Neutra Finance
Derivatives · Delta-Neutral
Neutra Finance offers automated delta-neutral strategy vaults that pair yield-bearing positions with short hedges to target market-neutral returns on Arbitrum.
Automated delta-neutral yield strategies.
Protocol TVL
$11.9M
Latest data · 15 min delay
Risks identified
- Smart Contract
The vaults are complex automated contracts (GLP handling, perp position management, rebalancing). Despite SolidProof and CertiK audits, audited contracts can still contain exploitable bugs, and the protocol now appears unmaintained, increasing the risk of undiscovered or unpatched vulnerabilities.
- Systemic
The protocol appears abandoned/dormant: no public activity after early 2024, negligible NEU trading volume, and the primary website domains no longer resolve. Depositors risk stranded funds, unmaintained hedges, and inability to reach the team.
- Counterparty
The strategy is entirely dependent on GMX (GLP as the yield source and GMX perps as the hedge venue). Any GMX exploit, GLP pool imbalance, insolvency, or downtime directly threatens both legs of the position; Neutra has no control over GMX.
- Oracle
Both GLP pricing and GMX perpetual liquidations rely on GMX's oracle price feeds. Oracle manipulation, staleness, or divergence can misprice the hedge, trigger premature liquidation of the short leg, or break delta neutrality.
- Reserve / Depeg
GLP is heavily weighted to stablecoins; a depeg of a constituent stablecoin (or of the deposit asset DAI) would impair the long leg's value independently of the BTC/ETH hedge, causing losses the delta-neutral design does not offset.
- Network
The protocol runs solely on Arbitrum. Arbitrum sequencer downtime or congestion could block timely rebalancing/withdrawals, leaving the leveraged short hedge unmanaged during volatile periods and exposing positions to liquidation.