Welcome
Rho X is a hybrid exchange for crypto-native interest rate derivatives. Trade the direction of funding rates and staking yields - long or short - using stablecoin or ETH collateral. Built for traders, institutions, and investors who want direct exposure to crypto rates.
Start Here
Choose your path based on what you want to do:
I want to trade rates Start with Quick Start: First Trade, then explore Markets and Instruments.
I want to hedge my funding costs Read Who Rho X Is For for hedging use cases, then see Rho Rate Futures for the mechanics.
I want to invest, provide liquidity, or deposit into vaults See the General FAQ for vault-related questions and current availability.
I want to integrate or build on Rho X Go to API Overview for REST and WebSocket access, or Rho X MCP Server for AI-agent access.
I want private cross-chain swaps Start with Rho Relay Introduction, then see Using Rho Relay.
I want to understand the risks Read Risk Disclosures before depositing any funds.
Key Facts
Live since
Rho Protocol launched May 2024
Rho X launched September 2025
Deposit/withdrawal chain
Ethereum mainnet
Rate markets
BTC, ETH, and SOL funding rates across supported venues, CESR staking rate
Rho Labs backing
$6.2M raised across 2 rounds from CoinFund, Speedinvest, Flow Traders, Auros, Keyrock, Re7 Capital, Daedalus Collective, and Dmitry Tokarev
Collateral
USDT, USDC, WETH
Auditors
Halborn, Oxorio, Zokyo
How It Works in 30 Seconds
Deposit stablecoin or ETH collateral on Ethereum mainnet
Choose a rate market — e.g., Binance BTC or SOL funding rate, ETH staking rate (CESR)
Go Long (Payer) if you think rates will rise, or Short (Receiver) if you think they will fall
Your P&L reflects the difference between your entry fixed rate and where rates go from there
Close anytime or hold to expiry for automatic settlement
No gas per trade after your initial deposit. Trading happens off-chain; Ethereum smart contracts are used for deposits and withdrawals.
These docs also include Rho Relay, Rho Labs' private cross-chain RFQ swap service for Ethereum and Canton assets.
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