What is Opyn / Squeeth (oSQTH)?
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🟢 The simple version
Plain English — no jargon. Start here.
Squeeth (oSQTH) is a "power perpetual" tracking ETH² — if ETH rises 10%, oSQTH rises ~21% (more upside); if ETH falls 10%, oSQTH falls ~19% (less downside) — providing perpetual long gamma without expiry, with funding paid to short-side LPs.
ETH squared — convex payoff
Regular ETH: linear +10%/-10%. Squeeth: convex payoff — more gains, less losses percentage-wise. This "long gamma" normally requires buying options (paying time decay). Squeeth is perpetual: no expiry, no strike price. Long oSQTH holders pay continuous funding to short-side LPs. Short Squeeth (Crab Strategy): automated delta-hedged short Squeeth vault — profits from funding income in sideways/calm ETH markets. Is oSQTH legal in India? Yes. 30% tax, 1% TDS apply.
🟡 A bit more detail
For when you want to go a little deeper.
Squeeth vs options
Options: expiry date, strike price, time value decay. Squeeth: no expiry, no strike, perpetual gamma. Funding rate replaces options' time value. Simpler to hold than rolling options positions. Crab Strategy: manages the short Squeeth position algorithmically for yield seekers in low-vol environments.
🟣 The full technical picture
For the technically curious.
Key facts
- oSQTH: Tracks ETH² (convex payoff)
- Funding: Long pays continuous to short LPs
- No expiry: Perpetual (no rolling)
- Crab: Delta-hedged short for funding yield