Lately, looking at options, the more I see, the more I feel that time value is quite "biased": the buyer wakes up every day first being bitten by theta, even if the market doesn't move, they're losing money; the seller is like collecting rent, and the biggest fear is that one day a sudden spike of volatility will pierce through. To put it simply, time eats away at the buyer's patience and feeds the seller's luck.

Now everyone is comparing RWA, US bond yields, and various on-chain "returns," I just want to say don't just look at the annualized figures; the implicit costs in options are even more: spreads, slippage, hedging adjustment fees, which might be more brutal than the "time value" you think.

The noise reduction strategy is simple: first write all costs (fees + spreads + possible hedging adjustments) in one line, then decide whether to stand on the buyer's or seller's side, otherwise it's all noise.