specification: API Commons Plans
specificationVersion: '0.1'
schema: https://raw.githubusercontent.com/api-evangelist/interface-research/main/schema/api-commons.yml#/$defs/Plans
provider: Opyn
providerId: opyn
created: '2026-06-14'
modified: '2026-06-14'
tags:
  - DeFi
  - Options
  - Ethereum
  - Squeeth
  - Web3
description: >-
  Opyn operates as an open, permissionless DeFi protocol — there is no
  subscription fee, no API key requirement, and no usage-based billing for
  accessing on-chain data through the Squeeth or Gamma subgraphs. Developers
  pay only The Graph network query fees (GRT) when accessing subgraphs via the
  decentralised network, or can use the hosted service at no cost for low-to-
  moderate query volumes. Interacting directly with Opyn smart contracts on
  Ethereum mainnet requires only ETH for gas. The protocol charges a funding
  rate (in-kind, paid in oSQTH) to long Squeeth holders; strategy vaults
  (Crab) earn funding from short positions to offset ETH price exposure.
plans:
  - id: opyn-permissionless
    name: Permissionless / Open Access
    type: free
    description: >-
      All Opyn protocol data is freely accessible. Query the Squeeth or Gamma
      subgraphs via The Graph's hosted service or decentralised network without
      an API key. Direct smart-contract calls on Ethereum mainnet are also
      permissionless — you need only an RPC endpoint (Infura, Alchemy, or a
      self-hosted node) and ETH for gas. No registration is required to read
      data.
    entries:
      - label: Subgraph Queries (Hosted Service)
        description: >-
          Free GraphQL query access to Opyn subgraphs via The Graph's hosted
          service. Suitable for development and moderate production traffic.
        name: subgraph_hosted
        type: feature
        metric: feature
        limit: null
        timeFrame: unlimited
        geo: global
        domains:
          - https://api.thegraph.com
        unit: 1
        price: '0.00'
        userMultiplied: false
      - label: Subgraph Queries (Decentralised Network)
        description: >-
          Production-grade subgraph queries via The Graph's decentralised
          network. Requires an API key from The Graph (thegraph.com) and
          payment in GRT tokens per query. Pricing is set by indexers and
          varies by query complexity and volume.
        name: subgraph_decentralised
        type: usage
        metric: queries
        limit: null
        timeFrame: per_query
        geo: global
        domains:
          - https://gateway.thegraph.com
        unit: 1
        price: variable_GRT
        userMultiplied: false
      - label: Smart Contract Interaction
        description: >-
          Direct read/write calls to Opyn Controller, Strategy, and token
          contracts on Ethereum mainnet. Reading state (eth_call) is free via
          any RPC provider. Write operations (mint, deposit, withdraw, hedge)
          require ETH for gas at market rates.
        name: contract_interaction
        type: usage
        metric: gas_units
        limit: null
        timeFrame: per_transaction
        geo: global
        domains:
          - https://mainnet.infura.io
          - https://eth-mainnet.alchemyapi.io
        unit: 1
        price: variable_ETH_gas
        userMultiplied: false

  - id: opyn-protocol-fees
    name: Protocol Fees (In-Kind)
    type: usage
    description: >-
      Opyn does not charge API fees; however the protocol levies in-kind fees
      on financial positions. Long oSQTH holders pay a continuous funding rate
      (the daily funding) denominated in oSQTH, which is burned from their
      position over time. Short vaults earn the funding rate as compensation for
      providing the short side. The Crab Strategy v2 charges no management fee
      but earns funding by being short Squeeth while remaining approximately
      ETH-delta-neutral.
    entries:
      - label: Squeeth Funding Rate (Long)
        description: >-
          Continuous in-kind funding charged to long oSQTH holders. The daily
          funding rate is approximately (ETH mark price / ETH index price - 1),
          compounding continuously. The rate fluctuates with market volatility.
        name: squeeth_funding_long
        type: usage
        metric: percent_of_position
        limit: null
        timeFrame: continuous
        geo: global
        unit: variable
        price: variable_oSQTH
        userMultiplied: false
      - label: Vault Liquidation Penalty
        description: >-
          If a short vault's collateral ratio falls below the minimum (150%),
          liquidators can seize collateral. A liquidation penalty (~10%) is
          charged from the vault owner's collateral.
        name: vault_liquidation_penalty
        type: usage
        metric: percent_of_collateral
        limit: 10
        timeFrame: per_liquidation
        geo: global
        unit: 0.10
        price: variable_ETH
        userMultiplied: false

references:
  - name: Opyn Squeeth Documentation
    url: https://opyn.gitbook.io/squeeth
  - name: The Graph Pricing (Decentralised Network)
    url: https://thegraph.com/docs/en/subgraphs/querying/managing-api-keys/
  - name: Opyn Squeeth Subgraph (Graph Explorer)
    url: https://thegraph.com/explorer/subgraphs/Ao1QSKEQzsnNyyGKR1Faurjmkr6oNVTbgdxy6diAw9r
notes:
  - Opyn is a fully permissionless protocol. There is no centralised API provider, no API key, and no subscription fee charged by Opyn itself.
  - The Graph's decentralised network charges indexers via GRT tokens; integrators pay query fees in GRT when using the decentralised endpoint rather than the hosted service.
  - Protocol-level funding rates and liquidation penalties are denominated in crypto assets (oSQTH, ETH), not fiat currency.