PROTECTION FOR YOUR EXPOSURE AND VIEWS

Hedge
any number.

Funding rates, borrow costs, gas, prices — anything an oracle can read. Pay a premium once and cap what it can cost you.

MARKETS OPENING SOON

COVER ANY NUMBEREXAMPLES

Aave USDC borrowLENDING RATENOW5.4%CAP6.2%$148
ETH perp fundingFUNDING RATENOW11.2%CAP14.0%$392
Arbitrum gasGAS PRICENOW0.020CAP0.030$64
ETH priceASSET PRICENOW$2,840FLOOR$2,400$310
Henry Hub gasCOMMODITYNOW$3.10CAP$4.00$122

PREMIUM IS THE MAXIMUM COST · CAP OR FLOOR, YOUR CHOICE

FULLY COLLATERALIZEDNO MARGINNO LIQUIDATIONSNO PATH DEPENDENCYCOST KNOWN AT ENTRYEXIT ANY TIMESETTLES ON A PUBLISHED ORACLEMAKERS PAY NO FEES

THE EXPOSURE

You already know which number hurts you.

My P&L is the funding rate.

BASIS DESKS

I borrow at a floating rate.

LOOPERS

My burn moves with a price I don't set.

PROTOCOL TREASURIES

SO CAP IT

Pick the level you never want to pay beyond.

$250,000 BORROWED · NOW 5.4%

PREMIUM

$148

MAXIMUM COST

CAP

6.2%

DRAG TO MOVE

COVERED TO

8.2%

COVER ENDS

COST WITH COVERUNHEDGED COST

SETTLEMENT

One reading. One payout. Done.

At maturity the oracle is read once and the collateral splits along the curve. Anyone can trigger it, it happens a single time, and the market is then closed.

TRADING CLOSES AT MATURITY · SELL BACK ANY TIME BEFORE IT

SETTLEMENT RECEIPTEXAMPLE

$250,000 BORROWED · NOW 5.4% · 30-DAY COVER

Oracle reading at maturity: 7.4%
Your cap: 6.2%
Cover ended: 8.2%

Cover paid you: $247
Premium you paid: −$148
Net: +$99

Your borrow cost, capped: $1,422
Without cover: $1,521

$247 TO COVER · $164 TO THE OTHER SIDE · SUMS TO THE $411 ESCROWED AT CREATION

COVER YOUR RATE →

THE GUARANTEE

A hedge that can be liquidated is not a hedge.

Hedge a rate on margin and a move against you can close the position at precisely the moment it was supposed to pay. Full collateral costs more capital. That is the trade, and for protection it is the right one.

The collateral is escrowed before the market exists: Maximum payout is funded at creation. The side that owes you has already posted it.
There is no margin to call and no price to be liquidated at: The payoff is bounded, so your position cannot be closed against your will.
The oracle and the curve are published before you trade: You can verify the market you are buying is the one you were quoted.

POSITIONOPEN · 18D LEFT

COVER FROM: 6.2%
COVER TO: 8.2%
PREMIUM PAID: $148
FURTHER CALLS: None
LIQUIDATION PRICE: None

EARLY ACCESS

The first markets open soon.