📚Fundamentals

BasisX is an innovative HIP-3 deployment on Hyperliquid that introduces tokenised yield perpetuals — a new asset class that transforms yields and interest rates into tradeable instruments.

Initially built around crypto perpetual funding rates, BasisX now extends this model to real-world yield benchmarks and on-chain staking yields — enabling a unified market for the global cost of capital.

What BasisX Does

BasisX perpetual futures are cash-settled contracts that track the exponentially compounded yield of underlying sources — including:

  • Funding rates from perpetual futures markets

  • Tokenised real-world yield assets (e.g., Treasury ETFs like TLT, BND)

  • Staked token yields (e.g., stETH, kHYPE, restaked assets)

Unlike traditional perpetuals that track asset prices, BasisX tracks the yield curve itself — allowing traders to:

  • Speculate on yield direction, volatility, and term structure

  • Hedge exposure to funding payments or staking APY shifts

  • Arbitrage yield and rate spreads across timeframes and markets

The protocol leverages Hyperliquid’s HIP-3 infrastructure while introducing novel oracle, pricing, and settlement mechanics purpose-built for continuously compounding yield markets.

Key Characteristics

  1. Yield or Funding Rate as the Underlying

    • Tracks the continuously compounded annualised rate using e^(r_apy)

    • Supports both crypto and real-world yield sources

    • Updates hourly with fresh oracle data from Hyperliquid and integrated RWA feeds

  2. Linear-Exponential Price Scaling

    • Token Price = e^(r_apy)

    • Perfectly maps both positive and negative yield environments

    • Ensures smooth growth across compounding timeframes

  3. 24/7 Global Market Access

    • Continuous trading on Hyperliquid

    • Hourly oracle updates from both DeFi and real-world data

    • No market close or settlement downtime

  4. Cash Settlement in USDC

    • Fully cash-settled — no physical delivery

    • Automatic P&L calculation based on yield changes

    • Unified settlement layer across all BasisX markets

The Bigger Picture

BasisX is pioneering yield perpetuals — the building blocks of on-chain interest rate markets. From crypto funding rates to Treasury yields and staking APYs, BasisX creates a liquid, composable layer for trading and hedging yield curves across DeFi and TradFi.

This is where crypto discovers its true cost of capital.

BasisX is an innovative HIP-3 deployment on Hyperliquid. You can find more information about HIP-3 here.

PreviousWhy BasisX ?NextBOND perpetuals

Last updated