Perpetuals on the square and cube of ETH and HYPE, and straddles that pay on a move either way. Exact payoff, close any time, up to 100x in degen mode. Hedged with real options on Derive.
Every market pays exactly (price ÷ entry)p − 1 on your size. Up 10% in ETH is +21% in ETH². The pool, not you, carries the tracking error to the hedge.
No spread, no markup on the payoff. Funding accrues by the hour at the rate on the ticket; it's the cost of the convexity you hold, and shorts collect it. The 0.05% fee never changes.
20x to 100x with a fixed knock-out level and a lower fee. You know the exit before you enter. Standard mode liquidates in parts first, so a wick doesn't take the whole position.
The pool sells you convexity and buys it back as a weekly options strip plus a perp. Far wings cover the jumps a hedge can't. If the venue is down five minutes, books go reduce-only.
Drag the move. Each dot is a slice of ETH² riding x²; the dashed line is a plain 1x position of the same size. Move the cursor through the field to stir it.
Long for leverage that grows as the price runs. Short to collect funding. Straddles pay either way.
Standard to 5x with partial liquidations. Degen 20x to 100x with a fixed knock-out.
Hourly, at the rate on the ticket. Close any time at the exact power payoff.
| Market | Price | 24h | Funding / yr | Open interest | Max lev · degen | 48h |
|---|---|---|---|---|---|---|
| loading… | ||||||
Every open is checked against a designed one-hour gap (ETH −15% / +20%, HYPE −30% / +40%). If the pool couldn't absorb it, the open is refused.
Insurance fund, then protocol fees, then a capped haircut on winners. Nothing is left owed, and losses never reach your collateral.
Deposits sit in a vault on Elysium. The engine posts a Merkle root of every balance; the escape hatch pays your last proven equity even if we vanish.
Three engine nodes in two regions on one durable log. A dead leader is replaced in seconds. Every acknowledged write is durable before you see it.
The pool takes the other side of every trade and collects funding and fees. It's hedged, capped by the gap budget, and it can lose when traders win big. Withdrawals settle at the weekly roll.