The ETH Market Neutral Yield Index from the Index Coop automates a continuous basis trading strategy that returns a high, price neutral yield to token holders. Built using Set’s integration with Perpetual Protocol on Optimism, MNYe contains a fully hedged ETH position, with equivalent spot exposure and short exposure via perps. Token holders will earn a variable USDC return when the funding rate is positive, while removing all exposure to price volatility of the underlying asset.