👀Why BasisX ?

Most people in crypto still think of perps as “betting on price.”

That’s only half the story.

Behind every perp sits a cashflow: funding.

Billions move through funding every day, yet traders can’t trade it directly - they only feel it as a holding cost.

At BasisX, we asked: what if funding itself were the market?

That’s why we’re building on HIP-3 at Hyperliquid.

HIP-3 unlocks something new: builder-defined perp markets that don’t have to track coin price.

We’re using it to launch Funding Rate Perps - frBTC, frETH, frHYPE, frPUMP - where the underlying isn’t the coin, it’s the cumulative funding index.

How it works

We settle to an hourly Funding Index (the “realized” funding stream), while the trading tape shows the expected funding in $/day. The gap between what the market prices and what gets realized is your edge. Longs win when funding runs positive/less negative than priced; shorts win when it flips more negative.

In short: we’re turning the hidden cashflow behind perps into a tradable asset.

Why it matters

This creates a new class of rate markets on-chain. • Hedging for vaults & funds that live with funding volatility. • Speculation on the heartbeat of perp markets, not price. • New yield venues - think interest-rate swaps in TradFi, but crypto-native.

Of course, oracles matter. BasisX uses multi-source aggregation, smoothed marks, on-chain circuit breakers (staleness & deviation), and permissionless keeper monitoring - so funding perps reflect reality, not manipulation.

Our thesis

Perp markets were the start.

HIP-3 + BasisX is a framework for new synthetic markets — funding rates today; yield curves, volatility indices, real-world interest rate products, and even macro prints tomorrow.

Perps gave crypto 100x liquidity. Funding perps can give crypto its interest rate markets.

We’re extending this to bridge on-chain and off-chain yield — tokenizing real-world assets like Treasuries and bond ETFs (TLT, BND) and integrating staked yield tokens like stETH, kHYPE, and others. These create liquid, perpetual markets around the global cost of capital — whether it’s the U.S. 10-year, Ethereum staking, or emerging DeFi yields.

We’re starting with a testnet: frpBTC and BOND(BOND PERP)— with full UI (wallet connect, charts, orderbooks, mockUSDC faucet, leaderboards, points etc).

This is the foundation of crypto’s native yield curve — a unified layer for trading, hedging, and discovering interest rates across both real-world and on-chain economies.