Kairos

Kairos is a new primitive for onchain interest rate swap markets. It enables the permissionless creation of swap markets so borrowers and lenders can hedge interest rate risk and traders can bet on rates moves.

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Updated: Jan 12, 2026

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FoundedUnited States

Registration year2025

Ecosystems

Base Ethereum

What is Kairos

Kairos is an onchain primitive that enables the creation of permissionless interest rate prediction markets in which parties can exchange fixed and floating-rate payments based on a variety of reference rates and swap terms.

The markets function using automated-market makers and pools liquidity, ensuring aggregated liquidity and permissionless swaps for buyers. Each market is created with a set of parameters that determine how the market functions including a collateral token, reference rate, swap term, and swap type. For example, a market could be created that offered 3-month fixed-rate swaps based on Ethena’s staking (sUSDe) yield and using USDC as the collateral token. Buyers in this market could provide USDC collateral to purchase a swap which locks in a yield rate for Ethena, regardless of whether they hold USDe. And because the swap payments are based on rate, buyers can benefit incredibly high ratios of leverage (over 5,000x in some instances) on their collateral.

Each market uses creator-determined oracles which offers two key benefits. The first is that it allows the market to decide which oracles provide the most accurate data. The second is that is allows markets to be created for any reference rates, off or onchain. Markets also incentivize liquidity through a utilization fee that rewards curators for allocating liquidity to markets when demand is high.

Currently, Kairos is in beta so only permissioned parties can create markets. We appreciate your patience as we work through the beta period in a thoughtful and diligent manner.