What is Nunchi?
Nunchi is the first platform that lets you trade yield directly; not tokens, not prices, but the interest rates behind them.
Instead of guessing whether ETH or BTC will go up, Nunchi lets you take a position on whether funding rates, staking yields, or treasury-backed yields will rise or fall.
It works like a perpetual futures exchange, except the underlying isn’t a coin, it’s the rate of return itself.
If the yield goes up, longs win. If the yield drops, shorts win. No expirations, no rolling positions, and no complex multi-leg trades.
For the first time, traders, treasuries, and funds can hedge or speculate on yield with a single, simple instrument.
Why It Matters
Yield drives everything in crypto. Funding rates dictate leverage costs. Staking yields determine validator economics. Tokenized T-Bills set the baseline for risk across the entire market.
Until now, yield was something you could observe but not trade.
Nunchi unlocks a completely new market:
- Hedge funding rate exposure
- Stabilize staking returns
- Express directional yield trades
- Build strategies without unwanted price risk
It’s a missing primitive that sits beneath every major crypto market.
Risks
Even though Nunchi simplifies yield trading, there are still risks involved:
- Rate Volatility: Yields can move quickly during market stress. A sudden drop or spike can cause liquidations, similar to price-based perps
- Oracle/Index Risk: Nunchi relies on accurate yield data. If an index is disrupted or manipulated, it can impact the recorded rate
- Leverage Risk: Yield perps still use leverage. Poorly sized positions can be liquidated even with small rate movements
- Smart Contract & Platform Risk: As with any on-chain platform, there’s risk of bugs, exploits, or downtime
- Liquidity & Market Structure: Because this is a new market type, liquidity may be thinner than major asset perps, which can widen spreads and increase slippage