Deri Protocol is the DeFi way to trade derivatives: to hedge, to speculate, and to arbitrage, all on-chain. With Deri Protocol, trades are executed under an Automated Market Maker (AMM) paradigm, and positions are tokenized as Non-Fungible Tokens (NFTs), which are highly composable with other DeFi projects. By providing an on-chain mechanism to exchange risk exposures precisely and capital-efficiently, Deri Protocol has created one of the most important blocks of the DeFi infrastructure.