Trade the ETHBTC ratio with Leverage

Go long ETH or BTC in one click using DeFi rails.

Trade the ratio

Leverage

ETH

BTC

Trusted by

$14,349.34 in TVL

We’ve completed 8+ audits from industry leading security firms, keep all contracts open source, and maintain an ongoing bug bounty program.

$250b+

Total Volume of Rebalances

1014

Days without liquidation

10,000+

Users

Audits

Protocol Documentation

Bug Bounty Program

What are leveraged ratio tokens?

The Ratios offer traders a streamlined way to trade the ETH/BTC ratio with leverage.

By tapping into DeFi lending markets, these products simplify complex collateralized debt management into a simple index token. The tokens target 2x exposure on their respective direction: ETH2xBTC for ETH exposure, and BTC2xETH for BTC exposure.

See product documentation

Key value proposition

Lower Risk Leveraged Exposure

Maintain consistent 2× ETH/BTC exposure with significantly lower volatility than ETH/USD or BTC/USD perpetual swaps.

Cost-Efficient

2× ETH/BTC exposure carries financing costs far below perpetual swaps, maximizing net returns.

Market-Neutral Ratio Trading

Express ETH/BTC ratio views and hedge swings while staying net long, noting USD returns may vary.

: The ratio tokens provide 2x directional leveraged exposure to the ETHBTC ratio. ETH2xBTC and BTC2xETH represent an over-collateralized debt position in Aave V3 that enables amplified exposure to the ETHBTC ratio by tracking a target leverage ratio of 2.0x and rebalancing as prices change. Token holders benefit from automated rebalancing, liquidation protection, and persistent leverage.
: Index Coop leverage tokens, such as ETH2xBTC, are designed to track a specific leverage ratio for a targeted market metric, such as the ETHBTC price ratio. These tokens employ a range-bound methodology to ensure efficient and predictable performance.
Benefits of the Range-Bound Methodology:
1. Improved Efficiency: Less frequent rebalancing means lower gas costs, reduced volatility decay, and better tracking of the target leverage ratio.
2. Symmetric Rebalancing Thresholds: The minimum leverage ratio is defined as the square of the target leverage ratio divided by the maximum leverage ratio, ensuring balanced responses to equivalent market moves, whether prices increase or decrease.
: Ratio tokens will automatically rebalance anytime the current leverage ratio moves outside of the range defined for the product.
Any changes to the methodology or product parameters will be made publicly available and voted on by $INDEX holders before implementation.
: Fees vary by leverage ratio. See our docs for a full breakdown.
: The following risks may apply to this digital asset: full or partial loss of digital assets due to technical hacks, exploits, or failures that may occur at the protocol or smart contract level of a product’s infrastructure; restrictions placed on the digital assets by regulatory authorities in the end users region; loss of digital assets or loss of access to the digital assets due to decisions made by centralized providers of the underlying assets; full or partial loss of digital assets through standard product operations which can be hampered by unexpected market conditions; full or partial loss of digital assets due to changes to underlying product assets made by the originating protocols; full or partial loss of digital assets due to volatility, correlation, value at risk, and contagion risks; underperformance of digital assets due to deviation from intended methodology; full or partial loss of digital assets due to the variability of an assets price; full or partial loss of digital assets due to deviation from the proposed methodology and volatility decay incurred during rebalancing; full or partial loss of digital assets due to liquidation of the position in the event of product malfunctions.