I feel like there are only two primitives here, everything else is just a combination of primitives:

swap -> swap
option -> option
loan -> swap + option
leverage -> loan + swap, repeat
vault -> loan to a smart contract
stable -> unit of account
cdp -> loan + stable
perp -> under collateralized loan

CTO Astaria.xyz, Father or two, Ethereum believer 🤩, Ride or die Based Ghoul

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A swap is a post-expiry option, so *everything* is options. IYKYK.

Data Engineer by day, Ethereum advocate by night

Because you literally give the debt tokens to the borrower (swap).

Their collateral goes in lock up (option) with an interest payment (premium) at repayment (strike).

Loan aka over collateralized loan, I understand the swap, but how’s it an option as well? 

Loan = double swap ( where swap2 < swap1)

okay hear me out. grand unification theory for financial primitives - everything is a swap, priced in multiple dimensions

loan -> swap over price and time
options -> swap over time, price and vol
leverage -> swap loans for more loans
vaults, cdps, stables -> synthetic iou swaps
perp -> very high lev loans

there are surprisingly few money verbs. they've been the same since medicis.