Serpins are metastable proteinase inhibitors. Serpin metastability drives both a large conformational change that is utilized during proteinase inhibition and confers an inherent structural flexibility that renders serpins susceptible to aggregation under certain conditions. These include point mutations (the basis of a number of important human genetic diseases), small changes in pH, and an increase in temperature. Many studies of serpins from mesophilic organisms have highlighted an inverse relationship: mutations that confer a marked increase in serpin stability compromise inhibitory activity. Here we present the first biophysical characterization of a metastable serpin from a hyperthermophilic organism. Aeropin, from the archaeon Pyrobaculum aerophilum, is both highly stable and an efficient proteinase inhibitor. We also demonstrate that because of high kinetic barriers, aeropin does not readily form the partially unfolded precursor to serpin aggregation. We conclude that stability and activity are not mutually exclusive properties in the context of the serpin fold, and propose that the increased stability of aeropin is caused by an unfolding pathway that minimizes the formation of an aggregation-prone intermediate ensemble, thereby enabling aeropin to bypass the misfolding fate observed with other serpins.Members of the serine proteinase inhibitor (serpin) 6 superfamily are predominantly proteinase inhibitors whose native conformation is metastable (1-3). They, therefore, represent an exception to the Anfinsen rule that all proteins fold to their most energetically preferred state (4). Other metastable proteins include influenza hemagglutinin (5) and ␣-lytic protease (6). All these proteins use their metastability as a source of stored potential energy that is expended to perform their biological function.For serpins, the metastable native state possesses an intrinsic structural flexibility, which permits a rapid conformational change that is required for proteinase inhibition. The propensity to undergo conformational change is supported by a highly conserved tertiary architecture, which consists of three -sheets (A to C) surrounded by 9 ␣-helices (hA-hI) and a solvent-exposed reactive center loop (RCL), which determines inhibitory specificity (Fig. 1). During proteinase inhibition, the RCL is cleaved by the proteinase and becomes incorporated as a middle strand of the A-sheet, a process referred to as the stressed 3 relaxed (S to R) transition. As a result, the proteinase is translocated to the opposite pole of the serpin, and the two are trapped in a highly stable, covalent serpin-enzyme complex (7). The serpin thus surrenders its metastability in favor of adopting a more stable conformation that complements proteinase inhibition.The energetic basis of this inhibitory mechanism is that incorporation of the RCL as a strand into the A-sheet is thermodynamically favorable (8). However, serpins can also adopt another thermodynamically favorable state by inserting their RCL into an adjacent serpin molecule. P...