Lately, I got the itch to go check the options board. In plain terms, I just want to use “a little money to buy a story,” even if the ending is most likely that time will slowly chew me up. The buyer wakes up every day like they’re watching an hourglass—if the underlying hasn’t moved, they’re still losing money. The seller looks calm on the surface, pocketing that small amount of time value like rent, but if some pinprick comes along and punctures the volatility, they won’t sleep well at night.

Sometimes I feel like time value is like slippage in AMMs: when liquidity isn’t deep enough, every step you take is like paying the market a tax. Now everyone’s complaining about MEV and unfair ordering—validators are doing quite nicely on their end, while retail feels like with every single trade, someone “snatches off a little at a time.” It’s actually pretty similar to how options buyers get worn down by theta… Anyway, I’ll restrain myself for now—don’t turn the poems into a liquidation diary.