Can AI identify the biggest problems facing the U.S. options market—or do experienced traders see risks the bots are missing?

Mark Longo and Dan Passarelli put ChatGPT and Google Gemini to the test, challenging both to rank the options market's five most pressing concerns. Then they debate the results, separating persistent industry headaches from emerging challenges that could change how you trade.

On this episode, we explore:

• 0DTE options: Does the explosion in same-day expiration trading amplify volatility or help traders manage intraday risk?

• 24-hour trading: What could extended hours mean for options liquidity, retail traders and overnight position management?

• Exchange fragmentation: Do more options exchanges improve competition or add costs and complexity?

• Payment for order flow: How should traders weigh routing conflicts and execution quality?

• Clearing and infrastructure: Are the bots identifying legitimate vulnerabilities or recycling outdated concerns?

Plus, Mark and Dan discuss competition from prediction markets, crypto perpetuals and tokenized derivatives. Dan also introduces his automated earnings time spread platform.

Do the bots earn a passing grade? Mark and Dan don't exactly agree—and listeners spot one risk AI conveniently leaves off its own list.

Could VIX perpetual futures change how traders access volatility? On this episode, Mark Longo and Dan Passarelli tackle your questions about VIX perps, individual stock volatility and what options prices really tell us ahead of earnings—with a little "bah, humbug" along the way.

The discussion includes:

• The buzz surrounding VIX perpetual futures and why the hosts distinguish speculation from an official product announcement.
• Cash VIX versus VIX futures—and why that difference matters when trading VIX options.
• Whatever happened to the single-stock volatility indexes for Apple, Amazon, Google, IBM and Goldman Sachs?
• How to use implied volatility to assess uncertainty in stocks like Nvidia and Tesla.
• Why Dan challenges the usefulness of earnings implied moves, plus how historical earnings data can inform the discussion.
• The looming retirement of Trade Alert and a look at QuikOptions for options analytics and idea generation.

Plus, the hosts debate another round of VIX upside speculation, discuss Mark's exit from SVIX and weigh listener picks among Portillo's, Archer Aviation, Fermi and Lucid.

Rising Treasury yields have listeners asking: Is TLT the right ETF for trading a view on bonds, and will we ever get a tradable version of the MOVE Index?

Mark Longo and Dan Passarelli tackle your bond ETF options questions, comparing TLT and IEF, their options liquidity and the different portions of the Treasury yield curve they represent. They discuss why matching your trading thesis to the right underlying matters, particularly when your focus is the 10-year Treasury note.

The conversation also explores buying Treasuries directly, the history of Cboe's Treasury volatility indices and CME Group's CVOL suite. Why has creating a tradable bond volatility product proved so challenging—and do Mark and Dan think that will change?

Plus, the hosts weigh in on listener polls covering Nvidia's stock buyback and PURR options tied to Hyperliquid's HYPE token.