OpenDelta Perpetual Bond (OPB) is created by hedging Bitcoin collateral across a variety of global derivatives exchanges in a trust-minimized way. This process creates a position that’s stable in dollar terms, protects the holder against downside risk, and earns continuous yield from the derivatives market funding rate. OPB allows holders to access stable value accrual, with yield derived from real economic activity in the deepest and most liquid markets in crypto (Bitcoin derivatives markets). Yield on OPB is distributed automatically to token holders via the Solana SPL interest-bearing token extension, meaning staking and lockups are not required.