Decentralized finance has traded crypto perps for years. But when Hyperliquid introduced synthetic equity perps under the xyz: DEX (e.g., TSLA, NVDA, AAPL, SP500), a fundamental product gap emerged: on-chain derivatives trading 24/7 against closed off-chain stock exchanges. HyperBasis is the dedicated institutional terminal designed to bridge that exact divide.
Standard crypto tools (Coinglass, DefiLlama, Nansen) treat synthetic equity contracts like ordinary crypto tokens. But synthetic RWAs are fundamentally cash-settled perpetuals tracking an external reference market. When a trader buys xyz:TSLA, they are not trading spot Tesla shares; they are trading an on-chain synthetic contract against a dynamic oracle.
Until HyperBasis, there was no single institutional-style platform that cleanly visualized:
HyperBasis operates a dual-sided data pipeline that continuously consumes real-time tick and order book data from both decentralized and traditional exchange layers:
Calculated as (xyz:Mark - TradFi_Reference) / TradFi_Reference. When xyz:TSLA trades at .32 while real-world NASDAQ TSLA is at .70, the synthetic carries a +0.17% premium. HyperBasis tracks this basis at 10-second tick resolution and maintains 90 days of 5-minute historical distributions to establish statistical percentiles (0% = extreme discount, 100% = extreme premium).
On Hyperliquid, liquidations and PnL rely on the Oracle Price. When an underlying equity experiences high volatility (such as an earnings release or pre-market gap), the on-chain oracle can lag the external consolidated tape by seconds or minutes. HyperBasis measures (Mark - Oracle) / Oracle in real time, alerting traders when oracle lag exceeds 0.5% to prevent adverse selection and toxic flow fills.
Hyperliquid RWAs trade 24/7/365. Traditional equity markets close at 4:00 PM EST, trade in after-hours until 8:00 PM, and remain closed all weekend. A +3.5% basis on xyz:TSLA at 2:00 AM on a Sunday is not an arbitrage failure; it reflects weekend speculative demand and expected Monday gap risk. HyperBasis's Dynamic Staleness Guard v1.0 automatically classifies every asset into PRE_MARKET, REGULAR, AFTER_HOURS, CLOSED, and WEEKEND states, adjusting staleness thresholds so systems never trigger false alarms during legitimate market closures.
A statistical basis edge is meaningless if the book cannot absorb size. HyperBasis computes dynamic liquidity capacity across ±10 bps, ±50 bps, and ±100 bps from the mid-price on both sides of the book. Institutional desks can immediately see how many hundreds of thousands of dollars can be entered before slippage erodes the deviation edge.
Are perpetual traders paying an annualized 35% funding fee for long exposure when the underlying stock has realized 30-day volatility of only 18%? HyperBasis correlates on-chain funding rates with TradFi implied and historical volatility, surfacing carry-trade yields and basis-harvesting opportunities where traders can short the expensive perp and hedge with spot or options.
| Capability | DefiLlama / Coinglass | HyperBasis Terminal |
|---|---|---|
| Hyperliquid RWA Coverage | Generic TVL / Raw OI | Full 98-Asset Universe |
| TradFi Reference Price Fusion | ❌ None | ✅ Live NASDAQ / NYSE / CME Feeds |
| Real-Time Basis & 90d Percentiles | ❌ None | ✅ 90-Second Loop & Z-Scores |
| Market-Hours State Awareness | ❌ Blind to market sessions | ✅ Session-Aware (Pre/Post/Weekend) |
| Whale Clearinghouse Radar | ❌ No RWA separation | ✅ 282 Verified RWA Institutional Wallets |
| Liquidation Vulnerability Maps | ❌ Estimated or simulated | ✅ Actual On-Chain Clearinghouse State |
| Institutional API & WebSockets | Basic REST | REST, HMAC Webhooks & WebSocket Stream |
Monitor live cross-market basis, oracle divergence, whale accumulation, and capacity scores across all 98 Hyperliquid RWA assets.
LAUNCH TERMINAL →No. On Hyperliquid, xyz:TSLA is a cash-settled perpetual futures contract deployed under the xyz builder DEX. It provides synthetic price exposure settled in USDC against an oracle reference price. HyperBasis provides the mathematical bridge comparing that synthetic contract to actual NASDAQ Tesla equities.
HyperBasis provides a low-latency developer API. Free keys allow up to 100 calls/day for research, while Professional tiers provide sub-minute updates, 2-year minute-level history, and WebSocket streaming. Explore the API Documentation or Swagger docs at https://hyperbasis.uk/docs.