're building for: options on these names, on the same rails as the perps, margined together, open when the rest of the market isn't. It's early and the books are thin next to the listed market. But Wednesday night was a pretty good demonstration of why it should exist. What to watch on Monday Everything above is a claim about how the market treats a date. Monday is the first live test of it, and the place to watch is the ANT perp. Here's where it sits. It closed Friday's UTC session at 94.29, down 19.7% from Wednesday's 117.41. Friday's low was 93.06. Realized vol over the past week ran about 101% annualized, up from 72% the week before. Open interest is about 610,000 contracts, roughly $58M, and funding is close to flat, so nobody is paying up to hold either side. The perp trades through the weekend, so there will be an answer before New York opens. Three things matter. 93. That's Friday's low. If it breaks with the roadshow about to start, the market is saying the $1.2T to $1.3T talk was the ceiling. 105 to 108. Thursday's low was 104.89 and its close was 107.86. Getting back above that says Friday was a flush, not a repricing. The option curve. Our ANT options are expected to start trading Monday, so we have a stake in this and you should read it that way. The perp tells you the price. Options tell you what people will pay for the path. Compare what the market charges for the listing with what it charges for the days after it. If ANT options price a big listing day and a calm day after, that's Wednesday night again. That's what we'll be watching on Monday. This article is for information only and is not financial advice. Hypercall lists options on several underlyings discussed here, including Micron, SanDisk, Nvidia, Meta, Microsoft, Apple and the S&P 500. Option figures are approximate and use closing prices. Flow figures are third-party estimates. Prediction-market and pre-IPO perp prices reflect thin, speculative markets. The view on the Anthropic IPO is an opinion, not a forecast of any outcome. Options involve risk and are not suitable for everyone. Hypercall (by $SYN)

Loading the $SOXL page…