A credit derivatives trading strategy in which a trader attempts to avail from mispricing in credit spreads. In other words, when the credit curve is sloped sufficiently upward or backward, a trader may step in by trading credit protection. For instance, a trader who anticipates a widening in the long-term spreads relative to the short-term spreads may buy protection fro the longer-term, and sell protection for the short-term. This trade is based on a steepening of the credit spread curve, and hence it is also known as a steepener trade.

The opposite of curve trade is a flattener trade.