Documentation

How BASIS MARKETS works, as deployed. Numbers are the launch parameters of the contracts. Unaudited. Use at your own risk.

Rates on the screen

Current funding rate

The settled funding of the last hour on Hyperliquid, for example 0.0014% per hour.

Annualized funding APR

The hourly rate times 8,760. 0.0014% per hour is about 12.26% APR.

Historical funding APR

The average of settled hourly rates over 30 days, annualized.

Estimated funding APR

Hyperliquid's live prediction for the hour accruing now, annualized.

Positions: fixed against floating

A long pays a fixed APR and receives the settled Hyperliquid funding on its notional, for every published hour until maturity. A short is the opposite. BTC and ETH funding are listed; SOL, HYPE and spread trades are coming soon.

Long PnL at maturity = notional × (sum of hourly funding − fixed APR × hours / 8,760)

Each position matures 30 to 31 days after its fill, on the next daily expiry. At maturity anyone can settle it, and the margin plus PnL returns to the owner.

Orders fill at the next published hour

A keeper publishes each settled Hyperliquid hour to the on-chain oracle. An order fills at the quote of the hour accruing when it was sent, once that hour is published. It can be cancelled until that hour ends. If the fixed rate moves past the order's tolerance, a cap is full, or the vault lacks free liquidity, the order is rejected and its margin refunded.

The quote is the oracle's model rate for the position's maturity, plus a spread of 1.5 APR points against the trader and up to 1 point of skew impact. The fee is 0.05% of notional at open and at an early close, and each order escrows two $0.10 execution fees: one for the fill, one for settlement.

Closing early

A close request exits at the quote of the next published hour, for the remaining time to maturity: accrued funding so far, plus the difference between the exit rate and your fixed rate over the remaining hours.

Margin and liquidation

Margin is USDC on Base. Leverage is up to 5x, from $50 per order. A position must keep equity above 2% of its notional. The health factor is equity divided by that requirement; below 1.00 anyone can liquidate it, for a 0.5% fee.

Liquidity

The other side of every trade is an LP vault funded only by the protocol Safe, from the BASIS token's fees. Caps on open interest and on the long and short imbalance are sized to the vault. When the vault is empty or markets are disabled, the app shows trading as closed.

Status

The contracts are not audited. Deposit only what you can afford to lose.