<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
   <infoTable>
       <nameOfIssuer>AMAZON COM INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>023135106</cusip>
       <value>7510</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>5000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>AMAZON COM INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>023135106</cusip>
       <value>7510</value>
       <shrsOrPrnAmt>
           <sshPrnamt>5000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>5000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CARDTRONICS PLC</nameOfIssuer>
       <titleOfClass>SHS CL A</titleOfClass>
       <cusip>G1991C105</cusip>
       <value>520</value>
       <shrsOrPrnAmt>
           <sshPrnamt>20000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>20000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>21036P108</cusip>
       <value>322</value>
       <shrsOrPrnAmt>
           <sshPrnamt>2000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>2000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>DROPBOX INC</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>26210C104</cusip>
       <value>5148</value>
       <shrsOrPrnAmt>
           <sshPrnamt>252000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>252000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>293792107</cusip>
       <value>18138</value>
       <shrsOrPrnAmt>
           <sshPrnamt>737600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>737600</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>31620M106</cusip>
       <value>1159</value>
       <shrsOrPrnAmt>
           <sshPrnamt>11300</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>11300</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>FIRSTHAND TECH VALUE FD INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>33766Y100</cusip>
       <value>280</value>
       <shrsOrPrnAmt>
           <sshPrnamt>25000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>25000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>FISERV INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>337738108</cusip>
       <value>1220</value>
       <shrsOrPrnAmt>
           <sshPrnamt>16600</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>16600</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>GLU MOBILE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>379890106</cusip>
       <value>14139</value>
       <shrsOrPrnAmt>
           <sshPrnamt>1752000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>1752000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>GRAND CANYON ED INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>38526M106</cusip>
       <value>2019</value>
       <shrsOrPrnAmt>
           <sshPrnamt>21000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>21000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>GRAND CANYON ED INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>38526M106</cusip>
       <value>1442</value>
       <shrsOrPrnAmt>
           <sshPrnamt>15000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>15000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>HANOVER INS GROUP INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>410867105</cusip>
       <value>1249</value>
       <shrsOrPrnAmt>
           <sshPrnamt>10700</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>10700</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>HEALTH INS INNOVATIONS INC</nameOfIssuer>
       <titleOfClass>COM CL A</titleOfClass>
       <cusip>42225K106</cusip>
       <value>5132</value>
       <shrsOrPrnAmt>
           <sshPrnamt>192000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>192000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>HEALTH INS INNOVATIONS INC</nameOfIssuer>
       <titleOfClass>COM CL A</titleOfClass>
       <cusip>42225K106</cusip>
       <value>6683</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>250000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INVESCO QQQ TR</nameOfIssuer>
       <titleOfClass>UNIT SER 1</titleOfClass>
       <cusip>46090E103</cusip>
       <value>15</value>
       <shrsOrPrnAmt>
           <sshPrnamt>100</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>100</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INVESCO QQQ TR</nameOfIssuer>
       <titleOfClass>UNIT SER 1</titleOfClass>
       <cusip>46090E103</cusip>
       <value>38565</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>INVESCO QQQ TR</nameOfIssuer>
       <titleOfClass>UNIT SER 1</titleOfClass>
       <cusip>46090E103</cusip>
       <value>38565</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>250000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ISHARES TR</nameOfIssuer>
       <titleOfClass>IBOXX HI YD ETF</titleOfClass>
       <cusip>464288513</cusip>
       <value>48660</value>
       <shrsOrPrnAmt>
           <sshPrnamt>600000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>600000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>594918104</cusip>
       <value>6602</value>
       <shrsOrPrnAmt>
           <sshPrnamt>65000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>65000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>NET 1 UEPS TECHNOLOGIES INC</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>64107N206</cusip>
       <value>234</value>
       <shrsOrPrnAmt>
           <sshPrnamt>49900</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>49900</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>NET 1 UEPS TECHNOLOGIES INC</nameOfIssuer>
       <titleOfClass>COM NEW</titleOfClass>
       <cusip>64107N206</cusip>
       <value>2673</value>
       <shrsOrPrnAmt>
           <sshPrnamt>570000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>PENNEY J C INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>708160106</cusip>
       <value>73</value>
       <shrsOrPrnAmt>
           <sshPrnamt>70000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>70000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>QUANTENNA COMMUNICATIONS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>74766D100</cusip>
       <value>2296</value>
       <shrsOrPrnAmt>
           <sshPrnamt>160000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>160000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>81762P102</cusip>
       <value>6410</value>
       <shrsOrPrnAmt>
           <sshPrnamt>36000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>36000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>81762P102</cusip>
       <value>14244</value>
       <shrsOrPrnAmt>
           <sshPrnamt>80000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>80000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>TOWER SEMICONDUCTOR LTD</nameOfIssuer>
       <titleOfClass>SHS NEW</titleOfClass>
       <cusip>M87915274</cusip>
       <value>1178</value>
       <shrsOrPrnAmt>
           <sshPrnamt>79900</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>79900</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>TOWER SEMICONDUCTOR LTD</nameOfIssuer>
       <titleOfClass>SHS NEW</titleOfClass>
       <cusip>M87915274</cusip>
       <value>1106</value>
       <shrsOrPrnAmt>
           <sshPrnamt>75000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Put</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>75000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>TURNING PT BRANDS INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>90041L105</cusip>
       <value>1198</value>
       <shrsOrPrnAmt>
           <sshPrnamt>44000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>44000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>TYLER TECHNOLOGIES INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>902252105</cusip>
       <value>5575</value>
       <shrsOrPrnAmt>
           <sshPrnamt>30000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>30000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ULTA BEAUTY INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>90384S303</cusip>
       <value>1175</value>
       <shrsOrPrnAmt>
           <sshPrnamt>4800</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>4800</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>UPLAND SOFTWARE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>91544A109</cusip>
       <value>5164</value>
       <shrsOrPrnAmt>
           <sshPrnamt>190000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>190000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>UPLAND SOFTWARE INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>91544A109</cusip>
       <value>1359</value>
       <shrsOrPrnAmt>
           <sshPrnamt>50000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <putCall>Call</putCall>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>0</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>USA COMPRESSION PARTNERS LP</nameOfIssuer>
       <titleOfClass>COMUNIT LTDPAR</titleOfClass>
       <cusip>90290N109</cusip>
       <value>3245</value>
       <shrsOrPrnAmt>
           <sshPrnamt>250000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>250000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>VERICEL CORP</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>92346J108</cusip>
       <value>1218</value>
       <shrsOrPrnAmt>
           <sshPrnamt>70000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>70000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>WORLD WRESTLING ENTMT INC</nameOfIssuer>
       <titleOfClass>CL A</titleOfClass>
       <cusip>98156Q108</cusip>
       <value>1898</value>
       <shrsOrPrnAmt>
           <sshPrnamt>25400</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>25400</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
   <infoTable>
       <nameOfIssuer>ZSCALER INC</nameOfIssuer>
       <titleOfClass>COM</titleOfClass>
       <cusip>98980G102</cusip>
       <value>2353</value>
       <shrsOrPrnAmt>
           <sshPrnamt>60000</sshPrnamt>
           <sshPrnamtType>SH</sshPrnamtType>
       </shrsOrPrnAmt>
       <investmentDiscretion>DFND</investmentDiscretion>
       <otherManager>1</otherManager>
       <votingAuthority>
           <Sole>0</Sole>
           <Shared>60000</Shared>
           <None>0</None>
       </votingAuthority>
   </infoTable>
</informationTable>
