specification: FinOps Framework specificationVersion: '1.0' alignedWith: framework: FinOps Foundation Framework frameworkUrl: https://www.finops.org/framework/ dataSpec: FOCUS dataSpecVersion: '1.3' dataSpecUrl: https://focus.finops.org/focus-specification/v1-3/ provider: Opyn providerId: opyn publisherName: Opyn Finance serviceCategory: API created: '2026-06-14' modified: '2026-06-14' tags: - DeFi - Options - Ethereum - Squeeth - FinOps - Cost Management - FOCUS description: >- FinOps Framework alignment for integrating with the Opyn DeFi options protocol. Unlike traditional SaaS APIs, Opyn has no subscription fee or per-request billing from the protocol itself. Developer costs arise from three sources: The Graph query fees (GRT) for subgraph data access, Ethereum gas costs for on-chain interactions, and in-protocol funding rates paid by long Squeeth holders. This document maps those cost streams to the FOCUS data model for unit-economics analysis. principles: - name: Visibility description: >- Track The Graph query costs in GRT, Ethereum gas spend per interaction type (mint, deposit, withdraw, hedge), and protocol funding-rate accrual separately so each cost centre is visible in near real time. - name: Allocation description: >- Tag every RPC call and subgraph query with the consuming team, application, and feature (e.g., vault-monitor, liquidation-bot, strategy-dashboard) to allocate infrastructure costs to the originating business unit. - name: Optimization description: >- Reduce gas costs by batching contract reads via Multicall3, caching subgraph responses for non-real-time data, and minimising on-chain writes. Evaluate Crab strategy vs. manual vault management for cost-efficient ETH² exposure. - name: Accountability description: >- Assign budget owners for The Graph API key spend, RPC provider costs, and the gas budget for strategy bots (hedging, rebalancing). Track protocol funding-rate cost as a position-level P&L line. domains: - name: The Graph Subgraph Query Fees description: >- Variable cost in GRT tokens paid to The Graph indexers for each query against the Opyn Squeeth or Gamma subgraph via the decentralised network. The hosted service is free but deprecated for production use. costDrivers: - query_count - query_complexity - indexer_pricing_GRT focusMapping: ChargeCategory: Usage ChargeClass: Consumption ServiceCategory: API ServiceSubcategory: Data Indexing PricingCategory: Standard PricingUnit: query - name: Ethereum Gas (Contract Reads) description: >- eth_call gas cost for reading on-chain state (vault collateral, TWAP oracle prices, oSQTH balance). Most RPC providers bundle free eth_call compute units up to daily limits on their free tier; paid tiers charge per compute unit. costDrivers: - rpc_provider_tier - call_volume_per_day - eth_call_compute_units focusMapping: ChargeCategory: Usage ChargeClass: Consumption ServiceCategory: API ServiceSubcategory: RPC PricingCategory: Standard PricingUnit: compute_unit - name: Ethereum Gas (Contract Writes) description: >- ETH gas cost for on-chain transactions: minting oSQTH, opening/closing short vaults, depositing/withdrawing from Crab strategy, or triggering hedges. Gas is denominated in ETH (gwei per gas unit) at prevailing Ethereum base fee plus priority fee. costDrivers: - ethereum_base_fee_gwei - transaction_gas_units - priority_fee_gwei - transaction_frequency focusMapping: ChargeCategory: Usage ChargeClass: Consumption ServiceCategory: Smart Contract ServiceSubcategory: Ethereum Mainnet PricingCategory: Variable PricingUnit: gas_units - name: Squeeth Funding Rate (Protocol Cost) description: >- Continuous in-kind funding charged to long oSQTH positions. Economically equivalent to a cost of carry. Long holders' oSQTH balance decays over time at the daily funding rate (approximately normalised volatility squared divided by 17.5). Track as a position P&L deduction, not a cash outlay. costDrivers: - oSQTH_position_size - ETH_implied_volatility - days_held focusMapping: ChargeCategory: Usage ChargeClass: Other ServiceCategory: Smart Contract ServiceSubcategory: Options Protocol PricingCategory: Variable PricingUnit: oSQTH_funding - name: RPC Provider Subscription description: >- Fixed monthly subscription to an Ethereum RPC provider (Infura, Alchemy, QuickNode, or self-hosted) needed for contract reads and transaction submission. Costs range from $0 (free tier) to $200-$1,000+/month for high-throughput production workloads. costDrivers: - rpc_provider_tier - monthly_call_volume - archive_node_requirement focusMapping: ChargeCategory: Purchase ChargeClass: Recurring ServiceCategory: API ServiceSubcategory: RPC Provider PricingCategory: Standard PricingUnit: subscription_month focusFields: required: - BillingPeriodStart - BillingPeriodEnd - ChargeCategory - ChargePeriodStart - ChargePeriodEnd - ProviderName - PublisherName - InvoiceIssuerName - ServiceName - ServiceCategory - BilledCost - EffectiveCost - ListCost - ContractedCost - PricingCategory - PricingUnit - PricingQuantity recommended: - SubAccountId - SubAccountName - ResourceId - ResourceName - ResourceType - Region - Tags opynSpecific: - x-opyn-vault-id (short vault NFT token ID from ShortPowerPerp) - x-opyn-strategy (squeeth-long / crab-v2 / bull / gamma-vault) - x-opyn-chain-id (1 for Ethereum mainnet) - x-opyn-transaction-hash (Ethereum tx hash for on-chain write cost attribution) - x-opyn-funding-rate-daily (daily funding rate at time of position open) - x-graph-query-id (The Graph query identifier for subgraph cost attribution) unitEconomics: - metric: Gas Cost per Strategy Rebalance formula: gas_units * (base_fee_gwei + priority_fee_gwei) / 1e9 * ETH_price_USD insight: Compare automated Crab hedge gas cost against funding-rate revenue to ensure hedge bots are economically viable. - metric: Subgraph Query Cost per Active User formula: total_GRT_query_fees_USD / distinct_users_queried_per_month insight: Size the data infrastructure cost per user of a Squeeth-powered application. - metric: Funding Rate Cost per Day (Long Position) formula: oSQTH_balance * daily_funding_rate * oSQTH_price_USD insight: Daily USD cost of holding a long oSQTH position; compare against expected ETH² upside to evaluate position economics. - metric: Total Infrastructure Cost per Vault Managed formula: (rpc_subscription_USD + graph_query_USD + hedge_gas_USD) / vault_count insight: Unit cost of operating the monitoring and automation infrastructure per short vault managed. notes: - Opyn charges no API fees. All costs are infrastructure-layer (RPC, subgraph) or protocol-native (gas, funding rate). - Funding rate is an in-kind cost (oSQTH decay), not a cash payment — model it as a reduction in position mark-to-market value. - The Graph hosted service is free but not SLA-backed; migrate to the decentralised network for production and include GRT query costs in FinOps tracking. - For high-frequency hedging bots, gas optimisation (batching, timing around low base-fee windows) has a material impact on strategy profitability.