RateX
RateX is a Solana-based decentralized protocol enabling leveraged yield trading, fixed-yield products, and yield tokenization via a custom time-decaying AMM. It serves DeFi traders, liquidity providers, and yield hedgers globally through its core protocol and the Mooncake V2 leveraged token market.
- Company typePrivate
- Founded2023
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What RateX does
RateX is a Solana-based decentralized exchange protocol operating as a leveraged yield exchange. The protocol performs yield tokenization by splitting yield-bearing assets into Yield Tokens (YT, the yield component), Standard Tokens (ST, the principal component), and synthetic Principal Tokens (PT, representing fixed-yield exposure), which trade through a custom Automated Market Maker that combines Uniswap V3-style concentrated liquidity with a time-decay mechanism reflecting YT value erosion as contracts approach maturity. Traders can take leveraged YT positions up to 10x, lock fixed yields by depositing yield-bearing assets in exchange for PT, and provide liquidity to YT/ST pools while earning trading fees, yield, and PnL from acting as counterparties.
The company operates two core products: the original RateX protocol (covering Leveraged Yield Trading, Earn Fixed Yield, and Yield Liquidity Farming across markets including JitoSOL, JLP, USDe, sUSDe, and others) and Mooncake V2, a permissionless leveraged token market extending the architecture to coins, memes, and tokenized equity with liquidation-free exposure. RateX generates revenue entirely through transaction-based fees: a 1% fee on ST trading volume (split 50/50 with LPs), a 5% management fee on PT-minted yield, a 5% fee on yield positions, and a 2% annualized expiry fee on unclaimed tokens.
The company is incorporated in Singapore as Rate Labs Ltd., has raised $10.4 million across three funding rounds (latest: $7M strategic round in November 2025, led by Animoca Ventures with Crypto.com Capital, BGX, Echo, Gate, GSR, Rzong Capital, and Summer Capital), and distributes via a product-led growth and community-led GTM through self-serve web apps (app.rate-x.io, app.mooncake.fi), Twitter/X, Discord, and Telegram. Access is global except for the United States, China, Canada, North Korea, Iran, Cuba, and Syria. The forthcoming RTX token (max supply 100M) introduces staking rights to create new leveraged-token markets on Mooncake and a buyback commitment of up to 30% of ecosystem revenue.
RateX firmographics
Firmographics- Name
- RateX
- Legal name
- Rate Labs Ltd.
- Website
- https://rate-x.io
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- RateX is a Solana-based decentralized protocol enabling leveraged yield trading, fixed-yield products, and yield tokenization via a custom time-decaying AMM. It serves DeFi traders, liquidity providers, and yield hedgers globally through its core protocol and the Mooncake V2 leveraged token market.
- Ownership category
- akta.pro rank
RateX industry classification
Industry- Product category
- Decentralized Finance Protocol
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Decentralized Exchanges (DEX) & AMMs (FSADAMAB)
- akta.pro secondary industries
- Spot AMM DEXs (FSADABAA), Perpetuals & Derivatives DEXs (FSADABAE)
Keywords
Where RateX is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
RateX business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Marketing or Sales, Personnel, Operations, Infrastructure
Revenue model
- Trading Fees: RateX collects a percentage-based trading fee on every trade. The fee is calculated based on the amount of ST involved in each trade and is distributed between LPs (50%) and the protocol (50%). Currently, most markets have a 1% trading fee.
- PT Management Fees: When minting synthetic PT by combining ST holdings with short YT positions, RateX collects 5% of the ST accrued yield as a management fee. The majority of yield is streamed to LPs as YT counterparties. The fixed APY shown to users is already net of this fee.
- Yield Position Fees: RateX charges a 5% fee on all yields generated by user positions. For example, if a user holds a yield-bearing asset with 10% total APY (including Points rewards), RateX takes a 0.5% cut.
