Delta-neutrality is not "free money"; it’s a matter of mathematics. It is always vital to consider the risks involved:
🔘 Non-linearity Risk:
In liquidity pools, your Delta changes as the price moves. Because of this, relatively frequent rebalancing is required—slightly adjusting the size of your short position or loan to bring your Delta back to zero.
🔘 LVR (Loss-Versus-Rebalancing) Metric:
Your strategy will only be profitable when the pool's yield (APR) is higher than the market volatility. Simply put: if the market is "swinging" too intensely, trading commissions must be exceptionally high to offset the costs.
🔘 Liquidation:
If you are using a loan, keep a close eye on the exchange rate. If TON rises sharply, the value of your debt could exceed your collateral. Always maintain a sufficient USDT reserve.
Conclusion: Delta-neutral farming represents a transition to institutional-level capital management. You stop relying on luck and start earning from the market infrastructure itself.
Study, calculate, and make an informed choice!
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