{"id":2376,"date":"2025-08-28T14:38:38","date_gmt":"2025-08-28T14:38:38","guid":{"rendered":"https:\/\/pi42.com\/blog\/?p=2376"},"modified":"2025-08-29T09:03:07","modified_gmt":"2025-08-29T09:03:07","slug":"options-market-making-crypto-guide","status":"publish","type":"post","link":"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/","title":{"rendered":"Options Market-Making in Crypto: Risk Management &amp; Edge Explained"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69db57ce4aeaa\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69db57ce4aeaa\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#understanding-options-market-making\" >Understanding Options Market Making<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#what-is-options-market-making\" >What Is Options Market Making?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#how-market-makers-quote-options\" >How Market Makers Quote Options<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#bid-ask-spread-explained\" >Bid-Ask Spread Explained<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#risk-management-the-core-of-market-making\" >Risk Management: The Core of Market-Making<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#delta-hedging\" >Delta Hedging<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#gamma-vega-exposure\" >Gamma &amp; Vega Exposure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#inventory-controls\" >Inventory Controls<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#technology-behind-market-making\" >Technology Behind Market Making<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#how-market-makers-gain-edge\" >How Market Makers Gain Edge<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#1-volatility-edge\" >1. Volatility Edge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#2-speed-advantage\" >2. Speed Advantage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#3-statistical-modeling\" >3. Statistical Modeling<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#real-world-example-btc-options-market-making\" >Real-World Example: BTC Options Market Making<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#challenges-in-crypto-options-market-making\" >Challenges in Crypto Options Market Making<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#tools-for-aspiring-options-market-makers\" >Tools for Aspiring Options Market Makers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#conclusion\" >Conclusion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/pi42.com\/blog\/options-market-making-crypto-guide\/#read-related\" >Read Related<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"understanding-options-market-making\"><\/span>Understanding Options Market Making<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ever wondered who\u2019s always ready to buy or sell your crypto options trading contracts, regardless of time or volatility? The answer: options market maker.<\/p>\n\n\n\n<p>In the crypto options market, market makers are the invisible engines providing consistent two-way quotes, tightening spreads, and ensuring efficient execution. But they\u2019re not just blindly quoting prices, they operate with complex risk models and hedging strategies that give them both liquidity and edge.<\/p>\n\n\n\n<p>This blog dives into how options market making works in crypto: from quoting mechanics and delta hedging to risk controls and P&amp;L strategies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what-is-options-market-making\"><\/span>What Is Options Market Making?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>So, what is options market making?<\/p>\n\n\n\n<p>At its core, options market making involves:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Quoting both bid and ask prices for options contracts<\/li>\n\n\n\n<li>Profiting from bid-ask spread, volatility edge, and time decay<\/li>\n\n\n\n<li>Using hedging to manage directional, gamma, and vega risks<\/li>\n<\/ul>\n\n\n\n<p>Options market makers enable liquidity on platforms like Pi42, Deribit, and Binance Options, making it easier for traders to enter and exit the options market efficiently.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/forms.gle\/w6T4wCoWq54fQsBm6\" target=\"_blank\" rel=\"noopener\"><strong>Get Early Access<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how-market-makers-quote-options\"><\/span>How Market Makers Quote Options<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Market makers build dynamic models to set prices based on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Implied Volatility (IV)<\/li>\n\n\n\n<li>Underlying price movements<\/li>\n\n\n\n<li>Orderbook depth and rival quotes<\/li>\n\n\n\n<li>Greeks (Delta, Gamma, Theta, Vega)<\/li>\n\n\n\n<li>Expected slippage and latency risks<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"bid-ask-spread-explained\"><\/span>Bid-Ask Spread Explained<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The difference between the price a options market maker is willing to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Buy an option (bid)<\/li>\n\n\n\n<li>Sell an option (ask)<\/li>\n<\/ul>\n\n\n\n<p>They aim to capture this spread profitably, even as prices fluctuate, this is the essence of options market making in the crypto options market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"risk-management-the-core-of-market-making\"><\/span>Risk Management: The Core of Market-Making<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"delta-hedging\"><\/span>Delta Hedging<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since options have directional exposure (delta), market makers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Constantly buy\/sell spot or futures to offset delta<\/li>\n\n\n\n<li>Update hedges dynamically as delta shifts with price movements<\/li>\n<\/ul>\n\n\n\n<p><strong>Example:<\/strong> If a market maker is net short delta (sold calls), they buy spot BTC to neutralize.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"gamma-vega-exposure\"><\/span>Gamma &amp; Vega Exposure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Gamma risk:<\/strong> Delta changes rapidly, requiring more frequent hedging during high volatility.<\/li>\n\n\n\n<li><strong>Vega risk:<\/strong> Exposure to implied volatility changes, especially when selling options.