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.
Delta-neutral strategy vaults that hedge external LP positions (like GMX's GLP) to isolate yield from directional risk.
Two complementary Arbitrum vaults launched atop GMX. The Risk-On vault deposits sGLP (staked GLP) and hedges GLP's embedded BTC/ETH exposure by opening short positions on Aave (via a Balancer flash loan sold on Uniswap), isolating the GLP fee/esGMX yield. The Risk-Off vault lets USDC depositors earn a leveraged yield by lending USDC to the Risk-On vault, providing the borrow liquidity for the hedge.
A composable ETH perpetual-futures protocol built on Uniswap V3 (RageTrade 'core'). The 80-20 vault keeps ~80% of TVL earning yield in the source protocol (isolated risk) while ~20% is used as virtual concentrated liquidity on Rage. LayerZero passes cross-chain messages and Stargate bridges USDC PnL, enabling omnichain recycled liquidity so LPs on AMMs across supported chains can deposit into Rage vaults.
A later pivot into a perpetuals aggregator / SDK routing orders across multiple perp DEXs for best price and aggregated liquidity across chains, exposed via the Perp-Aggregator-SDK and integration tooling.
Wound down; operations ceased and app shut down as of the October 6, 2025 announcement, with funds returned to holders and investors.
Crypto Times - Rage Trade Winds DownTGE concluded August 7, 2024 via a Fjord Foundry LBP that sold 20M RAGE at $0.30 (~$6M raised).
ICO Drops - Rage Trade (RAGE)Liquid RAGE holders settled at $0.42 per token; investors with unsold/unvested allocations at 2.1x entry price; distributions automatic from a snapshot.
Crypto Times - Rage Trade Winds DownHow Rage Trade maps onto established TradFi structures, and where it diverges.
Market-neutral / delta-neutral hedge fund
Rage Trade
The Risk-On GLP vault mirrors a classic delta-neutral strategy: hold a yield-bearing asset (GLP) and short the underlying market exposure (BTC/ETH) so returns come from carry/fees rather than price direction.
TradFi analogue
Fully on-chain, non-custodial, and permissionless with transparent smart-contract execution; hedging is automated via flash loans and Aave rather than through prime brokers, and it carries smart-contract and DeFi composability risks absent in a traditional fund.
Structured-note / covered-yield product on an index
Rage Trade
Packages a complex derivatives strategy into a one-click deposit product that abstracts the hedging mechanics for the end user, similar to a structured yield note referencing an underlying basket.
TradFi analogue
No issuer credit backstop or principal guarantee; yields float with on-chain funding and GMX fee generation, and liquidity/redemption depends on protocol solvency and oracle correctness.
Rage Trade (core team)
Protocol development team Anonymous / pseudonymous core team operating under the Rage Trade brand; individual founder identities were not publicly disclosed. The team maintained the RageTrade GitHub organization and later executed the wind-down and holder distributions.
Public Sale (Fjord Foundry LBP)
2024-07-01~$6M
Key milestones: launches, upgrades, exploits and governance events.
Delta-Neutral GMX GLP vaults audited (Sherlock)
ExecutedSherlock completed its audit of the Rage Trade delta-neutral GMX (DN GMX) vaults, covering the Risk-On/Risk-Off vault contracts ahead of their late-2022 launch.
SourcePerpetuals + omnichain liquidity go live on Arbitrum
ExecutedLaunch of the core ETH perp protocol on Arbitrum One with the 80-20 vault and LayerZero/Stargate-based omnichain recycled liquidity design.
SourceRAGE token launch (TGE)
ExecutedTransition from tokenless protocol to a live token via a Fjord Foundry LBP and TGE concluding August 7, 2024.
SourceWind-down and capital return
ExecutedProtocol ceased operations; structured return of funds to holders and investors and shutdown of the app.
SourceNo. On October 6, 2025 the team announced it was winding down operations, disabling the app, and returning funds to token holders and investors. Users were told to manage any open positions directly through the underlying source protocols.
Yes. Although Rage Trade was tokenless for most of its life, it launched the RAGE token via a Fjord Foundry Liquidity Bootstrapping Pool with a Token Generation Event that concluded on August 7, 2024.
The Risk-On vault held GMX's GLP and shorted the BTC and ETH portion of GLP on Aave using a Balancer flash loan, keeping the position roughly market-neutral so depositors captured GLP's trading-fee and esGMX yield without directional price exposure. The Risk-Off vault supplied USDC to lever this strategy.
Rage used LayerZero for cross-chain messaging and Stargate to bridge USDC PnL, so liquidity providers on multiple chains could recycle their AMM LP into Rage's perpetual liquidity via the 80-20 vault design.
Per the October 2025 announcement, liquid RAGE holders are settled at $0.42 per token, investors with unsold/unvested allocations at 2.1x entry price, and team members via token allocations or severance. Distributions occur automatically from a holder snapshot; unclaimed vault deposits are returned to original addresses.
