Derivatives Strategist

Rafael Costa

Options & futures

Rafael lives in the derivatives stack: basis, funding, skew and open interest. He explains what positioning is telling us about the next move.

Byline

Recent publications

Lower policy rates ease financial conditions and tend to lift risk assets — but the transmission to crypto is noisier than the headlines suggest.

Open interest in Bitcoin options has set a record, reflecting a maturing derivatives market and more sophisticated positioning.