What kind of readers are suitable for learning volatility trading? • I no longer want to gamble on price fluctuations; I'm more focused on stable returns. • I hope to achieve continuous appreciation in cryptocurrency-based assets (by leveraging volatility rather than market direction). • Have a certain amount of capital or can mobilize funds, and wish to participate in interest-earning/arbitrage trading. • Have a basic understanding of mathematics or programming and are willing to view trading systematically and quantitatively. • Believe that "the main growth in the crypto in the future will come from options and volatility strategies surrounding BTC and ETH."

The essence of volatility premium: The risk premium in option prices stems from the difference in adjustments made to the risk factor drift parameter (i.e., the risk compensation term) between the physical measure and the risk-neutral measure. This adjustment reflects the additional return investors demand for bearing systematic risk. In summary: The core reason volatility trading is worthwhile is that the market provides a consistently positive risk premium for systematic volatility risk. The core task of volatility traders is to efficiently extract and capture this premium through technical means (Delta hedging, portfolio construction, dynamic management, etc.).