Rage Trade
Derivatives · Delta-Neutral
Rage Trade is an Arbitrum-native derivatives protocol offering delta-neutral vaults (e.g. recycling GLP yield while hedging its market exposure) and omnichain perpetual-futures liquidity.
Delta-neutral vaults and omnichain perps liquidity.
Protocol TVL
$6
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Rage Trade and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | GMX | The GLP liquidity pool that Rage Trade's flagship delta-neutral vaults were built directly on top of. | Both are Arbitrum-native derivatives protocols centered on perpetual trading and GLP-style yield. | GMX is the underlying spot/perp liquidity and yield source; Rage Trade layered a hedged, delta-neutral vault and an omnichain perp/aggregator on top rather than being a base AMM/pool itself. |
| 2 | Gains Network | Arbitrum/Polygon synthetic-leverage perp protocol competing for the same on-chain perpetuals users. | On-chain perpetual futures with LP-backed liquidity vaults on Arbitrum. | Gains uses a single gDAI/DAI vault and synthetic pricing (gTrade); Rage focused on GLP-hedged vaults and omnichain recycled liquidity. |
| 3 | GMX-style delta-neutral vault competitors (Neutra, Rage-style aggregators) | Protocols offering pre-packaged delta-neutral GLP strategies, competing for the same GLP-hedging depositors. | Both wrap GMX GLP into automated market-neutral yield vaults using shorts to hedge BTC/ETH exposure. | Differ in hedging venue, leverage mechanics, and fee structure; Rage additionally pursued omnichain perp liquidity. |
| 4 | Rage-style omnichain perp DEXs (dYdX, Hyperliquid) | High-liquidity perp DEXs that Rage's aggregator/omnichain perps competed against for order flow. | On-chain perpetual futures trading targeting deep liquidity and cross-market access. | Hyperliquid runs its own high-throughput L1 order book; Rage relied on Uniswap V3 virtual liquidity, GLP recycling and cross-chain messaging, and later became an aggregator routing to such venues. |
| 5 | Ethena | Digital dollars for the internet economy. | Both in Derivatives (Delta-Neutral). | USDe is a synthetic dollar backed by crypto collateral and short futures (delta-hedged), not bank deposits. It is a structured carry product rather than a fiat-backed coin. |