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 fall in the long-term spreads relative to the short-term spreads may sell protection for the longer-term, and buy protection for the short-term. This trade is based on a backward steepening of the credit spread curve.

The opposite of a flattener trade is a steepener trade.