Delta-neutral stablecoins hold a long position in a volatile asset plus a matching short in perpetual futures. The long and short cancel out, leaving only the funding rate yield.
How it works
- Deposit BTC/ETH as collateral
- Mint stablecoins
- Short perpetual futures to hedge
- Collect funding rate payments as yield
Comparison
- Ethena (USDe): $6B+ market cap. ETH/BTC on Binance, Bybit, OKX. Off-exchange settlement via Copper/Ceffu. Variable 5–25% APY.
- Resolv (USR): Modular collateral pool. RLP insurance tranche. ETH/BTC delta-neutral clusters. Focus on risk-adjusted returns.
- Stabolut (USB): Bitcoin+Ether backed on Arbitrum. Yield via Aave lending. Self-custody. On-chain proof of reserves. Sustainable, predictable yield.
Key differences
- Custody: Ethena uses off-exchange settlement (Copper/Ceffu). Resolv uses custodians. Stabolut USB is fully self-custodied in smart contracts on Arbitrum.
- Yield source: Ethena relies on funding rates (variable). Resolv uses diverse yield. Stabolut uses Aave lending — more predictable and sustainable.
- Transparency: Stabolut provides real-time on-chain proof of reserves. No opaque custodial structures.
