Built natively on 1inch Aqua

Lock your
funding rate.

Perp funding swings every hour. TenorFi turns your variable rate into a fixed one — in a few clicks. Your collateral never goes idle.

Create a positionView explorer
10.0%
Fixed rate, locked today
$0
Variance once locked
Hourly
USDC settlement
Fixed rate — you lock
10.0%
BTC-PERP · 30-day tenor · $50k notional
Floating now
+41.7%
Your net
10.0%
Relive October 2025
LockedFloating
LOCK 10.0%
Same crash. One fund bled $8B. One didn’t feel it.
Load-bearing — pull any one and the product breaks
1inch AquaChainlink CRELI.FI ComposerHyperliquidBase
The invisible cost

Billions rode on a rate
that nobody could lock.

Ethena lived off the funding rate. At its peak it held ~$16.6B. When funding cooled, its yield compressed below borrow costs and capital fled — down to ~$5.6B. No hack. Just a variable rate nobody could lock.

Locked · fixed

10.0%
Your rate doesn’t move. Income is a single flat number you can plan around.

Unlocked · variable

+41.7%
Swings ~40% in a normal month. In a crash it craters — and at leverage, that’s a liquidation.
In a few clicks

Create a position.

Pick the market you’re hedging and a standing fixed-rate offer. TenorFi assembles both legs of the hedge — you confirm with a single signature.

1

Pick your market. Choose what you’re hedging and your notional.

2

Pick an offer. Choose a standing fixed-rate quote and its max coverage.

3

Confirm once. LI.FI bundles cross-chain USDC into both legs; your rate is locked.

Open the flow →
3 standing offers — pick one to lock your rate.
Each is a fixed rate plus its max coverage.
10.0%
$20k max coverage
Picked
8.5%
$10k max coverage
Conservative
12.0%
$40k max coverage
Wide cap
How it works

Three beats. No terminal.

01

Pick your market

Choose the perp you’re hedging and your notional. No dashboards to learn.

02

Lock in one click

Take a standing fixed-rate offer. LI.FI bundles your USDC into both legs and your rate is set.

03

Auto-settlement

Each hour the position settles in USDC against a Chainlink funding feed. Funding is capped; collateral is pre-locked to cover it.

At the brink: if collateral runs low, TenorFi doesn’t close blindly. It surfaces the call — you confirm close, re-match, or add collateral. You decide what moves money.
Architecture

A measured number,
settled natively.

Oracle
Chainlink CRE
Reads Hyperliquid funding, reaches DON consensus, writes the index on-chain.
On-ramp
LI.FI Composer
One signature brings cross-chain USDC into both legs of the hedge.
The engine
TenorFi on 1inch Aqua
A custom _fundingSettle opcode nets fixed-vs-floating each period. Collateral stays live as an Aqua virtual balance — never custodied, never idle.
Base mainnetUSDC settlement
Customer
Hedger
Pays fixed, receives floating — their variable funding is cancelled.
Counterparty
TenorFi LP
Stands as the always-on rate-offerer so you lock instantly.
Settlement: USDC on Base mainnetFunding source: Hyperliquid BTC-PERPCustody: non-custodial (Aqua virtual balances)
What’s covered

Everything the desk needs.

Read live funding

The actual funding rate, straight from Hyperliquid via Chainlink CRE.

List LP offers

Standing fixed-rate quotes with their max coverage, ready to lock.

Open positions

One signature opens both legs of the hedge through LI.FI Composer.

Monitor settlements

An hourly USDC ledger — every period netted AFR vs FFR, on-chain.

Manage collateral

Health bars per side. No default possible — the worst case is pre-funded.

Close or continue

At the brink, TenorFi surfaces three paths. You confirm the one that moves money.

Pricing

Two numbers. No surprises.

Lock your funding at a fixed annual rate, and pay one small fee when the position opens. No management fees, no spread hidden in the fill, no idle-collateral drag.

Fixed funding rate
8.0% APR
The rate you lock for the life of the position. Real funding can swing all it wants — yours stays flat.
Creation fee
15bps
A one-time 0.15% fee on your notional when the position opens — nothing recurring after that.

No custody, no lockup — your collateral stays live in your wallet as an Aqua virtual balance while it backs the position.

Questions

Answered.

Is my collateral locked away?
No. TenorFi is non-custodial. Your collateral stays live in your wallet as an Aqua virtual balance while it backs the position. Strips and IPOR lock collateral dead for weeks — TenorFi keeps it working.
What happens if funding spikes?
Your rate doesn't move. Funding is capped per hour, collateral is pre-locked to cover that maximum, and the position settles hourly — so the most anyone can owe in a period is already paid up front. No default is possible.
Hedger or LP — which am I?
If you hold a perp and want certainty, you're the hedger — you pay fixed and receive floating, cancelling your variable funding. The TenorFi LP is the standing counterparty so you can lock instantly without waiting for a match.
Which chains and assets?
Settlement is in USDC on Base mainnet. Funding data is read from Hyperliquid's BTC-PERP. LI.FI brings your USDC from any chain in a single flow.
Who controls my funds?
You do. TenorFi is non-custodial and you sign every transaction that moves money. Settlement runs on a deterministic on-chain opcode against a Chainlink funding feed — no discretionary party can touch your collateral.
Team

The people behind TenorFi.

Yudhishthra Sugumaran
Yudhishthra Sugumaran
Engineering
Tomas Mazzitello
Tomas Mazzitello
Engineering
Lain Calvo
Lain Calvo
Product
Axel Geslin
Axel Geslin
Engineering
Shaun Lim
Shaun Lim
Product