The next generation of crypto native yield
Synthetic dollar with exclusive OTC access.
Investors
Backed by leaders redefining finance
Why Neutrl?
Market-Neutrl Yield, Redefined
Neutrl's synthetic dollar delivers premium market-neutral yields by harnessing exclusive OTC market strategies.
By setting new standards in stability and transparency, Neutrl brings the next evolution in crypto-native yields, making private strategies accessible for everyone.
Security
Risk-Minimized Architecture
Independent Verification
Core smart contracts and major upgrades are reviewed by independent security experts prior to deployment, with all updates undergoing external audits to uphold the highest security standards.
Monitoring & Alerting
Onchain activity and integrations are continuously monitored using industry-leading advanced threat detection systems. Abnormal behavior is proactively identified and routed through clearly defined escalation paths to ensure rapid response and operational oversight.
Custody & Key Management
Custody and settlement conducted through institutional-grade custodians, with operational keys and sensitive actions governed by policy-based approvals, strict access controls, and comprehensive audit trails aligned with institutional best practices.
Protocol Controls
Risk controls are designed to limit impact through predefined caps, automated guardrails, and clearly scoped emergency actions, all of which are intentional, auditable, and subject to formal oversight.
Infrastructure Security
Security extends beyond code to operational practices. APIs, deployments, secrets, and access management are subject to regular reviews, independent assessments, and ongoing testing to ensure controls remain effective through industry-leading security researchers.
Our Products
Stable, Transferable,
Yield-Generating
NUSD. Designed for Capital Efficiency.
NUSD is an institutional-grade, DeFi composable synthetic dollar backed by delta-neutral strategies and other crypto assets.
1 | Deposit
Deposit or swap supported stablecoins for NUSD to enter the Neutrl system. Stay fully liquid while preparing to earn yield through staking.
2 | Stake
Stake NUSD to mint sNUSD and activate liquid yield. Your balance begins accruing yield immediately while remaining withdrawable.
3 | Commit
Neutrl allocates capital across market-neutral strategies like OTC hedging and basis trades. Returns accrue to sNUSD holders without directional market risk.
OTC Arbitrage
Discounted entries from secondary market acquisitions generate an immediate unrealized gain, while systematic hedging maintains a delta-neutral portfolio.
Delta Neutral Hedging
Yield is generated from funding rate differentials and price spreads, without exposing the portfolio to directional market volatility.
Basis and Funding Arbitrage
Yield is captured from price gaps between spot and futures markets, while offsetting positions keep exposure market-neutral.
sNUSD. High Yield, Fully Transferable.
sNUSD is the liquid staking version of NUSD, acting as a high yield bearing account. It remains fully transferable with a high degree of DeFi composability.
Updates
What We're Seeing, Building,
and Exploring
Stay informed with our latest updates, announcements and more.
Resources
Beyond Neutrl
A curated collection of resources to help you navigate and succeed within the Neutrl protocol
FAQ
Frequently Asked Questions
Discover the answers you need to confidently navigate and thrive with Neutrl
This protocol differs from other stablecoins, like Usual or Ethena, in that yield is derived primarily from OTC Locked Tokens, where the delta is fully hedged, and the remainder of the portfolio is deployed to Liquid Strategies to maintain sufficient liquidity buffer in times of capital stress.
NUSD maintains its peg through delta-neutral strategies, onchain transparency, and overcollateralization:
• Delta-Neutral Hedging: Derivatives and perpetual futures offset directional risk, keeping NUSD stable during market volatility.
• OTC Discounts: Discounted OTC asset purchases provide a safety margin, supporting the peg even in challenging conditions.
• Duration Matching: The protocol aligns asset and liability durations to ensure sufficient liquidity for redemptions.
• Liquid Reserves: Stablecoins (e.g., USDT, USDC, USDe) and liquid delta-neutral positions back NUSD, maintaining stability under stress.
NUSD is fully backed by a diversified portfolio of assets designed to provide security, transparency, and resilience.
Portfolio Composition - NUSD is backed by a mix of:
• OTC-acquired crypto assets: Purchased at significant discounts, providing a higher margin of safety.
• Stablecoins (e.g., USDT, USDC, USDe): Highly liquid and composable within DeFi and CeFi ecosystems.
• Delta-Neutral Positions: Liquid positions that generate yield while mitigating directional risk.
Transparency: All assets are confirmed using a combination of ZK-proofs, custodian attestations, and third party audits.
Risk Management Framework: The protocol employs a robust risk management framework that includes stress testing, margin monitoring, and proactive position adjustments to protect the backing assets and ensure their security.
If NUSD temporarily loses its peg, the protocol has several mechanisms in place to restore stability:
• Market Incentives: Arbitrage opportunities naturally arise when NUSD deviates from its peg, incentivizing traders and market makers to buy or sell NUSD and redeem against USDC 1:1 to bring its price back in line with its intended value.
• Delta Hedging Adjustments: The protocol adjusts its derivatives and perpetual futures positions to rebalance the collateral portfolio and stabilize NUSD's value.
• Reserve Deployment: Liquid reserves, including stablecoins and delta-neutral positions, can be rapidly deployed to support the peg and meet redemption demands.
• Proactive Adjustments to Backing: If market conditions are extreme, the protocol may temporarily scale down exposure to volatile assets or rebalance its portfolio to prioritize stability over yield. The combination of these measures ensures that NUSD can recover its peg efficiently, even during periods of high market volatility.
While the locked token strategy involves longer-term, illiquid investments, the protocol mitigates these risks through careful design, liquidity management, and diversification:
• OTC Discounts: Locked tokens are purchased at discounts, providing a safety margin even in adverse markets.
• Delta-Neutral Hedging: Market risk is reduced through hedging strategies, limiting exposure to price fluctuations.
• Diversified Portfolio: Locked tokens are balanced with liquid assets like stablecoins and delta-neutral positions, ensuring operational liquidity.
• Secondary Market Access: Partnerships with OTC brokers and secondary markets enable asset liquidation to generate additional liquidity.
OTC arbitrage is the largest driver of Neutrl’s yield, providing stability even when funding rates weaken.