SWAPS / 05

Compute Swaps

A financial swap referencing published GPU-hour price indices.

How the Swap Works

Buyer (Enterprise / AI Lab)

Wants cost certainty

Pays Fixed Agreed $/GPU-hour

Receives Floating Price index

Seller (GPU Cloud / Trader)

Locks in forward revenue

Monthly settlement

Payment = (Floating − Fixed) × Notional

The Problem

What we're solving.

CTOs and CFOs committing to a multi-quarter AI product roadmap need a predictable compute cost line. A GPU cloud financing new CAPEX needs visibility on forward revenue. Neither wants to be locked into a specific vendor, a specific region, or a specific physical workload profile. A traditional reserved-instance contract forces that lock-in. A purely on-demand approach accepts full price volatility.

The Product

How it works.

A financial swap referencing published GPU-hour price indices. The buyer pays a fixed rate; the seller pays the floating index. Settlement is monthly and purely financial - no physical delivery, no vendor lock-in, no dependency on cloud uptime or usage verification.

Qualifies as a cash-flow hedge under standard accounting. Fits inside the risk and treasury policies that enterprises already operate.

Who buys it

Built for these counterparties.

Enterprises and AI SaaS businesses hedging multi-quarter compute budgets
GPU clouds hedging forward revenue or laying off spot-price exposure on reserved books
Traders taking directional or relative-value exposure to GPU pricing
Lenders hedging the cash-flow sensitivity of GPU-backed portfolios

Structure Information