Best of · Ethereum · Updated Nov 6, 2026

The best Basis Trading dApps on Ethereum in 2026

We track 13 Basis Trading dApps that run on Ethereum and have reviewed 11 of them in full. Our top pick is Ethena. Each one is scored on security, ease of use, fees and features.

1
Ethena
Basis Trading · Ethereum
Ethena issues USDe, a synthetic dollar backed by hedged crypto positions, and sUSDe, its yield-bearing version. The yield is the draw, but it comes from derivatives markets and carries risks that a fiat-backed stablecoin does not.
Read the Ethena review Visit Ethena(opens in a new tab)
ScoreScore 7.4 out of 10
TVL —
2
Solv Basis Trading
Basis Trading · BNB Chain, Arbitrum, Ethereum +5
Solv Basis Trading is the basis-trading and hedging yield side of Solv Protocol, aimed at Bitcoin holders who want yield without taking directional price risk. It shows sizeable TVL, but the strategy relies on off-chain counterparties.
Read the Solv Basis Trading review Visit Solv Basis Trading(opens in a new tab)
ScoreScore 7.0 out of 10
TVL $191M−3.5%
3
Noon
Basis Trading · Ethereum, Sophon, zkSync Era +1
Noon is a yield-focused stablecoin protocol that aims to earn delta-neutral returns and pays them out through a staked token, sUSN. It has about $38 million in TVL and two listed audits, but its yield depends on off-chain and cross-protocol counterparties.
Read the Noon review Visit Noon(opens in a new tab)
ScoreScore 7.0 out of 10
TVL $38.1M+0.9%
4
BitFi Basis
Basis Trading · BNB Chain, Ethereum, Base +4
BitFi is a CeDeFi platform that pairs off-chain delta-neutral trading with on-chain tokens, bfUSD and bfBTC, to pay yield on stablecoins and Bitcoin. It holds about $254M in TVL, but part of its risk sits with off-chain trading and custody.
Read the BitFi Basis review Visit BitFi Basis(opens in a new tab)
ScoreScore 6.8 out of 10
TVL $237M−3.7%
5
BounceBit Prime
Basis Trading · BNB Chain, Ethereum
BounceBit Prime lets holders of tokenized Treasury funds such as Franklin Templeton's BENJI and BlackRock's BUIDL layer delta-neutral trading strategies on top of the base yield. It is a CeDeFi product with real custody and venue dependencies, so the headline yields come with counterparty risk.
Read the BounceBit Prime review Visit BounceBit Prime(opens in a new tab)
ScoreScore 6.7 out of 10
TVL $11.4M+0.0%
6
Bitwise USCC
Basis Trading · Ethereum
USCC is a tokenized fund that runs crypto cash-and-carry trades for Qualified Purchasers. It was launched by Superstate, and Bitwise was reported in May 2026 to be taking over as investment manager from June 1, 2026.
Read the Bitwise USCC review Visit Bitwise USCC(opens in a new tab)
ScoreScore 6.7 out of 10
TVL —
7
ZEROBASE CeDeFi
Basis Trading · BNB Chain, Ethereum, Base +4
ZEROBASE CeDeFi is a stablecoin staking product tied to the ZEROBASE zk prover network, with deposits used for arbitrage trading on Binance. It holds about $60.5M in TVL, but yield depends on a centralized trading leg that the public facts describe only briefly.
Read the ZEROBASE CeDeFi review Visit ZEROBASE CeDeFi(opens in a new tab)
ScoreScore 6.5 out of 10
TVL $60.5M−0.3%
8
Vectis Finance
Basis Trading · Solana, Ethereum
Vectis Finance runs delta-neutral stablecoin vaults on Solana and Ethereum that aim to earn funding-rate and JLP yield. It offers a clear strategy, but it relies on centralized venues and custody, and no public audits are listed.
Read the Vectis Finance review Visit Vectis Finance(opens in a new tab)
ScoreScore 6.3 out of 10
TVL $4.93M−5.7%
9
StableHodl
Basis Trading · Polygon, Ethereum, BNB Chain +1
StableHodl is a stablecoin staking platform on HeLa that says it earns yield from funding-rate arbitrage on exchanges. It advertises up to 15% APY with no lock-ins, but audits and fees are not published.
Read the StableHodl review Visit StableHodl(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $6.36M+0.0%
10
SMARDEX USDN
Basis Trading · Ethereum
SMARDEX USDN is an Ethereum-based synthetic dollar backed by a structured product using a delta-neutral strategy. The stated 5% mint charge, payable in SDEX, and limited detail about the product’s mechanics warrant careful checking before use.
Read the SMARDEX USDN review Visit SMARDEX USDN(opens in a new tab)
ScoreScore 5.0 out of 10
TVL $1.28M+1.2%
11
Aegis YUSD
Basis Trading · Ethereum, BNB Chain
Aegis issues YUSD, a token backed by delta-neutral funding rate arbitrage across spot and perpetual markets, with about $34.5 million in TVL on Ethereum and BNB Chain. The main takeaway is a market-neutral yield model with limited public detail.
Read the Aegis YUSD review Visit Aegis YUSD(opens in a new tab)
ScoreNot rated yet
TVL $34.4M0.0%
12
Theo Straddle Vaults
Basis Trading · Ethereum, Linea, Arbitrum +1
Theo Straddle Vaults is a Theo product tracked on Ethereum, Linea, Arbitrum, and Base. Its vault strategy, fees, and withdrawal terms are not clearly published.
Read the Theo Straddle Vaults review Visit Theo Straddle Vaults(opens in a new tab)
ScoreNot rated yet
TVL $1.03M−0.5%
13
HOPE Collateral
Basis Trading · Ethereum, Bitcoin
HOPE Collateral is described as a DeFi ecosystem centered on the distributed stablecoin HOPE, but details about its collateral model and products are limited.
Read the HOPE Collateral review
ScoreNot rated yet
TVL $1.11K+0.2%