- Expiry Fees: For expired markets, a 2% annualized fee is charged on unclaimed tokens starting 14 days after market expiry.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Trading Fee: 1% per trade on ST amount |
| Transaction based/ take rate | Pay-as-you-go | PT Management Fee: 5% of ST accrued yield |
| Transaction based/ take rate | Pay-as-you-go | Yield Position Fee: 5% of total yield generated |
| Transaction based/ take rate | Pay-as-you-go | Expiry Fee: 2% annualized on unclaimed tokens |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels7 records
RateX product offering
Product offeringCore offering
RateX is a Solana-based decentralized protocol that operates as the World's 1st Leveraged Yield Exchange, enabling margin and spot yield trading through yield tokenization. The protocol splits yield-bearing assets into Yield Tokens (YT) and Standard Tokens (ST) traded on a custom AMM with concentrated liquidity and time-decay mechanics, and offers up to 10x leverage on yield positions, fixed yield via synthetic Principal Tokens (PT), and yield liquidity farming.
Product overview
RateX is a unified platform built on Solana comprising two core products: the original RateX protocol (World's 1st Leveraged Yield Exchange) and its V2 expansion called Mooncake (a permissionless leveraged token market). Together they form the World's 1st Universal Structured Finance Layer. RateX provides yield tokenization, splitting yield-bearing assets into Yield Tokens (YT), Standard Tokens (ST), and Principal Tokens (PT) that trade in a custom AMM with concentrated liquidity and time-decay mechanics. Mooncake extends this by enabling liquidation-free leveraged token exposure. The platform offers leveraged yield trading (up to 10x), Earn Fixed Yield, Yield Liquidity Farming, and a points reward system. The RTX token powers governance and staking utilities.
Differentiator
Problem solved
Functional benefit
Brands
- Mooncake: World's 1st Permissionless Leveraged Token Market. A V2 product under RateX that enables liquidation-free leverage tokenization.
Products and services
- RateX Protocol A margin and spot yield trading protocol on Solana functioning as the World's 1st Leveraged Yield Exchange. It provides yield tokenization, yield/principal splitting, and trading of Yield Tokens (YT) and Principal Tokens (PT) against Standard Tokens (ST), with up to 10x leverage, targeting crypto-native DeFi users.
- Mooncake RateX V2 — a permissionless leveraged token market enabling liquidation-free leveraged exposure to token prices including yield-bearing tokens, coins, memes, and tokenized equity. Operates as a separate web application within the RateX ecosystem for DeFi users seeking leveraged exposure without liquidation risk.
- Leveraged Yield Trading Core trading module allowing users to trade Yield Tokens (YT) with leverage up to 10x, enabling leveraged yield positions, yield speculation, and yield hedging through a margin-based AMM system. Designed for DeFi traders and speculators.
- Earn Fixed Yield Feature allowing yield-bearing asset holders to lock in future fixed returns by depositing assets and receiving a synthetic Principal Token (PT) that can be held to maturity or traded on the open market. Designed for users seeking predictable fixed income.
- Yield Liquidity Farming Liquidity provision mechanism enabling users to deposit yield-bearing assets, mint YT and ST pairs, and earn yield from deposited assets, trading fee rebates, and PnL from acting as counterparties in the AMM. Designed for liquidity providers.
- RTX Token RateX ecosystem utility token with max supply of 100,000,000, used for buyback plans (up to 30% of ecosystem revenue) and staking to gain rights to create new leveraged-token markets on Mooncake. Targets ecosystem participants and stakers.
Quantifiable outcome
- Up to 10x leverage available for yield trading
- +2 more outcomes
Companies that use RateX
Customer profileSegments3 records
Ideal customer profiles3 records
RateX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
RateX partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- DeFi Development CorpcoreDeFi Development Corp (Nasdaq: DFDV) announced strategic integration with RateX enabling its liquid staking token dfdvSOL to access three new yield strategies: Yield Trading, Earn Fixed Yield, and Yield Liquidity Farming. The partnership extends dfdvSOL's utility into sophisticated DeFi channels and supports DeFi Dev Corp's mission to grow SOL per share. DeFi Dev Corp operates its own validator infrastructure and participates in the Solana ecosystem.
