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Hendrik Ghys, Co-Founder & CEO of Thalex, joins the Insilico Terminal Podcast to talk about crypto options, volatility trading, market makers, delta hedging, and why options are easier than most traders think. We cover how Thalex is building a crypto options exchange, why options are harder to bring on-chain than perps, how MOVE-style contracts work, what market makers actually do when they hedge, and how traders can think about perps vs options. The episode also covers selling volatility, delta hedging straddles, OPEX, gamma, call spreads, longer-dated options, and why many retail traders might be making trading harder than it needs to be.

00:00 Intro: Hendrik Ghys from Thalex

01:47 Building a Crypto Options Exchange

06:15 Why Thalex Focused on Better Options Products

13:26 Why DeFi Options Are So Hard

16:53 Perps vs Options for Traders

30:13 How Options Market Makers Hedge

40:18 Selling Vol and Delta Hedging

49:34 Simple Options Rules for Retail Traders

55:16 Day Trading Options vs Perps

01:01:56 Learning Options by Doing