Basis Trading dApps on Ethereum: the numbers

Tracked: 13
Reviewed: 13
Total TVL: $586M
Avg. score: 6.5/10

DappsAtlas tracks 13 basis trading dApps on Ethereum. Every one of them has a full review. The 11 that report TVL hold $586M between them, counting value on every chain they support. BitFi Basis is the clear leader, holding 40% of it. The top five account for 96%, while the median basis trading dApp holds $11.4M.

By value locked, the largest basis trading dApps on Ethereum are BitFi Basis ($237M), Solv Basis Trading ($191M) and ZEROBASE CeDeFi ($60.5M). On DappsAtlas scores, Ethena ranks first at 7.4/10, ahead of Solv Basis Trading (7.0) and Noon (7.0). The 10 rated basis trading dApps average 6.5/10, and none scores 8 or above yet.

Beyond Ethereum, these basis trading dApps most often also run on BNB Chain (6), Arbitrum (3) and Polygon (3). All 11 with a confirmed status are active. Over the last seven days, combined TVL fell 2.7%. SMARDEX USDN gained the most (+1.2%), while Vectis Finance dropped the most (−5.7%).

Largest by TVL

Highest rated

Method

How we ranked them

Reviewed dApps come first. Each DappsAtlas review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.

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Frequently asked questions

What is the largest basis trading dApp on Ethereum by TVL?

BitFi Basis is the largest basis trading dApp on Ethereum by total value locked, with $237M across all the chains it supports. It is followed by Solv Basis Trading ($191M) and ZEROBASE CeDeFi ($60.5M). TVL figures come from DefiLlama and change daily.

Which basis trading dApp on Ethereum has the highest DappsAtlas score?

Ethena has the highest score at 7.4/10, ahead of Solv Basis Trading (7.0) and Noon (7.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many basis trading dApps on Ethereum has DappsAtlas reviewed?

DappsAtlas tracks 13 basis trading dApps on Ethereum. Of these, 13 have a full review and 11 report value locked, $586M in total, counting value on every chain they support.

Which basis trading dApps on Ethereum grew the most this week?

Among basis trading dApps with at least $1M locked, SMARDEX USDN had the biggest 7-day TVL gain (+1.2%) and Vectis Finance the biggest drop (−5.7%). Combined TVL moved −2.7% over the same seven days.

What is the average score for basis trading dApps on Ethereum?

The 10 rated basis trading dApps on Ethereum average 6.5 out of 10. Of these, 0 score 8 or higher and 0 score below 5.

Ranked list