THE CORRIDOR IS PRICED. THE TEXAS HEDGE TWINS ARE COMPLETE. The strike is 39.0. That is the number that makes the swap worth zero on Bloomberg's model, and we publish exactly how it was found: DLIB Local Volatility Monte Carlo, 20,000 paths, IBIT/EWY correlation calibrated at 0.34, solver target price zero -> 39 vol spread. 👀 The trade in one line: the option market prices Korean equity volatility at 39 points higher than $IBIT. ELI5: D2 users which participated to this strategy are short that premium at 39: long IBIT realized vol, short EWY realized vol, paid on any reversion toward a world where bitcoin is the more volatile asset. Which was every window of history until this one. We replayed this exact deal, same strike, same floor, every day since IBIT listed in January 2024. Average payout > 40%. Worst window ever recorded: minus 7.7%. The only losing window in the entire chart is the one ending today. We are selling the anomaly at its recorded extreme. That is the point. Full terms, all known at inception: One vol point of spread = 1% of NAV. The ladder IS the spread. Hard floor at minus 40% of NAV, engineered to the dollar. 44 NYSE close fixings through 18 Sep, every date enumerated in the published script. Settlement 22 Sep in USD, same day as the Kimchi twin. Fees 0% management, 10% performance. You cannot do this trade anywhere else in one click. The alternative is an ISDA, a prime broker, and an eight figure minimum. The future is tokenized RWA derivative strategies. D2 is already there. Fade D2 at your own risk.