eth 11jul26 expiry. put/call oi ratio 0.54, put/call vol ratio 0.85. calls dominate open interest but puts traded heavier relative to the book. max pain $1,750, spot $1,857. atm iv 46.9%.
the oi skew is structurally bullish. but the vol ratio creeping toward parity says traders are buying downside protection into this expiry. not panic levels. just hedging.
dealer gamma flips negative if spot breaks below $1,750 before friday. below that, dealers sell into weakness. above, they buy dips. the pin is real.
$ETH #OnchainAlpha #PerpFunding #FundingArb
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Originally published on FalsifyLab Substack.