PT/YTs, but for Perps

Spreads’ first product merges three of the most successful ideas in modern on-chain finance—the delta-neutral basis trade popularized by Ethena, the explosive growth of points farming on emerging perp venues, and the PT/YT payoff separation pioneered by Pendle. The purpose is to give users passive access to either premium-like stable yield or high-velocity points exposure through distinguished vaults

At a high level, the strategy works as follows:

• Spreads deploys capital into delta-neutral positions across new, pre-token perp markets. These positions naturally generate funding-rate carry and staking yield from the upside leg, while also accumulating point rewards issued by the underlying venues.

• All funding, yield, and points are aggregated at the protocol level, then distributed to users depending on the payoff profile they select.

• Users seeking pure airdrop and points exposure can opt into the Perpetual Airdrop Vault, while users looking for a more predictable premium yield can allocate to the Yield Vault backed by basis carry.

The protocol continuously maintains these delta-neutral and farming trades, rotating into new markets as opportunities emerge to maximize both the carry and the points flow. Meanwhile, custody and execution are handled through MPCvault, operated by the Spreads core team, ensuring institutional-grade controls without fragmenting trust across multiple actors.

The result is a single unified product: a systematic, structured yield engine that captures the economics of perps markets, airdrop incentives, and PT/YT decomposition—abstracted into a clean user experience.