Hedge is a set of smart contracts providing decentralized financial derivatives of ERC-20 tokens. The first (and simplest) step is short-sells for Bancor-compatible tokens because they are always immediately liquid and provide a trusted on-chain price feed.
A fully functional smart contract for lending BNT is deployed at https://etherscan.io/address/0x2d820ea3a6b9302c500feeb7f6361ba1ddfa5aba#readContract
Verify the source code and lend other people your BNT (or take me up on the offer of 10 BNT that I put out!) using MyEtherWallet, depending on whether you feel bullish or bearish.
If you don't want to risk real Ether, a play-money token is deployed at: https://etherscan.io/address/0xf77cead5b85f379aa7b9031a842ccd903d7966a7#readContract
Check out our in-depth analysis of Ethereum on-chain trading, showing one can make tens/hundreds of thousands of dollars arbitraging trade volume on an unprotected exchange! (Bancor) Popular HackerNoon post.