Structured Products
Structured Products evaluated across payoff defined in a readable contract, counterparty backing the payoff, fee embedded in the quote, and settlement and early exit terms.
7providers tracked
7ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
28 September 2026oldest read · due 12 NovIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
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7 providers match your requirements
Out of 7 ranked providers. 0 excluded.
What this ranks
Ranked here: structured products that promise a reader a defined payoff, with a counterparty that owes it.Not ranked here: products that promise no defined payoff, whatever else they offer.7 of the 7 assessed are ranked.Requirements narrow the list; they never change a published ChainChoice Score. How the ranking works
SO
SOFA.org (Earn and Surge)
How SOFA.org (Earn and Surge) was chosen
Leads this ranking on Payoff defined in a readable contractMarket-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens
82 / 100 out of 100published score, #1 of all 7 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Fee embedded in the quotePayoff defined in a readable contractCounterparty backing the payoff
Why it leads
- SOFA.org (Earn and Surge) is 12 points ahead of Idle Yield Tranches (Senior AA and Junior BB), mainly because it scores higher on its counterparty backing and its contract defined payoff.
- Best in this ranking on contract defined payoff and counterparty backing
- Ahead of Idle Yield Tranches (Senior AA and Junior BB) on counterparty backing (+5.2 points) and contract defined payoff (+3.7 points)
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2
Senior and junior claims on a single...
70 / 100 out of 100
3
Documented auction-matched barrier options
69 / 100 out of 100
4
AE
Pre-packaged collars
67 / 100 out of 100
5
A fixed-rate tranche and a ten-times leveraged...
58 / 100 out of 100
6
Senior and junior tranches over a single Solana...
54 / 100 out of 100
7
A dual-currency deposit expressed as a...
46 / 100 out of 100
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See key differences in features, fees, security and more.
Embedded fee disclosure
Fee embedded in the quote
24% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Embedded fee disclosure (0–10) | ChainChoice Score |
|---|---|---|
| SOFA.org (Earn and Surge) | 10 | 82 |
| Idle Yield Tranches (Senior AA and Junior BB) | 8 | 70 |
| Ithaca Protocol | 7 | 69 |
| Aevo PERPS+ | 7 | 67 |
| Tranchess Turbo and Stable | 4 | 58 |
| Dyson Finance Dual Investment | 3 | 46 |
| Exponent Risk-Tranching | 2 | 54 |
Settlement and exit
Settlement and early exit terms
18% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Settlement and exit (0–10) | ChainChoice Score |
|---|---|---|
| SOFA.org (Earn and Surge) | 8 | 82 |
| Idle Yield Tranches (Senior AA and Junior BB) | 8 | 70 |
| Aevo PERPS+ | 7 | 67 |
| Tranchess Turbo and Stable | 6 | 58 |
| Ithaca Protocol | 5 | 69 |
| Exponent Risk-Tranching | 5 | 54 |
| Dyson Finance Dual Investment | 3 | 46 |
Contract defined payoff
Payoff defined in a readable contract
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Contract defined payoff (0–10) | ChainChoice Score |
|---|---|---|
| SOFA.org (Earn and Surge) | 9 | 82 |
| Idle Yield Tranches (Senior AA and Junior BB) | 7 | 70 |
| Ithaca Protocol | 7 | 69 |
| Aevo PERPS+ | 7 | 67 |
| Tranchess Turbo and Stable | 7 | 58 |
| Exponent Risk-Tranching | 6 | 54 |
| Dyson Finance Dual Investment | 4 | 46 |
Counterparty backing
Counterparty backing the payoff
28% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Counterparty backing (0–10) | ChainChoice Score |
|---|---|---|
| SOFA.org (Earn and Surge) | 9 | 82 |
| Ithaca Protocol | 8 | 69 |
| Idle Yield Tranches (Senior AA and Junior BB) | 6 | 70 |