Scale indicators2 records
Recent moves5 records
Expansion highlights5 records
RateX competitors and assessment
Company assessmentDirect peers
- Drift Protocol: Leading Solana perpetuals DEX. Closest native comparable for RateX's Mooncake V2 leveraged-token product on the same chain; both target leveraged crypto exposure on Solana.
- Pendle Finance: The category-defining yield tokenization protocol on Ethereum, Arbitrum, BNB and Mantle. Most direct comparable to RateX: both split yield-bearing assets into PT/YT and trade them via AMMs. Pendle is the incumbent RateX is competing against on Solana.
- MarginFi: Solana lending and yield protocol. Competes for the same yield-bearing-asset liquidity and user base as RateX's yield-trading and liquidity-farming products on Solana.
- Spectra Finance: Yield tokenization protocol (formerly APWine) on Ethereum and Arbitrum offering Principal and Yield tokens with fixed-yield products. Comparable core mechanics to RateX's YT/ST/PT system and a potential cross-chain competitor if it deploys on Solana.
- Equilibria Finance: Pendle-ecosystem yield tokenization protocol with its own boosted PENDLE staking. Operates the same PT/YT token model as RateX and represents the broader pool of competing yield-trading venues.
Broad incumbents
- Jupiter: Solana's dominant DEX aggregator and liquidity layer. Broad incumbent whose routing layer determines where Solana trading volume ends up; directly impacts RateX's volume if Jupiter integrates or excludes its pools.
Emerging players
- Kamino Finance: Solana DeFi protocol concentrated liquidity and lending marketplace. Competes for LST/LRT-driven liquidity and yield-bearing asset flow on Solana that underpins RateX's YT markets.
- Sanctum: Solana liquid-staking and LST liquidity layer. Provides infrastructure for LSTs that RateX tokenizes and trades — partial ecosystem overlap and a potential integration partner or competitor for yield-based products.
- Adrena: Solana-native perpetuals DEX focusing on BTC/ETH/SOL perps with intent-based execution. An emerging competitor in Solana leveraged-trading that Mooncake partially overlaps with.
- Zeta Markets: Solana derivatives DEX offering perps and options. Adjacent competitor to Mooncake's leverage-token product from a different product design (traditional perps vs. tokenized leverage).
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
RateX social profiles
Digital presenceRateX financial estimates
Financial estimateRevenue estimate
Valuation estimate
RateX leadership team
Management profileNumber of profiles
RateX funding detail
Funding detailFunding overview
Funding rounds2 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
RateX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about RateX
What does RateX do?
RateX is a Solana-based decentralized protocol that operates as the World's 1st Leveraged Yield Exchange, enabling margin and spot yield trading through yield tokenization. The protocol splits yield-bearing assets into Yield Tokens (YT) and Standard Tokens (ST) traded on a custom AMM with concentrated liquidity and time-decay mechanics, and offers up to 10x leverage on yield positions, fixed yield via synthetic Principal Tokens (PT), and yield liquidity farming.
Is RateX a public or private company?
RateX is a private company. It is classified as venture growth investor backed and is currently operating.
When was RateX founded?
RateX was founded in 2023. It employs 1 to 10 people.
Where is RateX based?
RateX is headquartered in London, United Kingdom, in the Europe region.
How does RateX make money?
Four revenue lines are on record. Trading Fees are the primary driver. The others are PT Management Fees, yield Position Fees and expiry Fees.
Who are RateX's main competitors?
Direct peers on record are Drift Protocol, Pendle Finance, MarginFi, Spectra Finance and Equilibria Finance. Jupiter is listed as a broad incumbent. Emerging players are Kamino Finance, Sanctum, Adrena and Zeta Markets.
Does RateX have an API?
No public API is recorded for RateX.
What industry is RateX in?
RateX's product category is Decentralized Finance Protocol. Its primary akta.pro industry code is FSADAMAB, Decentralized Exchanges (DEX) & AMMs, with a secondary code of FSADABAA, Spot AMM DEXs. Its NAICS code is 5231 and its SIC code is 6200.