Expansion Path
Building the Gateway to Structured Institutional Finance Onchain
Stratium's vision is comprehensive: institutional-grade derivatives across volatility, FX/macro, data-backed assets, and real-world products. We're not trying to be another generalist perps exchange. We're building the sophisticated derivatives infrastructure that crypto markets are missing.
This roadmap maps out how we get there — systematically expanding from volatility markets through four distinct verticals.
Vertical 1: Volatility Markets
Phase 1A: Realized Volatility Foundation
Variance Perpetuals
The starting point. Variance perps provide direct exposure to realized variance without requiring delta management or position rolling. We launch with:
BTC Variance — Highest liquidity, deepest institutional interest
ETH Variance — Second-largest crypto asset, distinct volatility profile
Major Alts — SOL, AVAX, and other top-tier crypto assets as liquidity develops
Why start here:
Simplest volatility product to understand and trade
Clear reference data (spot price → realized variance calculation)
Proven demand in TradFi (variance swaps are established instruments)
Foundation for more complex vol products
Phase 1B: Implied Volatility Markets
Implied Vol Perpetuals
Once variance markets are established, we add implied volatility instruments. These track expected future volatility rather than realized historical volatility.
Products:
Implied vol perpetuals on BTC, ETH, major alts
Derived from options market pricing
Enables implied vs realized trading strategies
Infrastructure requirements:
Options market data integration (Deribit, institutional desks)
Volatility surface modeling
Real-time implied vol calculation
Use cases:
Trade expectations vs reality (long implied, short realized)
Volatility risk premium capture
Options market makers hedging vega exposure
Phase 1C: Volatility Indices & Benchmarks
VIX-Style Indices
Standardized volatility benchmarks that become reference points for the broader ecosystem.
Core products:
CVIX (Crypto Volatility Index) — 30-day expected BTC volatility
EVIX (Ethereum Volatility Index) — ETH equivalent
Perpetual futures on these indices
Strategic value:
Positions Stratium as volatility data provider, not just exchange
Other protocols integrate our indices (similar to how VIX is referenced everywhere in TradFi)
Creates network effects — more usage = more authoritative benchmark
Beyond trading:
Risk management tools reference CVIX
Structured products built on our indices
Academic research and analysis citations
Phase 1D: Relationship & Smile Trading
Correlation Perpetuals
Trade the relationship between assets directly, without taking directional exposure.
Products:
BTC-ETH correlation — Most liquid crypto pair
Cross-chain correlation — SOL-AVAX, competing L1 dynamics
Crypto-macro correlation — BTC-Gold, ETH-Nasdaq correlation
Why correlation matters:
Portfolio construction (diversification benefits)
Pair trading strategies
Risk management for multi-asset positions
Skew Markets
Trade volatility smile dynamics — the difference between put volatility and call volatility.
Products:
Put vol vs call vol spreads on BTC, ETH
25-delta skew perpetuals (industry standard measure)
Downside risk premium trading
Use cases:
Tail risk hedging
Earnings/event vol positioning
Market sentiment indicator
Phase 1E: Term Structure & Calendar Spreads
Volatility Spread Perpetuals
Trade the shape of the volatility curve — expectations about near-term vs long-term volatility.
Products:
Short-term variance vs long-term variance spreads
7-day vol vs 30-day vol perpetuals
Calendar spread instruments
Strategic applications:
Mean reversion strategies
Event-driven vol trading (known catalysts)
Volatility regime change positioning
Phase 1F: Cross-Asset Volatility Expansion
TradFi Volatility Markets
Bring the full volatility instrument suite to traditional assets.
Asset class priorities:
Equity Indices
S&P 500 — Global risk barometer, deepest vol market
Nasdaq-100 — Tech concentration, higher vol profile
Variance, implied vol, VIX-style indices for each
Commodities
Gold — Macro hedge, rates correlation
Oil (WTI/Brent) — Geopolitical vol, energy exposure
Natural Gas — Extreme volatility, specialized trader demand
Major Forex
EUR/USD — Deepest FX market, institutional necessity
USD/JPY — Carry trade dynamics, Asia exposure
Focus on variance and implied vol first
Why this sequence:
Start with most liquid TradFi markets (SPX, Gold)
Enables crypto-TradFi correlation strategies (BTC vol vs SPX vol)
Institutional desks need this for complete portfolio hedging
Differentiates from crypto-only vol platforms
Phase 1G: Advanced Volatility Products
Dispersion Trading
Trade the difference between index volatility and constituent volatility.
