I guess the only way to cover the risk, is to have someone betting"/"insuring" on the other side, which would reduce/eliminate the cost of the risk? and then only have their costs/profits to look at.
Interest rate goes up, you pay me
interest rate goes down, I pay you
It would only really suit ECB or Euribor trackers, as there would be no way to tie it to the SVR interest rate charged by your bank of choice.