Nov 11, 2026 · 1h 2m
Crypto trader favors options, buybacks and liquidity over leverage
How a Top 100 Hyperliquid Trader Finds the Next Big Trade
The discussion offers a risk-first framework for judging volatile crypto trades, revenue-generating tokens and the next phase of derivatives adoption.
- 1Capital preservation, hedging and position sizing matter more than maximizing leverage in volatile crypto markets.
- 2Options can express long-term views on reflexive assets while avoiding liquidation risk and monetizing elevated implied volatility.
- 3Lighter may offer the stronger three-to-six-month trade, while Hyperliquid retains the deeper liquidity and longer-term case.
Don't miss
Cool Crypto explains why options may be the better way to trade Zcash’s reflexive volatility, offering upside without liquidation risk.
The brief
Cool Crypto argues that leaderboard success on Hyperliquid matters less than avoiding catastrophic losses, using perps for active exposure and hedges for control.
The conversation tests crypto’s revenue-token thesis against store-of-value assets such as Bitcoin and Zcash, with regulation and adoption shaping which narratives can attract capital.
Zcash’s reflexive volatility makes options more useful than simple perp exposure for many trades: they can preserve upside while avoiding liquidation and monetize rich implied volatility.
Lighter looks stronger over three to six months because of its regulatory positioning, while Hyperliquid remains the longer-term favorite because liquidity is the trader’s decisive moat.
The closing framework looks top-down at rates, geopolitics and token categories before calling the end of 2026 a potentially pivotal risk-and-reward moment for crypto allocators.
What was said on this episode
33 statements · 21 positive · 8 negative · 2 mixed · 2 neutral
- Cool Cryptoon Portfolio leverageNegative0:38
Cool Crypto generally limits portfolio leverage to 1x.
“I literally never use more than 1x leverage on like the entire portfolio or incredibly rarely.”
Listen at 0:38
Hyperliquid leaderboard activity provides some trading signal.
“There's a little bit of signal.”
Listen at 2:39
Curated lists of consistently winning traders can provide useful signal.
“you can get a decent bit of signal by curating a good list of guys who you know consistently win”
Listen at 3:33
- Cool Cryptoon Revenue tokens versus Bitcoin and ZcashNegative8:53
Capital may rotate from revenue tokens into Bitcoin and Zcash.
“we might see an interesting rotation out of some of those revenue meta tokens into more of the Bitcoins and ZECs of the world.”
Listen at 8:53
Ethereum does not fit neatly into money-versus-revenue-token categories.
“ETH is a really good example of something that kind of falls in between.”
Listen at 9:27
- Cool Cryptoon Bitcoin versus ZcashPositive11:15
Bitcoin is far more likely than Zcash to become a globally accepted store of value.
“Bitcoin is orders of magnitude more likely to be adopted than something like Zcash.”
Listen at 11:15
Zcash is currently a crowded consensus crypto trade.
“it is such a crowded consensus crypto trade”
Listen at 11:41
Zcash’s active development increases potential hack or exploit exposure.
“that also increases the attack surface area for potential hacks or exploits.”
Listen at 13:20
Zcash merits inclusion in most portfolios.
“I think Zcash deserves a place in most people's portfolio.”
Listen at 18:55
- Cool Cryptoon Bitcoin black-swan events and ZcashPositive21:13
Bitcoin black-swan failures could create a major bullish catalyst for Zcash.
“The really big bull case for Zcash would potentially be some black swan events in Bitcoin specifically”
Listen at 21:13
Zcash is unlikely to appreciate steadily at a 10% annual rate.
“Zcash can't really just kind of go up at like, you know, a 10% CAGR”
Listen at 23:34
“if you zoom out in a year it's going to 200 or it's going to 5 000”
Listen at 24:03
Options provide leveraged Zcash exposure without liquidation risk.
“the best way to get like levered exposure to that, that's not going to be liquidated is through options.”
Listen at 25:58
Selling Zcash calls can monetize unusually rich implied volatility.
“selling calls against it is extremely interesting because of the fact that they trade so rich relative to vol.”