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"inventory-controls\"><\/span>Inventory Controls<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Options market makers use systems to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Avoid overexposure in certain strikes or expiries<\/li>\n\n\n\n<li>Auto-pull quotes if skew becomes too wide<\/li>\n\n\n\n<li>Adjust spreads dynamically during high-risk events (e.g., CPI, FOMC)<\/li>\n<\/ul>\n\n\n\n<p><strong>Read More:<\/strong> <a href=\"https:\/\/pi42.com\/blog\/option-greeks-crypto-explained\">Option Greeks Explained: Delta, Gamma, Theta, Vega, Rho<\/a><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/forms.gle\/w6T4wCoWq54fQsBm6\" target=\"_blank\" rel=\"noopener\"><strong>Get Early Access<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"technology-behind-market-making\"><\/span>Technology Behind Market Making<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Component<\/strong><\/td><td><strong>Purpose<\/strong><\/td><\/tr><tr><td>Quoting Engine<\/td><td>Dynamically prices bid\/ask spreads<\/td><\/tr><tr><td>Risk Engine<\/td><td>Monitors P&amp;L, Greeks, margin thresholds<\/td><\/tr><tr><td>Auto-Hedger<\/td><td>Places offsetting spot\/futures orders<\/td><\/tr><tr><td>Latency Monitor<\/td><td>Ensures quotes are canceled quickly<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Most crypto options market making systems run on custom Python or C++ infrastructure linked via WebSockets to exchanges.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"how-market-makers-gain-edge\"><\/span>How Market Makers Gain Edge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1-volatility-edge\"><\/span>1. Volatility Edge<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Quote options slightly above fair value IV<\/li>\n\n\n\n<li>Capture time decay (theta) while hedging directional risks<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2-speed-advantage\"><\/span>2. Speed Advantage<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Low-latency systems cancel stale quotes instantly<\/li>\n\n\n\n<li>Re-price faster than rivals<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3-statistical-modeling\"><\/span>3. Statistical Modeling<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Historical volatility, order flow, and skew analysis<\/li>\n\n\n\n<li>Identify mispriced options in the options market<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"real-world-example-btc-options-market-making\"><\/span>Real-World Example: BTC Options Market Making<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A options market maker on Pi42 or Deribit might:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Quote a 1% wide spread on BTC weekly options<\/li>\n\n\n\n<li>Maintain a delta-neutral book by hedging every $200 move in BTC<\/li>\n\n\n\n<li>Monitor open interest and IV skew to adjust positioning<\/li>\n\n\n\n<li>Cancel or widen quotes 5 mins before major news (e.g., CPI print)<\/li>\n<\/ul>\n\n\n\n<p>They earn:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bid-ask spread on every filled trade<\/li>\n\n\n\n<li>Theta from sold options<\/li>\n\n\n\n<li>Vega edge if volatility drops after a spike<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"challenges-in-crypto-options-market-making\"><\/span>Challenges in Crypto Options Market Making<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-left\" data-align=\"left\"><strong>Challenge<\/strong><\/td><td><strong>Mitigation Strategy<\/strong><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Low liquidity on altcoins<\/td><td>Focus on BTC, ETH where spreads are tighter<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">High volatility spikes<\/td><td>Use wider spreads, auto-pull mechanisms<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">IV crush post-event<\/td><td>Hedge vega pre-event or avoid quoting<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Regulatory uncertainty<\/td><td>Operate on compliant, licensed exchanges<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"tools-for-aspiring-options-market-makers\"><\/span>Tools for Aspiring Options Market Makers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Quantlib \/ PyQL<\/strong>: Build volatility surface models<\/li>\n\n\n\n<li><strong>Deribit \/ Pi42 APIs<\/strong>: Access market data and order management<\/li>\n\n\n\n<li><strong>Greeks Calculators<\/strong>: Monitor delta, gamma, theta in real-time<\/li>\n\n\n\n<li><strong>Latency Tools<\/strong>: Essential for cancel-on-move logic<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Options market makers aren\u2019t gamblers, they\u2019re engineers. They blend data, discipline, and delta to create order in chaos.<\/p>\n\n\n\n<p>If you&#8217;re a trader executing in the options market, you&#8217;re benefiting from crypto options market making that keeps spreads tight and liquidity deep.Want to see market-making in action?<br>Trade options on <a href=\"https:\/\/pi42.com\/\">Pi42<\/a>, where deep liquidity and tight spreads are powered by professional-grade market makers.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"read-related\"><\/span>Read Related<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/pi42.com\/blog\/crypto-market-making\/\">Crypto Market Making: What is it &amp; How it Works<\/a><br><a href=\"https:\/\/pi42.com\/blog\/option-premium-crypto-explained\">Option Premium in Crypto: What Are You Really Paying For?<\/a><br><a href=\"https:\/\/pi42.com\/blog\/difference-between-crypto-options-vs-futures\">Difference Between Options and Futures: Explained for Crypto Traders<\/a><\/p>\n<\/blockquote>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/forms.gle\/w6T4wCoWq54fQsBm6\" target=\"_blank\" rel=\"noopener\"><strong>Get Early Access<\/strong><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Understanding Options Market Making Ever wondered who\u2019s always ready to buy or sell your crypto options trading contracts, regardless of time or volatility? The answer: options market maker. In the crypto options market, market makers are the invisible engines providing consistent two-way quotes, tightening spreads, and ensuring efficient execution. But they\u2019re not just blindly quoting [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":2377,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"zakra_page_container_layout":"customizer","zakra_page_sidebar_layout":"customizer","zakra_remove_content_margin":false,"zakra_sidebar":"customizer","zakra_transparent_header":"customizer","zakra_logo":0,"zakra_main_header_style":"default","zakra_menu_item_color":"","zakra_menu_item_hover_color":"","zakra_menu_item_active_color":"","zakra_menu_active_style":"","zakra_page_header":true,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[337],"tags":[339,338],"class_list":["post-2376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-options","tag-crypto-options","tag-options-trading"],"jetpack_featured_media_url":"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2025\/08\/Options-Market-Making-in-Crypto.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts\/2376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/comments?post=2376"}],"version-history":[{"count":5,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts\/2376\/revisions"}],"predecessor-version":[{"id":2402,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts\/2376\/revisions\/2402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/media\/2377"}],"wp:attachment":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/media?parent=2376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/categories?post=2376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/tags?post=2376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}