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
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