# Cross-Primitive Strategies

The combination of perpetual futures and outcome contracts on a single infrastructure creates product constructions that are standard in traditional structured finance but have never existed onchain.

Both legs — continuous perp exposure and dated outcome contract — live in the same account, on the same matching engine, with portfolio margin recognizing the offset between positions. No capital movement to a separate venue. No bridging. No counterparty mismatch.

**Protected Exposure**

Long a perpetual for directional upside. Buy an outcome contract that pays if the underlying drops below a threshold. The outcome leg acts as a defined-cost floor on the perp position — synthetic principal protection constructed entirely from native exchange primitives.

In traditional finance, this is a protected note. Banks sell billions of dollars of these annually. The onchain version settles instantly, requires no intermediary, and can be entered or exited on an order book.

**Capped Upside Notes**

Long exposure via perp, combined with an outcome contract that caps gains above a ceiling. The trader gives up tail upside in exchange for enhanced yield or reduced cost of entry. This is the reverse convertible structure — the single most popular structured product category in TradFi by issuance volume.

**Conditional Activation**

An outcome contract that, upon resolution, triggers entry into a perp position. The trader defines the conditions under which they want exposure — "enter a long BTC perp only if ETH breaks above $5,000 by end of month" — and the system activates accordingly. Conditional exposure without manual monitoring.

**Macro-Hedged Positions**

Long a commodity or crypto perp through HIP-3. Simultaneously hold an outcome contract on a macro event — Fed rate decision, CPI print, employment data — that hedges the scenario most likely to move against the position. Both legs in one margin account, with the hedge reducing capital requirements through portfolio margin.

**Collar Strategies**

Long perp exposure, plus an outcome contract providing downside protection (synthetic put), plus an outcome contract capping upside (synthetic covered call). Defined risk range, predictable maximum loss, reduced margin requirement. The most common institutional hedging structure, now composable from two native primitives.

**Basis Trade Packages**

Long spot or perp exposure combined with outcome contracts on funding rate duration or basis spread persistence. Automates the carry trade with built-in protection against the basis collapsing — a construction that basis desks at crypto funds would recognize immediately.

**Correlation Products**

Outcome contracts that reference the relationship between two assets rather than a single price. "Do BTC and ETH close within a 5% spread by a given date?" Pure correlation exposure designed and deployed by Stratium — a market type that doesn't exist anywhere else onchain.

**Why This Matters**

Any single primitive — perps alone, outcomes alone — serves a segment. The combination serves the full spectrum of structured finance: hedging, yield generation, risk stratification, conditional exposure, and multi-asset strategies. Stratium is the product layer that composes these primitives into instruments that institutional and sophisticated traders recognize from traditional markets but can now access without minimums, intermediaries, or bilateral OTC relationships.