Perpetuals have no expiry
A perp can stand in for a dated hedge, but you pay funding the whole time and only learn your exit price on the day you close.
PerpetualsPrivate dated-risk exchangeOn Arbitrum
Private exchangefor dated risk
Setryn is an exchange for risk with a date on it. Enter what you need to buy or sell and when, ask the makers you choose for a firm price, and clear the hedge against native USDC.
Only the makers you invite see the request.
Forwards
Capped forwardsNon-deliverable forwardsCalls and putsCollarsOption spreadsBasis and carryFunding-rate marketsCalendar spreadsN-leg packages
Capped forwardsNon-deliverable forwardsCalls and putsCollarsOption spreadsBasis and carryFunding-rate marketsCalendar spreadsN-leg packagesPart 02The problem
A future date is hard to hedge onchain.
Onchain markets are built for spot swaps and perpetuals. If you know you will receive, pay or unlock tokens on a set date, you are left stitching venues together, trusting an OTC desk, or holding a perp whose cost you can't know in advance.
OTC quotes can't be compared
A desk sends one price over chat. There is no second quote next to it and no record of how the price was set.
OTC desksLegs live on different venues
A collar or a basis trade means several positions, several collateral pools and several ways for one leg to fail on its own.
Multi-leg tradesLarge orders move public books
Size posted on a public order book is visible before it fills, so the price moves away from you while you wait.
Order booksPart 03How it works
From exposure to receipt
One order and instrument model sits underneath, so a hedge built in Protect and a trade placed in Trade become the same kind of position.
Who it's for
Token unlocks
A team with tokens unlocking in March sells them forward now, so it knows what the unlock is worth in USDC.
Treasury payables
A DAO that pays contributors in euros fixes the EUR/USD rate for each payroll date in advance, settled in USDC.
Your exposure
Receivables, inventory, debt, a fund's basis trade or a maker's quote surface. Describe it in Protect and see what the hedge costs.
Part 04Network
How the market runs
16Dated markets across BTC, ETH, ARB, EUR/USD and gold
8Execution modes, from order books to sealed auctions
9Order policies, including IOC, FOK, GTD and post-only
MakersFirm quotes, capacity and RFQ responses
SolversComplete multi-leg packages at one price
KeepersAuctions, fixing and settlement
AuditorsRebuild any trade from its receipt
Part 05Products
Protect, trade or make markets
Protect01
Hedge a future cash flow
Start from a receivable, a payable, inventory, debt or a token unlock. Choose the outcome you want and Setryn builds the instrument that gives it.
- Budget-rate protection
- Hedge coverage
- Cash-flow calendar
Trade02
Trade expiries, curves and packages
A professional terminal for books, curves, volatility, options and multi-leg strategies, with margin worked out across the whole portfolio.
- Order book and RFQs
- Strategy builder
- Portfolio margin
Make markets03
Quote surfaces, not single trades
Makers publish firm quotes with explicit capacity, answer private RFQs, and manage inventory, Greeks and limits from one cockpit.
- Quote surfaces
- RFQ queue
- Kill switches
Position lifecycle
Managed from entry to settlement
- 01Enter and adjust
Add to, reduce, close, transfer or split a position. Each action shows collateral and risk before and after you sign.
- 02Roll or exercise
Move to a new expiry, or exercise an option at the holder's election, with the cost shown before you commit.
- 03Fix and settle
At expiry the position fixes from its published rules and pays out in USDC. Anyone can complete settlement from committed state, even if an operator goes offline.
Questions
Short answers to what treasuries, traders and makers ask first. The markets page lists every maturity.
An exchange and clearing protocol for dated risk, built for Arbitrum. It trades fixed-expiry forwards, options, rate and basis markets and multi-leg strategies on one instrument model, clears them against native USDC, and manages each position until it settles.