| Aevo PERPS+ | 6 | 67 |
| Exponent Risk-Tranching | 5 | 54 |
| Tranchess Turbo and Stable | 4 | 58 |
| Dyson Finance Dual Investment | 3 | 46 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | SOFA.org (Earn and Surge) | 9 | 9 | 10 | 8 | 82 |
| 2 | Idle Yield Tranches (Senior AA and Junior BB) | 7 | 6 | 8 | 8 | 70 |
| 3 | Ithaca Protocol | 7 | 8 | 7 | 5 | 69 |
| 4 | Aevo PERPS+ | 7 | 6 | 7 | 7 | 67 |
| 5 | Tranchess Turbo and Stable | 7 | 4 | 4 | 6 | 58 |
| 6 | Exponent Risk-Tranching | 6 | 5 | 2 | 5 | 54 |
| 7 | Dyson Finance Dual Investment | 4 | 3 | 3 | 3 | 46 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which structured products were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads every one
Published criterionWtScore, and the best hereGap/10 out of 10Pts
Payoff defined in a readable contract7.2·98.6
Counterparty backing the payoff6.7·98.1
Fee embedded in the quote5.8·107.7
Settlement and early exit terms4.3·84.6
Σ methodology points29.0/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Why it ranks first
Why SOFA.org (Earn and Surge) leads this category right now
Market-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens, in principal-protected Earn and full-risk Surge formats. Strongest on fee embedded in the quote (10/10): SOFA's fee page states a 15% take on the option premium and a further 5% on any winning payout, and writes both into the payoff formula. The FeeCollector contracts on Ethereum, Arbitrum, BNB Chain, Polygon and Sei return the same 15% and 5% rates, which a single owner key can change. Weakest on settlement and early exit terms (8/10): SOFA positions are ERC-1155 tokens that can be traded like regular tokens, and a user may withdraw early at a value that can fall below the deposit. Settlement prices come from Chainlink Automation with no stated tie-break rule, and one vault generation disables claims before expiry. Published price: "SOFA will collect 15% of the user's option premium as a base trading fee.
Best for
Fee embedded in the quote — 10/10
Main tradeoff
The 15% and 5% rates are not immutable, and the key that can change them is one key on all five chains. The FeeCollector bytecode contains setTradingFeeRate(uint256) (selector 1091f67c) and setSettlementFeeRate(uint256) (selector 589d0966), and owner() returns the same address 0xcC19E60c86c396929E76a6A488848C9596De22bD on Ethereum, Arbitrum, BNB Chain, Polygon and Sei. On 2026-09-28 that address still had no code on Arbitrum, BNB Chain, Polygon or Sei, but on Ethereum it carries an EIP-7702 delegation to 0x63c0c19a282a1b52b07dd5a65b58948a07dae32b (EIP7702StatelessDeleGator 1.3.0) and its nonce has risen from 2375 to 2497. It is still one key, with no multisig and no timelock in the path.
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"SOFA will collect 15% of the user's option premium as a base trading fee. Furthermore, in the event of a 'winning' payout occurring for the user, a further 5% settlement fee will be charged against the total Gross Upside Payout." (Protocol Fees page, docs.sofa.org/en/technical-design/fees.html, fetched 28 September 2026; wording unchanged since 7 August 2026.) The same page writes both fees into the buyer's payoff when the product is not knocked out: "Premium * (1 - 0.15 - 0.05)" plus "MM'sCollateral * (1 - 0.05)". On-chain read, not page text: eth_call on 28 September 2026 returned tradingFeeRate() = 150000000000000000 (15%) and settlementFeeRate() = 50000000000000000 (5%) on the Ethereum, Arbitrum and BNB Chain FeeCollectors and on the Polygon and Sei FeeCollectorSimple.
Recommendation summary
What should decide this category
Where is the payoff written down — in a contract you can read, or in a marketing table?
If the payoff triggers in your favour, whose money pays it, and can you size that pot?
