Currently 0%  APY

The OpenDelta
Perpetual Bond

OpenDelta’s perpetual bond is an on-chain asset with downside protection and continuously accruing yield. Buy once. Get paid forever.

Designed for Stable Value Accrual

OpenDelta's perpetual bond (OPB) is created by hedging Bitcoin collateral across a variety of global derivatives exchanges in a trust-minimized way. This process creates a position that’s stable in dollar terms, protects the holder against downside risk, and earns continuous yield from the derivatives market funding rate.

Access stable savings and yield. No fiat required.
Sustainable Yield
Sustainable Yield

OPB holders automatically earn yield based on the funding rate in derivatives markets, distributed and compounded automatically. Allow your money to work for you.

Protected Principal
Protected Principal

OPB is backed by Bitcoin that’s been hedged in a delta-neutral position. The underlying position is stable in dollar terms, and your principal is protected from downside price risk.

Built with Bitcoin
Built with Bitcoin

OPB is created using Bitcoin as collateral in derivatives positions. This allows us to tap into the most widely-adopted and liquid derivatives markets in crypto with the highest and most sustainable yield.

Powered By Solana

OPB is available on Solana, powered by the SPL token standard and the interest-bearing native token extension. This means yield is distributed automatically and continuously without requiring users to stake or lock their tokens.

Hold OPB in any Solana wallet, utilize it in your favorite Solana applications, and move it around on the fastest and most efficient rails in crypto.

How It Works

OPB utilizes Bitcoin as collateral and hedges positions across a variety of global derivatives exchanges. Access dollar-denominated savings and yield. No fiat required.

Users can mint OPB by depositing collateral directly to one of our custody providers. OpenDelta accepts various forms of collateral, which are then converted into BTC to initiate the trade. We strictly operate with best-in-class, institutional-grade custodians and utilize off-exchange settlement for ultimate security.


OpenDelta takes the BTC collateral and hedges it with a delta-neutral position across a number of different exchanges. These positions earn yield via the funding rate in derivatives markets.


Once the BTC has been hedged, OpenDelta tokenizes the position and mints OPB to the depositor.


Once the user holds OPB, the token continuously accrues value via the built-in yield generation mechanism. No staking required. OPB can be bought, sold, transacted with, and used in various DeFi applications.


Users can redeem their OPB directly through OpenDelta and receive collateral in return.

Earn Perpetual Yield With OPB

OPB holders automatically earn yield, paid out every second.
0%Current APY
0%Monthly APY

Our Architecture

OpenDelta utilizes off-exchange settlement, meaning funds are held in an institutional-grade MPC wallet that doesn't directly touch the exchange. This allows us to access the most liquid markets with minimized counterparty risk.

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Perpetual Bond MINT
MPC Wallet for Off Exchange Settlement
Collateral Manager
Hedging System
Risk Engine

Collaborate with OpenDelta

We're always on the lookout for compelling partnership opportunities. Contact us to get started!



If you're interested in utilizing OPB or integrating it into your application, we’d love to hear from you!

Contact us


If you'd like to mint OPB or partner with us as a liquidity provider, please get in touch!

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Which blockchains are supported?
OPB is currently available on Solana and is built using Solana’s native interest-bearing token extension. We plan to issue OPB and additional products in a number of different ecosystems in the future.
Who can mint OPB?
OPB can be minted through the OpenDelta platform. In order to register an account users will have to agree to our Terms of Service and go through KYC and AML screening. Other users can purchase OPB via secondary markets (including CEXs and DEXs) without having to onboard through the OpenDelta platform.
How do I earn yield with OPB?
Yield accrues to OPB automatically via Solana’s interest-bearing token extension. Users don’t have to stake or transfer their OPB in order to earn yield. The yield on OPB comes via the funding rate in derivatives markets where backing positions are hedged. This interest rate is market-driven and variable. For more information, see our documentation.
Where does the yield come from?
The delta-neutral positions backing OPB earn yield from the funding rates in derivatives markets. These are periodic payments made from one side of the market to the other. These rates can be positive or negative, but the BTC derivatives markets are structurally inclined towards contango (positive funding). Our historical analysis shows that funding rates are positive approximately 74% of the time. OpenDelta operates an insurance fund that pays funding rates when they turn negative, so OPB holders earn yield when rates are positive and don’t pay when rates are negative. For more information, see our documentation.
How is OPB collateralized?
OPB is collateralized through a delta-neutral derivatives position. This means that BTC is used as collateral and is then hedged to create a position that is stable in dollar terms and earns yield via the funding rate. As a result, OPB offers downside protection that protects the principal, but also earns yield whenever funding rates are positive.
What happens when funding rates are negative?
OpenDelta operates and manages an insurance fund that pays funding rates when they are negative, meaning OPB holders are protected from principal loss in the case of negative funding. See our documentation for more research on historical and future funding rate projections, as well as our research on insurance fund management.

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