OpenDelta

OpenDelta is a London-based infrastructure company for on-chain financial products. It hedges bitcoin collateral with delta-neutral positions on derivatives venues to mint a dollar-denominated yield-bearing instrument. Its flagship OPB works like a perpetual bond: users deposit BTC, the platform opens an equivalent short across several exchanges, collateral sits with custodians such as Anchorage, HexTrust and Fordefi, and yield comes from perpetual funding rates, so the dollar value of the claim compounds while funding stays positive. A separate OG30 index token, built with GMCI, packages 30 large-cap crypto assets into one rebalanced token.

It operates as a product factory: white-label structured products for wallets, exchanges and asset managers, with OpenDelta carrying hedge execution, custody integration and the compliance framework while partners distribute, a different route from issuing a stablecoin directly to retail. The key variable is the funding rate, since yield accrues only while it is positive and turns into a cost against principal when it flips; cross-exchange margin movement depends on custodians and counterparties, and withdrawal limits at a single venue can interrupt the hedge.