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
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Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (3)
Delta-Neutral GMX GLP Vaults (Risk-On / Risk-Off)
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.
Omnichain Perpetuals & 80-20 Vaults
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.
Perp Aggregator (Rage V2)
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.
Differentiator
Delta-neutral strategy vaults that hedge external LP positions (like GMX's GLP) to isolate yield from directional risk.
Organizational structure
Units & roles
- Protocol development team
Rage Trade (core 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.
Investment rounds
| Date | Round | Amount | Investors | Link |
|---|---|---|---|---|
| 2024-07-01 | Public Sale (Fjord Foundry LBP) | ~$6M | Public / individual investors (Fjord Foundry LBP) | Source |
Similarity to traditional finance products
How Rage Trade maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Rage Trade | Key differences |
|---|---|---|
| Market-neutral / delta-neutral hedge fund | 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. | 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 | 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. | 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. |
Data sources
- Crypto Times - Rage Trade Winds Down, Plans Cash Return to Holders
- ICO Drops - Rage Trade (RAGE) token sale
- Sherlock - Rage Trade Final Audit Report (2022-11-28)
- TokenInsight - Rage Trade to go live on Arbitrum One Dec 12
- Deus Ex DAO - Deep Dive into Rage Trade's Delta Neutral Vaults
- Sherlock audit repo - 2022-10-rage-trade (DN GMX vaults source)
- RageTrade GitHub organization