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SIMPLE DERIVATIVE ARBITRAGE

Current Status of Hedge Fund 2 (HF2)

MAIN PROBLEM

There is scarce historical derivatives data available to perform effective backtesting. Cleaning and processing this data represents a significant challenge.

PROPOSED SOLUTION

Implement a live data collection system with the following architecture:

  • PostgreSQL database to store data (initially hosted on Supabase)
  • Integration with Deribit's official API to capture real-time opportunities
  • Forward testing monitoring at-the-money options

ARBITRAGE STRATEGY

Identify pure arbitrages through replicating portfolios and the Black-Scholes model, using the creation of synthetic assets:

Synthetic Asset Formulas

Synthetic Stock:
Call - Put - PV(Strike) + Dividend
Synthetic Bond:
Stock - Call + Put
Synthetic Call:
Stock + Put - PV(Strike + Dividend)
Synthetic Put:
Call - Stock + PV(Strike)

REQUIRED HELP FROM MARCOS

We need support to:

  • Validate the arbitrage model with replicating portfolios
  • Review the technical implementation of the data collection system
  • Optimize the arbitrage opportunity detection strategy

IMPLEMENTATION METHODOLOGY

The strategy is based on observing Calls and Puts traded on Deribit's market to identify arbitrage opportunities by comparing them with synthetic assets.

Detection Process

  • Observe market prices of Calls and Puts on Deribit
  • Create synthetic Calls using replication formulas
  • Identify price discrepancies (mispricing) between real and synthetic derivatives

MVP Components

Derivatives price source:
Deribit API for options
Interest rates:
Fixed lending and borrowing rates from Aave
Algorithm:
Detection of simple arbitrages based on basic mispricing

PROJECT STATUS

This project is currently in the development phase. The live data collection system is being implemented to enable forward testing of the synthetic options arbitrage strategy. Backtesting results will be available once the historical data collection phase is complete.