Example:
Long individual BTC/ETH/SOL variance
Short basket variance
Profit from diversification effects
Multi-Asset Correlation
Complex correlation structures beyond pair trading.
Products:
Tri-asset correlation (BTC-ETH-SOL)
Crypto-equities-commodities correlation baskets
Customizable correlation matrices
Specialized Instruments
As the platform matures, we can launch increasingly sophisticated products based on trader demand:
Volatility-of-volatility (trading vol changes)
Forward variance agreements
Custom vol structured products for institutional partners
Vertical 2: FX & Macro Markets
Global FX derivatives turnover exceeds $7.5 trillion daily. There are no deep onchain markets. Stratium changes that.
Phase 2A: Currency Pair Derivatives
Core Products:
USD/JPY variance perpetuals — Highest volume FX pair
EUR/USD volatility markets — Global benchmark currency pair
GBP/USD, AUD/USD — Major G10 currency coverage
Infrastructure requirements:
Real-time FX spot data feeds from institutional sources
Implied vol derived from FX options markets
Session handling for regional trading hours
Use cases:
Cross-border payment hedging
Currency risk management for crypto treasuries
Macro directional volatility plays
Phase 2B: Commodity Volatility
Precious Metals:
Gold variance — Macro hedge, inflation correlation
Silver volatility — Industrial demand dynamics
Gold-silver correlation products
Energy:
Oil (WTI/Brent) variance — Geopolitical risk exposure
Natural gas volatility — Extreme seasonal patterns
Energy correlation with equity markets
Base Metals:
Copper volatility — Economic growth indicator
Industrial metals basket products
Why commodities matter:
Differentiated volatility patterns from crypto/equities
Institutional macro desks need commodity vol exposure
Enables multi-asset correlation strategies
Phase 2C: Carry-Spread Markets
Yield Differential Trading:
USDY/USDC perpetual structures — Tokenized yield vs stablecoin
Cross-currency carry spreads — G10 interest rate differentials
Emerging market carry exposure — Higher yield opportunities
Infrastructure requirements:
Integration with tokenized yield products (Ondo, Mountain Protocol)
Real-time interest rate data feeds
Funding rate mechanics that reflect carry dynamics
Use cases:
Institutional treasury yield optimization
FX carry trade replication onchain
Cross-border yield arbitrage
Phase 2D: Macro Rate Products
Interest Rate Volatility:
Fed Funds rate volatility derivatives — Policy uncertainty exposure
SOFR variance perpetuals — US dollar funding rate volatility
ECB/BOJ policy rate products — Global central bank exposure
Macro Event Trading:
CPI surprise volatility products
Employment data derivatives
Central bank meeting event contracts
Use cases:
Hedge macro policy uncertainty
Trade central bank volatility
Portfolio protection against rate shocks
Vertical 3: Data-Backed Assets (DATs)
Trade quantifiable onchain and macroeconomic datasets as perpetual contracts.
Phase 3A: Network Activity Perpetuals
Blockchain Metrics:
Bitcoin transaction volume index — Network usage trends
Ethereum active addresses perpetual — Ecosystem growth indicator
Gas fee derivatives — Network congestion exposure
Why this matters:
Direct exposure to network fundamentals
Leading indicators for ecosystem health
Quant strategies based on onchain data
Phase 3B: Stablecoin Metrics
Flow Tracking:
USDC velocity index — Payment activity measurement
USDT cross-chain flow perpetual — Liquidity migration trends
Stablecoin peg stability derivatives — Depeg risk exposure
Use cases:
Treasury management based on stablecoin flows
Liquidity prediction for market makers
Depeg risk hedging for large holders
Phase 3C: Protocol & DeFi Data
DeFi Fundamentals:
Total Value Locked (TVL) trend perpetuals — Ecosystem capital flows
DeFi protocol revenue indices — Fee generation tracking
Yield curve derivatives — Lending/borrowing rate trends
Infrastructure requirements:
Reliable DeFi data aggregation (DefiLlama, Dune Analytics)
Standardized methodology for TVL calculation
Real-time protocol revenue tracking
Strategic value:
Lets quant desks trade DeFi metrics directly
Creates structured indices for institutional allocation
Enables data-driven portfolio construction
Phase 3D: Macro Data Integration
Economic Indicators:
CPI trend perpetuals — Inflation exposure without duration risk
Employment data derivatives — Labor market tracking
PMI indices — Manufacturing sentiment exposure
Why bring macro data onchain:
Transparent, verifiable data sources
24/7 tradability vs TradFi limitations
Composability with crypto-native strategies
Phase 3E: Mining & Infrastructure
Network Security:
Bitcoin hash rate derivatives — Mining economics exposure
Miner revenue tracking products — Profitability trends
Mining difficulty perpetuals — Network security metrics
Use cases:
Mining operations hedging revenue
Investors tracking network security trends
Correlation with energy markets
Vertical 4: Real-World Assets (RWAs)
Bring TradFi yields and structured products onchain as tradable perpetuals.
