Opyn builds DeFi-focused infrastructure for derivatives and options. Long Squeeth provides traders with a leveraged exposure that offers unlimited ETH upside, downside protection, and no liquidations. Long Squeeth participants pay a funding rate associated with the position. Short Squeeth represents a short ETH position. In that case, traders receive a funding rate for taking the position, funded by Long Squeeth holders.

Squeeth is made up of automated yield strategies designed for varying market conditions, enabling users to earn funding sourced from the daily funding rate of Squeeth buyers. To participate, users deposit ETH, and the contract runs the strategy automatically. Liquidity providers collect LP fees for supplying SQTH-ETH liquidity. Providing liquidity in the SQTH-ETH pool is akin to holding long ETH^1.5, with the exposure continuously rebalanced as ongoing ETH 1.5x leverage. Users can mint or purchase Squeeth and then add Squeeth + ETH into the Uniswap V3 SQTH-ETH Pool.