What does the quoted price already contain, and what gets taken again at settlement?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
SO
SOFA.org (Earn and Surge)
Market-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens, in principal-protected Earn and full-risk Surge formats.
Market-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens, in principal-protected Earn and full-risk Surge formats. Strongest on fee embedded in the quote (10/10): SOFA's fee page states a 15% take on the option premium and a further 5% on any winning payout, and writes both into the payoff formula. The FeeCollector contracts on Ethereum, Arbitrum, BNB Chain, Polygon and Sei return the same 15% and 5% rates, which a single owner key can change. Weakest on settlement and early exit terms (8/10): SOFA positions are ERC-1155 tokens that can be traded like regular tokens, and a user may withdraw early at a value that can fall below the deposit. Settlement prices come from Chainlink Automation with no stated tie-break rule, and one vault generation disables claims before expiry. Published price: "SOFA will collect 15% of the user's option premium as a base trading fee.
Best for: Fee embedded in the quote — 10/10
Payoff defined in a readable contract · weight 30%9/10Counterparty backing the payoff · weight 28%9/10Fee embedded in the quote · weight 24%10/10Settlement and early exit terms · weight 18%8/10
Quick pick
Idle Yield Tranches (Senior AA and Junior BB)
Senior and junior claims on a single yield-bearing pool, with the junior side absorbing the first loss and an adaptive split of the underlying yield.
Senior and junior claims on a single yield-bearing pool, with the junior side absorbing the first loss and an adaptive split of the underlying yield. Strongest on fee embedded in the quote (8/10): Idle states a 10-15% performance fee on yield, and the Yield Tranche contracts' fee() returns 15% on six Ethereum pools and 10% on the Lido stETH pool. No figure is given for the yield moved between Senior and Junior by the adaptive split. Weakest on counterparty backing the payoff (6/10): Idle's Junior tranche is a disclosed first-loss layer for Senior, but on the largest pool, Morpho Steakhouse USDC, it held about $21 against about $297,000 of Senior (0.0072%) on 28 September 2026 and about $41 against about $78,641 (0.052%) on 10 November 2026. On the Lido stETH pool, Junior covers 211% of Senior. Published price: "No hidden fees: 10-15% performance fee." (Yield Tranches overview, docs.idle.finance/products/yield-tranches/overview.md, fetched 2026-09-28; unchanged since 2026-08-07.) On-chain read, not page text: on 2026-09-28 (Ethereum block 26074858) fee() returned…
Best for: Fee embedded in the quote — 8/10
Payoff defined in a readable contract · weight 30%7/10Counterparty backing the payoff · weight 28%6/10Fee embedded in the quote · weight 24%8/10Settlement and early exit terms · weight 18%8/10
Quick pick
Ithaca Protocol
Documented auction-matched barrier options, twin-win and capital-return structures on WETH/USDC, collateralized in a FundLock contract on Arbitrum; on 2026-09-28 the app the docs link to opened on an AI trading-agents page with no structured-product order screen.
Documented auction-matched barrier options, twin-win and capital-return structures on WETH/USDC, collateralized in a FundLock contract on Arbitrum; on 2026-09-28 the app the docs link to opened on an AI trading-agents page with no structured-product order screen. Strongest on counterparty backing the payoff (8/10): Ithaca's documentation describes its Riskless Earn products as fully collateralized and pre-funded, with collateral held in the FundLock contract rather than by an exchange. FundLock is an upgradeable proxy. The venue's status is unclear: its app now opens on an AI trading-agents page. Weakest on settlement and early exit terms (5/10): Ithaca contracts cannot be exercised early and auto-exercise at maturity, with a Uniswap VWAP fallback if the auction forward diverges by more than 0.01%. Undeployed balances stay withdrawable. The venue's status is unclear: its app opens on an AI trading-agents page with no structured products. Published price: Fees page (docs.ithacaprotocol.io/docs/ecosystem/fees.md), fetched 2026-09-28, unchanged since 2026-08-07: "Forward fee: 0.01% of notional", "Option fee: 0.04% of notional" and "Digital Option fee: 1% of notional".
