Clients are making large-scale bets using options contracts, expecting the token price to continue rising.

Written by: Steven Ehrlich, unchainedcrypto

Written by: Shan Oppa, Jinse Finance

The initial coin offering (ICO) of $PUMP is regarded as one of the most notable events in the crypto market in recent years. This has attracted various traders looking to profit from the hype, volatility, and extremely successful sales.

So far, most trading activity has occurred in the perpetual contract market, but now options contracts are also becoming active, as the eventual "strike price" could yield substantial returns.

PUMP traders are betting heavily that the token will far exceed the ICO price

Crypto prime broker FalconX reports that clients are making large-scale bets using options contracts, expecting the token price to continue rising.

Before the landmark ICO held last Saturday, the yet-to-launch PUMP token from Pump.fun had already sparked rapid speculation in the market, selling $500 million worth of tokens in just 12 minutes.

However, almost all of the early speculation was concentrated in the perpetual contract (perps) market. This is a cash-settled product offered on platforms like Hyperliquid and Binance, used to gain spot-like price exposure with leverage. Since July 10, the PUMP perpetual contract on Hyperliquid has risen by 33%, with a total trading volume of $628 million during the same period.

Now, the situation is changing.

FalconX exclusively revealed to Unchained that the company is facilitating customized options trades for clients through over-the-counter (OTC) desks, with notional sizes reaching hundreds of millions of dollars.

Unlike futures contracts, which require settlement at expiration (cash or physical delivery), options contracts grant both buyers and sellers the "right" but not the "obligation" to exercise the contract. This means traders can design trading strategies with potentially high returns, as long as the final price movement aligns with their expectations.

Griffin Sears, head of derivatives at FalconX, stated that the company's clients are using these options to make significant bets on the upside potential of PUMP, reflecting the industry's optimism about this rare major ICO in years. He said, "We are seeing strong interest from traders in far out-of-the-money call options, indicating they expect prices to far exceed the ICO level."

Options vs. Perpetual Contracts: A Comparison of Two Tools

Due to the explosive demand for this ICO, many traders have been forced to turn to the derivatives market for exposure.

Perpetual contracts provide traders with linear price exposure—simply put, betting on whether the price will go up or down. Leverage can amplify profits (or losses), but these contracts have limitations on certain complex trading strategies.

In contrast, options are more attractive to traders during volatile periods. First, the risk is limited to the initial capital invested, allowing for larger notional positions to be established through leverage, without the risk of forced liquidation. The worst outcome is that the contract becomes "out of the money" at expiration, and the trader only loses the initial investment.

In FalconX's case, trading demand is primarily focused on call options, which are seen as bullish bets because they grant the buyer the right to purchase the asset at a specific price. According to FalconX, the strike price range for short-term call options is approximately 25% to over 150% of the ICO price. However, the company did not disclose the leverage multiples or specific expiration dates. Traders are using these options to construct strategies with "asymmetric" upside risk.

Will the next few days be lively?

At least until the PUMP token officially circulates after a 48–72 hour lock-up period, trading activity around the token is expected to remain very active. Although PUMP's recent revenue data has declined, it is still viewed as a high Beta bet on SOL.

"The demand for PUMP far exceeds the allocation that clients can obtain," Sears stated. "For some institutions, derivatives are almost the only way to gain full exposure before the token is officially distributed."

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。