Basis Protocol

Project Name

Basis protocol is the first Ethena-style funding fee vault built natively on Hyperliquid that captures sustainable perp yield which is fully on-chain. Stablecoin coming soon targeting the growing hyperEVM stablecoin ecosystem. Founders are VC backed serial entrepreneurs with previous successful exits.

Problem

Perpetual futures funding fees are one of the most consistent sources of yield in crypto, yet few users can capture them. Running a delta-neutral strategy is complex and capital intensive. Meanwhile, Hyperliquid offers some of the highest funding fees among all exchanges, and stablecoin volumes are climbing. Despite this, there are almost no transparent on-chain delta-neutral protocols live on Hyperliquid EVM or Core, leaving stablecoin holders with limited ways to earn.

Solution

Basis Protocol brings an Ethena-style vault to Hyperliquid built entirely onchain. Users deposit USDC and receive shares representing ownership of a pooled strategy through an ERC-20 4626 vault mechanism. The vault automatically runs delta-neutral basis trades on HL core — long spot, short perps — across HYPE, BTC, ETH, SOL and more, capturing funding fees while neutralizing price risk. Performance is reflected transparently in vault NAV and share price, with all data and history stored on-chain. 

Looking ahead, Basis Protocol will launch its own native stablecoin on Hyperliquid, designed to integrate directly with the vault. Users will be able to stake this stablecoin and earn a consistent, sustainable yield stream, turning Basis into a foundational yield layer for the Hyperliquid ecosystem.

How it works ?

Attached a visual architecture diagram for our on-chain ethena style yield protocol.

• Users deposit into the ERC-20 Vault (HyperEVM).

• The vault allocates funds into Hyperliquid trades (BTC, ETH, SOL, etc.) via the arbitrage bot.

• Yield & NAV updates are recorded back on-chain.

• From there, value flows into a native Stablecoin (HL Core).

• Users can stake the stablecoin for sustainable yield.

This structure shows the full lifecycle:👉 Deposit → Vault Shares → Trades → NAV → Stablecoin → Staking/Yield.

Why Now

• Unprecedented Yield Opportunity – Hyperliquid perps funding rates frequently spike, sometimes exceeding +100% APY, creating a rare chance to design delta-neutral products that turn volatility into stable yield.

• Massive Market Scale – With over $5B+ open interest, $2–5B in daily volume, and $10–20M daily funding payments, the addressable opportunity is huge, yet underexploited.

• First Mover Advantage – Basis Protocol is among the first projects building directly on Hyperliquid’s native EVM + Core stack, unlocking lower fees, higher funding capture, and seamless HYPE ecosystem integration.

• On-Chain Transparency – Unlike opaque CeFi yield products, Basis Protocol is 100% transparent and on-chain, with ERC-20 vault shares, verifiable reserves, and composable yield primitives.

Why Us

The founding team are serial entrepreneurs in fintech and ecommerce, with successful exits and deep expertise in building financial infrastructure. Having scaled and exited companies in high-regulation, high-volume industries, they bring both execution credibility and the network to make Basis Protocol the default yield layer on Hyperliquid.

Team

Olga: https://www.linkedin.com/in/olgasuvorova/  https://x.com/crypt0blonde  

Deepak: https://www.linkedin.com/in/deepak--malhotra/   https://x.com/dipsybitsy  

Key Product Features

• Maximized Yield Across Hyperliquid-- Automatically allocates deposits across the most profitable funding-fee arbitrage opportunities in BTC, ETH, SOL, and emerging tokens.

• Institutional-Grade Risk Management-- Built-in liquidation protection and auto-rebalancing ensure capital safety even in volatile markets.

• On-Chain Transparency-- Vault shares are ERC-20 tokens, reserves and NAV are tracked on-chain, and all user transactions are visible via HyperEVM and HyperCore.

• Native Stablecoin (Coming Soon) A Hyperliquid-native stablecoin backed by vault assets, providing consistent yield through staking and creating a self-sustaining ecosystem.

• Self-Custodial Arb Product (Coming Soon) Users will soon be able to run personalized arbitrage strategies in isolated agent vaults, with full self-custody of funds and custom leverage/token choices.

Project Links

Website: thebasis.fi

Decentralised Application(Beta live on Hyperliquid Mainnet): thebasis.fi/dashboard

Twitter: https://x.com/BasisFi

Code: https://github.com/deepak28290/basisprotocol.git  

Smartcontract: https://www.hyperscan.com/address/0xaBC82f9A8F2a3B03fE2f369fE02cC66521E823a6 

Introduction Slide Deck: https://docs.google.com/presentation/d/1MvRCeyUBzeRJ6DCCC9WqbwR3CsVETPcDPBcgm2G8lk8/ 

Video Demo URL: https://www.loom.com/share/6a145f3498614a6c9d125fac9514df49 

Hackathon Track: Hyperliquid Frontier Track (Quality & Ecosystem Impact)

To Summarize Basis Protocol is the first true onchain production-ready funding rate arbitrage vault on Hyperliquid, transforming volatile funding fees into stable, risk-adjusted yield. With mainnet contracts, Web3 auth, and deep HL integration, we deliver institutional-grade strategies to retail through a simple interface. Our upcoming native stablecoin, backed by real on-chain yield, completes the ecosystem loop while ensuring full transparency via Hyperscan and Hyperdash. With live deposits and a clear roadmap, Basis is positioned to become a foundational DeFi protocol powering sustainable yield, liquidity, and growth across the Hyperliquid ecosystem.