Options
Evolved
Opyn is building DeFi-native derivatives and options infrastructure in DeFi.
$0B+
Total Notional Volume
$0M+
Total Value Locked
SQUEETH
Perpetual exposure to ETH²
LONG SQUEETH
Perpetual leverage without liquidation
Long Squeeth gives traders a leveraged position with unlimited ETH² upside, protected downside, and no liquidations. Long Squeeth holders pay a funding rate for this position.
SHORT SQUEETH
Earn funding for selling ETH collateralized squeeth
Short Squeeth is short an ETH² position. Traders earn a funding rate for taking on this position, paid by long Squeeth holders.
AUTOMATED SQUEETH STRATEGIES
🐂 🦀 🐻
Squeeth strategies are a collection of automated yield strategies for different market conditions that allow users to earn funding, paid by the daily funding rate of Squeeth buyers. Users simply deposit ETH and the contract automatically manages the strategy.
UNISWAP V3 SQTH-ETH LIQUIDITY PROVIDERS
🦄
Liquidity providers earn LP fees for providing SQTH-ETH liquidity. LPing in the SQTH-ETH pool is similar to being long ETH^1.5, which is constantly rebalanced or continuous ETH 1.5x leverage. Users can mint or buy Squeeth and deposit Squeeth + ETH into the Uniswap V3 SQTH-ETH Pool.
WHY
SQUEETH?
WHY SQUEETH?
Global options-like exposure
No Strikes, No Expiries
- Squeeth distills an option into pure convexity with no strikes, no expiries
- Long Squeeth acts like an always at-the-money, perpetual call option
Leverage without liquidations
- Long Squeeth gives traders a leveraged position with unlimited ETH² upside, protected downside, and no liquidations
- Long Squeeth offers pure convexity (ETH² payoff), giving it a more favorable payoff than 2x leverage perp
Concentrated liquidity
- Squeeth effectively takes options & removes strikes and expiries to create a single ERC20 (oSQTH) representing the entire options chain
- Squeeth introduces much lower risk via hedging than non-liquid option markets
Regular Yield
- Short Squeeth and Automated Squeeth Strategies offer regular yield that is not subsidized by liquidity mining
- Squeeth Strategies allow users to simply deposit ETH and the contract automatically manages the strategy
INTEGRATIONS
Ribbon Finance
Earn yield on your cryptoassets with automated option strategies on ETH, BTC, AAVE, USDC, STETH, and YVUSDC.
Deposit & Earn
Stake Dao
Earn yield on your cryptoassets with automated option strategies on ETH, BTC, FRAX, DAI, USDC, USDT, and FRAX3CRV-F.
Deposit & Earn
BUIDL on Opyn
We're building the options infrastructure for DeFi native derivatives so anyone can launch products with underlying options strategies.
Join the Opyn EcosystemRESEARCH
RESEARCH
Collected writing and research from the Opyn team
Gaining and imparting knowledge embody the focus Opyn will always have on the protocol and our users.
Power Perpetuals
Power perpetuals provide global options-like exposure without the need for either strikes or expiries, giving them the potential to consolidate much of options market liquidity into a single instrument.
Squeeth Primer
Squeeth makes options perpetual and is a very effective hedge for Uniswap LPs, all ETH/USD options, and anything that has a curved payoff.
Squeeth mechanism
An inward journey towards Opyn’s implementation of Squeeth. See how we implement funding payments between long and short Squeethers, and how the price of Squeeth contains a hidden prediction of ETH volatility.
SECURITY
PROTOCOL SECURITY IS OUR TOP PRIORITY
The squeeth smart contracts have been audited by Trail of Bits and Akira, and is insured by Sherlock.
See Audits
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