Bond-price perpetuals · in development
Corporate bonds, traded like crypto perps.
Pick a bond. Go long or short. Post USDC. No sourcing, no borrow, no delivery.
Get early access- Yield
- 6.00% T+87
- Contract
- $100 face
- Collateral
- USDC
- Settlement
- Cash, no delivery
Simulated quote. Illustrative only, not a live market. Tap Long or Short.
Stocks, gold and oil already trade as onchain perps. Bonds don't.
About $800B moved through real-world-asset perpetuals in the last 30 days, across 33 venues, and open interest grew 17% in the month. Bonds are roughly 0.1% of that open interest, and none of those bond markets tracks an individual corporate bond.
Open interest on onchain perpetuals, by asset group. Bonds are about 0.1% of the total.
And the bond perps that do exist track baskets and yields:
| Market | What it tracks | Where it trades |
|---|---|---|
| TLT | Long-dated Treasury ETF | trade.xyz, QFEX |
| TBT | Inverse long Treasury ETF | BingX |
| LQD | Investment-grade corporate bond ETF | BingX, Gate |
| AGG | Aggregate US bond ETF | Gate |
| HYG | High-yield corporate bond ETF | BingX, Ostium |
| USHY | High-yield corporate bond ETF | BingX |
| US10Y | 10-year Treasury yield | Paragon |
| One bond | A single issuer's debt, long or short | Consol |
Source: DefiLlama, all RWA perps and bond perps (about $445M of 30-day volume, 12 venues), as of October 2026. Bar lengths are to scale.
How a trade works
One contract follows the clean price of one corporate bond, so the bond's rate risk and credit risk come in the same price.
Ask for a quote
Choose an issuer and maturity, then request a price for the size you want.
Go long or short
You trade against Consol's book. Shorting a bond is as simple as buying one: no borrow, no sourcing, no delivery.
Settle in USDC
Margin and settlement are in USDC, onchain. Close whenever you want, in part or in full.
Rates and credit, in one price.
Drag the sliders. A corporate bond moves with Treasury yields and with its issuer's credit spread. One Consol contract carries both.
- From rates (hedgeable with Treasuries)
- $0
- From credit (the part you came for)
- $0
The house quotes. Someone else sets the reference.
If we take the other side of your trade, we can't also be the ones who decide what the bond is worth. So we're building around four commitments.
An independent reference
Marks follow a third-party signed price index, never our own book.
Quotes in public
Every quote is published next to the reference, so anyone can check the spread.
It fails safe
If reference data goes stale or the bond market is closed, liquidations pause.
It starts small
Three bonds at launch, with position caps and an allowlist. More only when the first three behave.
Design commitments for launch. The product is in development and nothing here is live yet.
Consols were Britain's perpetual bonds: government debt with no maturity, first issued in 1751 and finally repaid in 2015.
We're bringing perpetuals back to bonds, this time onchain, starting with the corporate bonds nobody else lists.
Clip the coupon.
Join the waitlist for the first markets. We'll write when they're close.