Today we're excited to announce the official on-chain launch of OpenDelta Perpetual Bond (OPB).
OPB is a tokenized Bitcoin basis trade on Solana, allowing users to get simple on-chain access to one of the most sustainable sources of yield in crypto.
The basis trade is comprised of a long BTC position combined with a 1x perpetual short. The resulting position is delta-neutral, meaning it is not exposed to the price volatility of BTC and is stable in dollar terms. In addition, this position earns yield whenever funding rates are positive in the BTC derivatives market.
OPB takes this entire position and wraps it into a token, allowing users easy access to market-driven, sustainable yield sourced entirely from real economic activity in Bitcoin derivatives markets.
OPB is tokenized on Solana using the SPL token standard and the interest-bearing token extension. This means that yield accrues automatically to the token without requiring staking, lockups, or the use of new smart contracts. OPB remains fully liquid and composable across all of Solana DeFi, with continuous yield.
"We consider the basis trade one of the best sources of yield in crypto. It's driven entirely by real economic activity in the deepest and most liquid markets in crypto. OPB allows user to get easy access to this trade on-chain without any of the complexity associated with trading or position management," says OpenDelta co-founder Nick Schteringard.
OpenDelta has officially minted OPB on-chain with our first batch of $5M TVL. You can check out our app to see more information about OPB, funding rates, and open positions.
If you're interested in minting OPB or partnering with OpenDelta, please reach out via this form.