Hyperliquid HIP-3

BasisX is DEX for trading yield, not just price built on Hyperliquid HIP-3. We list perpetuals on funding rates, bond yields and other cashflows, so you can go long or short on interest-rate moves directly instead of guessing where the token price will go. Traders use BasisX to hedge yield, express macro views, or earn carry by providing liquidity to these markets.

Price perps track the price of an asset (BTC, ETH, TSLA, etc.). Yield Perps track a rate or cashflow — for example a funding rate, staking yield, or bond yield. Your PnL comes from how that rate moves over time: • If you long a Yield Perp and the underlying yield goes up, you profit; if it goes down, you lose (and vice versa for shorts). • You’re trading interest-rate expectations and carry, not spot price swings. This makes Yield Perps closer to on-chain interest-rate swaps than classic futures.

1. Get access – request or use an invite code to unlock the app (early-stage access is gated). 2. Connect wallet – connect your EVM wallet and choose your collateral. 3. Pick a market – select a Yield Perp or Funding Rate Perp you want to trade. 4. Set size & leverage – choose position size, leverage and risk limits (take-profit/stop-loss). 5. Open your trade – confirm the transaction and monitor PnL and realized yield in the trading UI. That’s it — you’re now trading yield on-chain.

You don’t custody bonds directly; instead, BasisX offers bond perps that give synthetic exposure to traditional fixed-income markets (e.g. long-duration US Treasuries like TLT). These markets let you go long or short bond yields and duration with crypto-style leverage, without managing the underlying bonds, roll schedules, or redemption mechanics.

Funding Rate Perps are perpetual contracts whose underlying is the funding rate of another perp market (for example, BTC or HYPE perps on an exchange). • Each FRP tracks a reference funding index (realized or expected funding over time). • If you long the FRP, you profit when the funding rate rises or stays above the level implied by the market. • If you short the FRP, you profit when funding falls or turns negative. Traders use FRPs to hedge funding-rate risk on other exchanges or to speculate directly on where funding is heading.

Yield Perps and FRPs are still leveraged derivatives, so they carry material risk: • Leverage & liquidation: adverse rate moves can quickly wipe out margin and liquidate your position. • Rate volatility: funding rates and yields can spike or flip sign, especially in stressed markets. • Basis/oracle risk: discrepancies between our reference rate and the underlying market can impact PnL. • Smart-contract & protocol risk: bugs, integrations, and third-party infrastructure can fail. • Liquidity risk: wide spreads or low depth can increase slippage when entering or exiting positions. Only trade with capital you can afford to lose and make sure you understand how the specific market’s rate is defined before opening a position.