Best for: Counterparty backing the payoff — 8/10
Payoff defined in a readable contract · weight 30%7/10Counterparty backing the payoff · weight 28%8/10Fee embedded in the quote · weight 24%7/10Settlement and early exit terms · weight 18%5/10
Quick pick
AE
Aevo PERPS+
Pre-packaged collars, protective puts and covered calls attached to a perp position with a stated worst case and best case before entry.
Pre-packaged collars, protective puts and covered calls attached to a perp position with a stated worst case and best case before entry. Strongest on payoff defined in a readable contract (7/10): Aevo PERPS+ publishes each shape's legs, worst case, best case and slider bounds before entry, but the shape is assembled from listed options by off-chain matching, and its fee, PERPS+ and rollup documentation pages name no contract address that expresses it. Weakest on counterparty backing the payoff (6/10): The PERPS+ counterparty is the other side of the Aevo options book and the exchange margin engine on Aevo's own rollup, not a pre-funded vault. The rollup posts batches to Ethereum every hour with a two-hour dispute period. Published price: Options Fees page (www.aevo.xyz/docs/aevo-products/aevo-exchange/fees/options-fees.md; the old docs.aevo.xyz address now redirects there), fetched 2026-09-28, unchanged since 2026-08-07: "Taker fees: 0.05% of the notional" and "Maker fees: 0.03% of the…
Best for: Payoff defined in a readable contract — 7/10
Payoff defined in a readable contract · weight 30%7/10Counterparty backing the payoff · weight 28%6/10Fee embedded in the quote · weight 24%7/10Settlement and early exit terms · weight 18%7/10
Considered and not ranked
None left out by name
We assessed 7 products here and rank all 7. No product has been turned away by name; when one is, its name and the reason appear here. Evidence last read 28 September 2026.
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Custody failure: whoever holds the assets loses or withholds them.
- Regulatory failure: no licence where you are, or a forced market exit.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Reviewed on payoff defined in a readable contract, counterparty backing the payoff, fee embedded in the quote, and settlement and early exit terms.
Data checked Sep 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best structured product in 2026?
SOFA.org (Earn and Surge) ranks #1 overall for structured products on ChainChoice. Market-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens, in principal-protected Earn and full-risk Surge formats. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by Counterparty backing the payoff · 28% (SOFA.org (Earn and Surge) 9/10, Idle Yield Tranches (Senior AA and Junior BB) 6/10, Ithaca Protocol 8/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by Settlement and early exit terms · 18% (SOFA.org (Earn and Surge) 8/10, Idle Yield Tranches (Senior AA and Junior BB) 8/10, Ithaca Protocol 5/10)
- Information failure: the number is wrong or bought, or your data leaks.Scored by Payoff defined in a readable contract · 30% (SOFA.org (Earn and Surge) 9/10, Idle Yield Tranches (Senior AA and Junior BB) 7/10, Ithaca Protocol 7/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Regulatory failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Fee embedded in the quote (24%).
FAQs
4 questions readers ask before choosing structured products.
Frequently asked
Questions people ask before choosing structured products
Who is on the other side of these trades?
Three of the seven make it legible and four do not. SOFA locks maker collateral in the vault, Ithaca is pre-funded and fully collateralised, and Idle publishes a first lien with a junior buffer whose size can be read on chain — in those three a buyer can size who pays if the payoff triggers. Aevo points at a margin engine, Exponent disclaims the underlying, Tranchess's payer can be empty, and Dyson's counterparty is the same pool that quotes the price. Dyson is explicit about what that means: its own docs say "the protocol holds a significant advantage over the users, as there are only two possible outcomes: either profit or breakeven", and that at redemption "the protocol tends to favor returning the relatively devalued token, which benefits the pool". That is an honest description of a house edge, published by the only provider here whose Risks page is the word TBD.
