Derivatives · Review
Opyn Squeeth Review 2026: Perpetual ETH² Exposure
Opyn Squeeth is an Ethereum derivatives protocol offering perpetual exposure to ETH squared.
By the DappsAtlas editorial team · Updated
DappsAtlas score
—/10
Not rated
Our verdict on Opyn Squeeth
Opyn Squeeth is a niche Ethereum derivatives product that offers perpetual exposure to ETH squared. It suits experienced DeFi users who already understand non-linear payoffs and are comfortable reading documentation themselves. The main caveat is the thin public record: no audits are listed on DefiLlama, TVL is modest, the homepage could not be checked, and fees are unpublished. Treat it as a high-risk, advanced product and verify everything first.
Score breakdown
How Opyn Squeeth scores
- Security
- n/a
- Ease of use
- n/a
- Fees
- n/a
- Features
- n/a
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Opyn Squeeth?
Opyn Squeeth is an Ethereum derivatives protocol. DefiLlama describes it as perpetual exposure to ETH squared, and the project's Twitter account is listed as opyn_.
It has been tracked on DefiLlama since the end of 2022. It currently shows about $599K in TVL, up 2.9% over seven days. DefiLlama lists no audits and no token.
The homepage could not be fetched and no public reporting were available.
How Opyn Squeeth works
Squeeth is described by DefiLlama as perpetual exposure to ETH squared. A position tied to ETH squared rises and falls faster than ETH itself: when ETH goes up, it gains proportionally more, and when ETH falls, it loses more.
Power perpetuals of this kind are generally implemented with on-chain contracts that issue a token representing the squared exposure, with a funding cost that replaces an expiry date. Public information here do not confirm the exact mechanism, so check the official documentation for details.
2 features
Key features
01
Perpetual ETH² exposure
DefiLlama describes Squeeth as perpetual exposure to ETH squared, so there is no fixed expiry date to manage.
02
Ethereum deployment
The protocol is listed as running only on Ethereum, according to DefiLlama.
Pros and cons
What we like
- Offers a distinct derivatives product, perpetual exposure to ETH squared
- Perpetual structure means no expiry date to manage
- Runs on Ethereum, the most widely supported smart-contract chain
- Long-running DeFi listing on DefiLlama since 2022
Watch out for
- The homepage could not be fetched, so the current state of the interface is unconfirmed
- DefiLlama lists no audits for it
- TVL is small, at about $599K
- No token, fee schedule or team details appear
- Exposure to ETH squared amplifies both gains and losses, so it is not a simple long position
Opyn Squeeth fees
Fee details are not, and the homepage could not be fetched. Anyone considering a position should check the official interface and documentation for funding costs, trading fees and Ethereum gas costs before using it.
Is Opyn Squeeth safe?
DefiLlama lists no audits for Squeeth, and the project does not mention incidents, custody details or regulatory status. Smart-contract risk applies to any on-chain derivatives product, and leveraged-style exposure carries market risk on top of that.
Because the homepage could not be checked, confirm the official site and read the latest documentation before connecting a wallet.
5 steps
How to get started with Opyn Squeeth
- 1
Open the official site and confirm it loads and is the correct address.
- 2
Read the official documentation on how ETH squared exposure behaves, including its funding cost.
- 3
Check any audit reports and the current state of the contracts.
- 4
Use a small amount first if you decide to proceed, from a wallet you control.
- 5
Keep in mind that squared exposure can move sharply against you.
Who Opyn Squeeth is for
Squeeth is aimed at advanced DeFi users who want non-linear exposure to ETH's price and understand the risks of leveraged-style derivatives. It is not suited to beginners or anyone looking for a simple way to hold ETH.
Opyn Squeeth FAQs
What is Opyn Squeeth?
Per DefiLlama, Squeeth offers perpetual exposure to ETH squared, meaning a position whose value tracks the square of ETH's price. It sits in the derivatives category and runs on Ethereum.
Is Opyn Squeeth safe?
DefiLlama lists no audits for it and shows about $599K in TVL. The project does not cover team, incidents or regulatory status, so check the official documentation before using it.
Does Opyn Squeeth have a token?
DefiLlama shows no token for it, and public sources name no other native token. Check the official site for the latest details.
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How we checked
Sources
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