While perp futures dominate crypto derivatives, interest rate derivatives are still largely untapped. Interest rates steer global finance, with almost $600 trillion in notional derivatives across TradFi. In crypto, they’re volatile and critical – perp funding rates can shift from -20% to +100% APR weekly, lending yields on Aave fluctuate, and staking rewards adjust with network dynamics. These rates can move markets and Rho Protocol seeks to leverage them, offering traders tools for risk management and returns.

Rho is an interest rate derivatives perp DEX on Arbitrum, currently live in a whitelisted beta. It’s designed to offer fixed-expiry futures on some of crypto’s core rates: perpetual funding (e.g. Bina