Advait Rane

State of Perps: Q4 2025 Introduction Perpetual contracts are derivative instruments that mimic futures without any expiry. Decentralized perpetual exchanges (perp DEXes) bring leveraged derivatives trading on-chain combining permissionless access, 24/7 global access, and advanced market mechanics. Critical to their operation is the funding rate mechanism. This rate adjusts periodically(generally every 8h), creating incentives (payments between long and short positions) that automatically manage market de...

Parameters: Target Net Yield: 18–25% APR Capital Deployment: $5M Duration: 2+ months Introduction In today’s DeFi landscape, sustainable yields above 15% are rare. Most stablecoin farms generate 5–12% APR, leaving institutional capital searching for more efficient strategies. This article explores a delta-neutral yield farm combining GMX v2’s SOL/USD GM pool with a perpetual hedge, designed to generate 18–25% net APR while minimizing market risk. By deploying $5M, we balance liquidity provision, perpetua...

Aave has consistently been at the cutting edge of DeFi innovation. From pioneering flash loans to introducing a DAO-native stablecoin (GHO) and efficiency-boosting features like E-Mode, Aave has become a foundational liquidity layer across multiple chains. This article takes an advanced look at Aave’s mechanics-covering GHO, liquidation dynamics, efficiency modes, governance, and future directions. GHO: The DAO-Owned Stablecoin Launched in July 2023, GHO represents Aave’s move into protocol-native stable...