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Marty joins the Insilico Terminal Podcast to talk about his path from early Bitcoin and BitMEX to becoming a top perps and spot market maker on FTX, and later moving deeper into crypto options. We discuss why options market making is so different from perps, why retail still prefers simple up/down leverage, how structured products work, what went wrong with DeFi options, and why portfolio margin matters. Marty also shares his view on volatility selling, surviving major market stress events, the current state of Bitcoin and ETH, and why Hyperliquid has become one of the most important venues in crypto.

00:00 Marty’s path from early Bitcoin to market making

06:17 Becoming a top FTX perps and spot market maker

12:00 Why crypto options are still behind perps

16:17 How institutions use structured products

20:31 Why DeFi options struggled and what changed

25:03 Prediction markets, binary options, and retail gambling

30:37 Better ways to express directional trades with options

37:51 Surviving 10/10, volatility spikes, and exchange outages

43:14 Why Marty is skeptical about the current crypto market

52:01 Bitcoin’s narrative problem and what could bring it back