Built on Base

On-Chain FX Hedging
for Emerging Markets

Lock USD at a fixed strike.
Fully collateralized call options, settled on-chain.

Full Collateral

Every option is backed one-to-one by USDT locked in a vault before it is sold. The funds are committed from the start, with no leverage and no counterparty risk at settlement.

Transparent

Open orderbooks, on-chain positions, and verifiable settlement. Every contract, premium, and exercise stays visible and auditable rather than hidden in a private ledger.

Built for EM FX

Designed for the currency pairs traditional markets overlook. Starting with cNGN and USDT, Ledig Derivatives brings real hedging infrastructure to the markets that need it most.

HOW IT WORKS

4 Simple Steps

Four steps to lock your rate or earn premium.

Writer Posts

A liquidity provider locks USDT into a vault and writes a call option, setting the strike rate, the premium, and the expiry window. The collateral is committed up front.

Buyer Buys

A business holding cNGN buys the option by paying the premium and secures their right to convert cNGN to USDT at the fixed strike rate, anytime before expiry, no matter how the market moves.

Buyer Exercises

If the naira weakens and the business needs USDT, they exercise the option and convert at the locked rate rather than the worse market rate. Their budget holds.

Settlement

Everything settles on-chain. If the option was exercised, the buyer receives USDT at the strike rate. If it expired unused, the writer keeps the premium and reclaims their collateral.

FOR LIQUIDITY PROVIDERS

Put Your USDT To Work.

Write fully collateralized call options and earn premium from businesses hedging their currency exposure. You set the terms, you keep the premium, and your collateral stays in your control until exercise or expiry.

Earn Premium

Collect premium upfront every time a buyer purchases an option you have written. Your USDT generates yield from real hedging demand across emerging market corridors.

Set Your Own Terms

Choose the strike rate, premium, and expiry window for every option you write. You decide the price at which you are willing to provide USDT liquidity.

Stay Fully Collateralized

Your position is backed by your own USDT in a dedicated vault. No lending, no rehypothecation, and full visibility into where your capital sits at all times.

INSTITUTIONAL FEATURES

Built for Accuracy, Transparency,
and Institutional Scale.

Immutable Series

Once a series is written, the strike, expiry, and collateral are locked into the contract and cannot be altered.

Clean Vaults

Each vault holds exactly the USDT backing its options. No commingling, no rehypothecation, and no hidden exposure.

Per-Expiry Rules

Each expiry window enforces its own collateral requirements, keeping every position fully backed through settlement.

Audit Ready