PinnedStrips Mainnet Beta OpenIn 2021, we founded Strips out of frustration with the lack of good places to trade and hedge interest rates in DeFi. We spent months looking for an exchange where we could trade interest rates in an easy, capital-efficient manner and came up empty. After identifying this market gap, we…3 min read
1 day agoWill You Know What Chain You’re Using in the Future?If you’re reading this, you likely use Metamask and have bridged to different L1s, and couldn’t fathom not knowing what chain you’re on. You need to buy the chain’s token for gas, set your wallet to the correct RPC, etc.. …4 min read
May 19Number Go Up? No, Investment Go Up. Assessing Dilution and Impermanent Loss.In crypto, when we judge how an investment is performing we tend to just look at spot price. Down = bad, up = good. When we judge whether or not we should LP into something, we tend to think in terms of “impermanent loss”. If you are holding a token…3 min read
May 13What Does The Fixed Rate Represent on Strips?When you trade an interest rate swap (IRS) on Strips, there are two rates being swapped. Floating rate: the current funding rate at the referenced exchange. …3 min read
May 9Strips Evolving into V2Strips evolving into v2 After the first two months of beta launch on mainnet, Strips was able to collect a vast amount of feedback from various market participants. …3 min read
May 8Capitalizing On Bitcoin Funding Rate Differences with Interest Rate SwapsFunding rates are what keep perpetuals prices close to the underlying spot price. Typically funding rates for perpetual futures that track the same thing (eg ETH perps, BTC perps) are somewhat similar. But there’s been a large discrepancy on the funding rate for Binance and FTX BTC perps on Strips…3 min read
May 4Who Exactly, and Why, is Buying Negative Yield Bonds?Negative-yielding debt (NYD) refers to any bond where you are paying the borrower for the privilege of lending them money. A completely backwards economic concept that is a recent phenomenon in the history of documented finance. There was estimated to be over $17 trillion of NYD as of 2019, but…4 min read
Apr 30Announcing Strips v2: the Next Generation DeFi Derivatives ExchangeStrips has been building nonstop and is excited to announce details of Strips v2. We are enhancing the infrastructure that underpins Strips’ markets with the most cutting-edge technology DeFi has to offer and expanding our product suite in the process. Here’s some of what’s coming with Strips v2: Fixed-Term Interest…2 min read
Apr 27What’s the Funding Rate for Funding-Rate Markets? How Strips Keeps Rates Aligned.Who watches the Watchmen, and what’s the funding rate for the markets that track funding rates? Funding rates are a critical component of perpetual futures contracts. Normal futures have an expiration date which forces them to converge with the underlying price of the asset they track. Since perpetual futures have…3 min read
Apr 22You Can Trade the Fed Funds Rate in DeFiThe Fed Funds Rate (FFR) is probably the most talked about interest rate in finance. When you hear the media say “the Fed is raising rates” this is what they’re referring to. It’s the rate the Federal Reserve (Fed) sets a range for when it says it’s lowering or raising…3 min read
