[DeFi Alpha Lab] one lp, four flows
a curve pool printing 500% and deribit block trades that already vanished
five opportunities surfaced. one is still live. the other four are deribit options flows that disappeared within hours, but the dealer-gamma read is worth keeping.
1. curve FRXUSD-USP, ethereum
lp opportunity. curve-dex pool on ethereum, FRXUSD against USP. headline apy 250%, realistic apy 250%. capital range zero to $165,500. no leverage.
the mechanism is a reward-only pool. base fees are zero. the entire 500.4% apy comes from emissions. tvl sits at $165,500. this is an exit signal for current lps, not an entry. when emissions stop or token unlocks hit, the apy collapses instantly. defillama-reported apy is averaged, actual returns vary by tick range and vault composition.
risks: reward-only pool, apy collapses when emissions stop or token unlocks. tvl thin at $165,500. defillama apy is averaged, actual returns depend on tick range and vault composition.
2. btc flow, deribit
disappeared. detected june 11. options flow on deribit, $BTC. bullish bias +0.13, 36 block trades. max-pain proxy $70,000 vs spot $62,404. capital range $25,000 to $10,000,000. no leverage.
dealer-gamma read: persistent call buying pulls spot toward strike clusters. put dominance creates downside vacuum. the flow was net bullish with $19.2m calls vs $14.7m puts in a 90-minute window.
risks: block trades may be hedges, not directional bets. open interest gamma skew +0.23. max-pain proxy $70,000 vs spot $62,404.
3. eth flow, deribit
disappeared. detected june 11. $ETH options flow bearish, bias -0.22, 14 block trades. max-pain proxy $2,000 vs spot $1,646. capital range $25,000 to $10,000,000.
flow was net bearish. $4.1m calls vs $6.4m puts in 90 minutes. dealer-gamma framework: put dominance creates downside vacuum, persistent call buying pulls spot toward strike clusters. open interest gamma skew +0.30.
risks: block trades may be hedges, not directional. gamma skew +0.30. max-pain proxy $2,000 vs spot $1,646.
4. btc flow, deribit
disappeared. detected june 11. $BTC options flow bullish, bias +0.09, 32 block trades. max-pain proxy $70,000 vs spot $62,729. capital range $25,000 to $10,000,000.
$18.9m calls vs $15.8m puts in 90 minutes. dealer-gamma framework applies: call buying pulls spot toward strike clusters. open interest gamma skew +0.23.
risks: block trades may be hedges. gamma skew +0.23. max-pain proxy $70,000 vs spot $62,729.
5. eth flow, deribit
disappeared. detected june 11. $ETH options flow bullish, bias +0.25, 15 block trades. max-pain proxy $2,000 vs spot $1,657. capital range $25,000 to $10,000,000.
$6.8m calls vs $4.0m puts in 90 minutes. strongest bullish bias of the set. dealer-gamma read: call buying pulls spot toward strike clusters. open interest gamma skew +0.30.
risks: block trades may be hedges. gamma skew +0.30. max-pain proxy $2,000 vs spot $1,657.
the pattern today is a split. btc flows were consistently bullish across both windows, eth flipped from bearish to bullish within an hour. the max-pain proxies for both assets sit well above spot, which means dealer hedging could exert upward pressure if spot drifts closer to those strike clusters. the curve pool is a classic reward-only trap, high apy with zero base fees and a thin tvl. the options flows are gone but the gamma structure remains.
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