Your first crypto trade.

Without scrolling back, can you answer these?

Five questions across the Crypto tier. Click each to reveal. The test is whether you can answer first.

1. Name three structural advantages a crypto PM has over a perp on the same directional view.

   First, capped downside: max loss is the entry cost, no liquidation price. Second, no funding: you don’t pay 0.01–0.1% every eight hours just to hold the view. Third, defined timeframe: the market resolves on a fixed clock, so you’re not paying for indefinite exposure to a thesis you only need for the next 48 hours.
2. Funding is at +0.08% per eight hours and Fear & Greed reads 82. What does the stack tell you, and which side of a near-the-money market does it favour?

   The stack is screaming extreme long crowding: traders are paying a premium to stay long (high funding) while sentiment is in greed territory. Both signals are contrarian on the timeframe of hours-to-days. The marginal long has already bought, leaving more potential sellers than buyers. On a near-the-money up/down market, NO at a discount tends to be the better-priced side.
3. You expect a CPI print to drive a 3% Bitcoin move, but the daily up market is priced at 54%. Where does volatility-as-edge live in this setup?

   A near-50/50 price means the market is reading the catalyst as roughly random. If your view is “3% move in either direction is much more likely than a flat day,” the edge isn’t in picking up vs down. It’s in a straddle: buy the cheap tail (e.g., the above threshold and below threshold markets if both are mispriced low). The volatility module’s frame: the market is pricing the direction, not the magnitude, and your edge is the magnitude.
4. It’s 11pm and you’re holding a daily crypto PM. Why is the next eight hours qualitatively different from the same eight hours of an equities trade, and what do you set before sleeping?

   Equities close; crypto doesn’t. Asia hours run thin, spreads widen, and a single liquidation cascade on a perp exchange can spike the underlying 3–5% in minutes, while you’re asleep. Set a limit-sell exit at your take-profit price and an alert (or pre-armed market exit) at your stop level before you close the laptop. 24/7 markets mean sleep is a sizing decision: if you can’t protect the position, size it smaller.
5. How does Module 15’s sentiment stack change the pre-trade checklist you’d run on a Module 17 setup?

   A vanilla pre-trade check asks “is the price wrong?” The synthesis: also ask “is the crowd wrong, and which way?” Funding rate, Fear & Greed, and on-chain stablecoin flow give you a confidence multiplier on a clean structural setup, or a brake when the sentiment stack disagrees with your direction. The Module 17 trade entered NO at $0.58 precisely because funding + sentiment + structure all pointed the same way; one signal alone is a setup, three is a green light.