Phase 4A: Government Debt Products
Treasury Instruments:
T-bill perpetuals — Tokenized short-term government debt exposure
10-year Treasury variance — Duration risk and rate volatility
Cross-sovereign yield spreads — US vs EU vs Japan rate differentials
Infrastructure requirements:
Partnership with RWA tokenization providers (Ondo, Backed Finance)
Real-time Treasury market data
Yield curve calculation methodology
Use cases:
Onchain access to government yields
Rate volatility hedging
Cross-sovereign arbitrage
Phase 4B: Repo Market Integration
Short-Term Funding:
Onchain repo rate exposure — Institutional money market access
Reverse repo derivatives — Fed facility exposure
Collateral management products — Institutional treasury tools
Why this matters:
Bridges TradFi short-term funding markets onchain
Institutional treasuries need money market access
Creates benchmark onchain interest rates
Phase 4C: Credit Products
Corporate Debt:
Investment-grade credit exposure — BBB+ and higher rated debt
High-yield derivatives — Below investment-grade exposure
Credit spread perpetuals — IG vs HY spread trading
Infrastructure requirements:
Tokenized corporate bond integration
Credit rating data feeds
Default risk modeling
Use cases:
Diversified fixed-income exposure
Credit spread trading strategies
Institutional allocation to corporate debt
Phase 4D: Structured Products
Yield Enhancement:
FX-linked notes as perpetuals — Currency + yield exposure
Yield curve trading instruments — Flattener/steepener positions
Custom structured notes — Institutional-specific products
Strategic value:
Replicates TradFi structured product desks onchain
Enables sophisticated institutional strategies
Creates high-margin institutional partnership revenue
Asset Class Prioritization Framework
Within each vertical, we expand asset coverage systematically:
Tier 1: Crypto Majors (Volatility Vertical)
BTC, ETH
Highest liquidity and institutional interest
Prove product-market fit for each new instrument type
Foundation for all subsequent expansion
Tier 2: Crypto Alts (Volatility Vertical)
SOL, AVAX, major L1s
Expand crypto volatility coverage
Enable cross-chain correlation products
Serve crypto-native institutional desks
Tier 3: Major FX Pairs (FX/Macro Vertical)
EUR/USD, USD/JPY, GBP/USD
Deepest FX liquidity
Institutional necessity for hedging
Enables carry and correlation strategies
Tier 4: Core Commodities (FX/Macro Vertical)
Gold, Oil, Natural Gas
Differentiated volatility regimes
Macro correlation strategies
Institutional diversification
Tier 5: Equity Indices (Volatility + Correlation)
SPX, NDX, major benchmarks
Bridge to TradFi institutional demand
Massive addressable market
Enables crypto-equity correlation strategies
Tier 6: Onchain Data (DAT Vertical)
Network metrics, stablecoin flows, protocol data
Crypto-native products
Quant desk demand
Leading indicators for ecosystem health
Tier 7: RWA Products (RWA Vertical)
T-bills, credit, structured products
Complete institutional toolkit
TradFi yield access onchain
Sophisticated desk partnerships
Launch Criteria
Before any new instrument or asset goes live, it must meet:
Liquidity Threshold
Minimum reference market size and daily volume
Ensures tight spreads and sustainable funding rates
Data Infrastructure
At least 3 independent data sources for redundancy
Clear methodology for mark price calculation
24/7 availability or well-defined session handling
Market Maker Commitment
Confirmed MM participation for initial liquidity
Demonstrated ability to hedge the instrument
Acceptable spread and depth commitments
Risk Management
Appropriate margin requirements based on historical volatility
Funding rate boundaries to prevent extreme dislocations
Liquidation mechanisms tested in simulation
Technical Readiness
Smart contracts audited for new instrument mechanics
Oracle infrastructure battle-tested
UI/UX ready for product-specific features
Institutional Validation
At least one institutional partner confirmed interested in trading
Use case clearly defined and validated
Fits within broader vertical strategy
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