Which one is cheapest?
Not the one that discloses best, which is why fee disclosure and fee level are scored as different things. Normalised on 2026-08-07 to a $10,000 notional one-week option whose premium is $200 (2% of notional): SOFA takes 15% of the premium — $30.00 up front — plus 5% of any gross upside at settlement; Aevo charges a 0.05% taker fee, $5.00, against a cap of 12.5% of premium; Ithaca charges 0.04%, $4.00, against the same style of cap. On the entry leg alone SOFA costs six to seven and a half times the two order-book venues, before its settlement fee — and SOFA is the provider whose published rates match its contracts exactly. At the other end, Exponent's entire fee page contains zero numbers: trading, liquidity, vault, third-party and network fees are each described only as things that may apply and may vary, for a product whose senior side is sold "in exchange for principal protection".
Does good documentation mean the product still works?
No, and that is the most useful thing this comparison found. Ithaca has the best-specified payoff documentation of any provider here — full barrier settlement tables — and on 2026-08-07 the app URL its own official-links page points to served a page titled "AI Trading Agents | Systematic Crypto Trading" containing zero occurrences of Riskless, Twin Win, Barrier or Earn, its API host returned no response, and its FundLock held 0 USDC and 0 USDC.e. Tranchess shows the same gap differently: its docs still list two funds under "Current Stable tokens and their interest rates" at 8% APR, and neither has settled in 96 days — in one of them the token that owes the fixed 8% has a totalSupply() of 0. Documentation quality and product liveness are uncorrelated here, so both are checked separately.
Can the terms change after I buy?
On the most transparent product in the pool, yes, instantly. SOFA's published fee rates and its deployed contracts agree exactly — tradingFeeRate() returns 15% and settlementFeeRate() 5% on the Ethereum, Arbitrum, BNB Chain, Polygon and Sei FeeCollectors. The same contracts expose setTradingFeeRate(uint256) and setSettlementFeeRate(uint256), and owner() returns the same address on all five, whose eth_getCode is 0x. That is one externally owned account, no multisig and no timelock, able to reprice five chains at once. Accurate disclosure and revocable terms are not the same property, and this category scores them apart.
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Best picks
Best structured products in 2026
Weighted on whether the payoff is defined in a contract you can read (30), who actually owes it if it triggers (28), what the quote hides in fees (24), and how settlement and early exit work (18). A structured product is a promise about a future payment, so the only two questions that matter are what exactly was promised and who is standing behind it — and only three of the seven here let a buyer answer the second. The category is also much smaller than it looks: the seven providers together hold $24,215,717 of DefiLlama TVL read on 2026-08-07, of which 60.5% is one venue's perpetuals collateral rather than structured-product notional. Cega, Ribbon Earn, Exotic Markets, SuperHedge, Struct Finance, Smilee and BracketX have all sunset or pivoted.
Best overall
SO
SOFA.org (Earn and Surge)
Market-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens, in principal-protected Earn and full-risk Surge formats.
Data checked Sep 2026
Market-maker quoted Rangebound and Trend notes settled from ERC-1155 position tokens, in principal-protected Earn and full-risk Surge formats. Strongest on fee embedded in the quote (10/10): SOFA's fee page states a 15% take on the option premium and a further 5% on any winning payout, and writes both into the payoff formula. The FeeCollector contracts on Ethereum, Arbitrum, BNB Chain, Polygon and Sei return the same 15% and 5% rates, which a single owner key can change. Weakest on settlement and early exit terms (8/10): SOFA positions are ERC-1155 tokens that can be traded like regular tokens, and a user may withdraw early at a value that can fall below the deposit. Settlement prices come from Chainlink Automation with no stated tie-break rule, and one vault generation disables claims before expiry. Published price: "SOFA will collect 15% of the user's option premium as a base trading fee.
Best for: Fee embedded in the quote — 10/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research