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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Risks identified
- Smart Contract
Complex vault logic involving flash loans, Aave positions and cross-protocol composability creates a broad attack surface; a bug in the delta-neutral or omnichain contracts could cause loss of deposits despite the Sherlock audit.
- Counterparty
The strategy is fully dependent on external protocols (GMX/GLP for yield, Aave for the hedge borrow, Balancer/Uniswap for execution, LayerZero/Stargate for messaging and bridging); failure, insolvency, or parameter changes at any of these breaks the strategy.
- Oracle
GLP valuation and the BTC/ETH hedge sizing rely on accurate price feeds; oracle manipulation or staleness could misprice the hedge, leaving the vault directionally exposed or subject to bad liquidations.
- Reserve / Depeg
The hedge can drift from true delta-neutrality (basis/funding divergence, rebalancing lag, or Aave borrow-rate spikes), so the vault may retain residual market exposure and underperform or incur losses during sharp moves.
- Network
Omnichain design depends on LayerZero and Stargate bridging; cross-chain message failures, bridge exploits, or Arbitrum sequencer downtime could delay rebalancing/hedging and strand PnL in transit.
- Systemic
As a wound-down protocol, ongoing/tail risk exists around final distributions, unclaimed vault deposits, and reliance on source-protocol interfaces for legacy positions after the app was shut down.