Arcana is a protocol built on that captures the yield from a variety of delta-neutral trade strategies and distributes it in the form of a rebasing token that is soft-pegged to the dollar, arcUSD. Historically, these types of delta-neutral trades have allowed experienced traders and institutional investors to gain the upside for the appreciation of assets like BTC and ETH, while hedging the inherent high risk. While these can be simple trades (explained in detail in the next sections), they have been more suited to an institutional trading infrastructure. Arcana decentralizes access to delta-neutral trades allowing any user to acquire arcUSD in the secondary market to capture the underlying yield through a simple ERC-20 token. arcUSD can be deployed across multiple DeFi venues unlocking additional yield composability.