Listen at 26:15
- Cool Cryptoon Crypto options versus perpetualsPositive27:23
Options express more trading views than perpetual contracts.
“I think options are just a lot more flexible.”
Listen at 27:23
- Cool Cryptoon Revenue tokens with buybacksPositive34:13
Revenue tokens with buybacks can reprice upward when undervalued.
“if they're trading cheap relative to revenue, it's just going to get manifested into the chart naturally”
Listen at 34:13
- Cool Cryptoon Technical trading indicatorsPositive35:18
Technical traders should monitor indicators watched by other market participants.
“you kind of do want to be looking at the same thing everybody else is looking at.”
Listen at 35:18
Lighter is preferable to hold over the next three to six months.
“I think Lighter is a better hold for the next three to six months.”
Listen at 37:09
- Cool Cryptoon Lighter versus HyperliquidPositive38:16
Lighter may achieve regulatory clarity faster than Hyperliquid.
“Lighter might have a faster, cleaner path towards regulatory clarity than hyperliquid.”
Listen at 38:16
- Cool Cryptoon Lighter versus HyperliquidPositive39:12
Lighter may outperform Hyperliquid over the next three to six months.
“over the next three to six months, almost just by virtue of like recent price action too, I think lighter probably can do a better multiple than Hyperliquid”
Listen at 39:12
- Cool Cryptoon Lighter and HyperliquidPositive39:25
With equal CFTC clearance, Lighter could multiply while Hyperliquid gains 20–40%.
“I think lighter pops a couple, you know, a couple multiples, whereas Hyperliquid might just pop, you know, 20, 30, 40%”
Listen at 39:25
- Cool Cryptoon Hyperliquid versus LighterPositive39:37
Hyperliquid is preferable to Lighter as a one-to-two-year hold.
“I would rather go into a coma for a year or two holding all hype than all lit”
Listen at 39:37
- Cool Cryptoon Exchange liquidityPositive42:03
Liquidity is a stronger exchange moat than many observers recognize.
“liquidity is so much more of a moat than people realize.”
Listen at 42:03
- Cool Cryptoon Hyperliquid versus Lighter liquidityPositive42:44
Hyperliquid currently offers better large-size altcoin fills than Lighter.
“if you want to trade altcoins, hyperliquid is still generally you're going to get a lot better fills at size.”
Listen at 42:44
- Cool Cryptoon Hyperliquid and LighterPositive43:16
Hyperliquid and Lighter could capture multiple percent of global derivatives volume.
“I fully expect both to capture multiple percents of that”
Listen at 43:16
Hyperliquid’s price could multiply in five years without market-cap growth.
“hype in five years can be trading at the exact same market cap as it is right now and be trading at multiples higher on the current price.”
Listen at 45:15
Hyperliquid no longer offers extremely asymmetric upside.
“hype is not this massive asymmetric trade anymore”
Listen at 46:39
- Cool Cryptoon Crypto options marketPositive49:13
Crypto options volume could increase five- to tenfold next year.
“the options space in crypto could very easily 5 to 10x next year.”
Listen at 49:13
Derive is unlikely to retain over 90% options-market share after expansion.
“it's almost impossible to imagine that Derive keeps its, you know, 90%, 95% plus market share.”
Listen at 49:20
Hyperliquid is unlikely to launch native options soon.
“I don't think Hyperliquid is natively going to put out options anytime terribly soon.”
Listen at 51:35
- Cool Cryptoon Lighter optionsPositive51:49
Lighter is likely to launch crypto options before Hyperliquid.
“I think it's very likely that they're first to that market.”
Listen at 51:49
- Cool Cryptoon Hyperliquid versus Lighter options launchNeutral52:13
Hyperliquid may launch native options nine-to-twelve months after Lighter.
“it might just be. nine months out or 12 months out, as opposed to LiDAR, which might be two months out or three months out”
Listen at 52:13
Derive may hold 55–60% share of a crypto options market five-to-ten times larger next year.
“derive might only be 55 or 60% of the market share next year, but the market share might be five to 10x higher.”
Listen at 54:43
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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