DeFi · Category ranking
Best Basis Trading dApps in 2026
25 Basis Trading dApps ranked by DappsAtlas score and total value locked. Open any row for the full review.
- Listed
- 25
- Reviewed
- 25
- Page
- 1/1
Basis trading dApps turn a classic market strategy into an on-chain product. They hold a spot asset such as a stablecoin, Bitcoin or Ether and open an offsetting short in perpetual futures, so price swings largely cancel out. What is left is the funding rate or futures premium, which depositors receive as yield through a stablecoin, a vault or a yield-bearing token.
Most products work in a similar way. You deposit assets, the protocol or its partners run the hedged position, often partly on centralized exchanges and partly on-chain, and returns are passed back to you through a rising token price or rewards. Protocols earn by taking a fee on yield or on minting and redemptions. Some designs, like Ethena or Aster USDF, issue a synthetic dollar. Others, like Solv Basis Trading, aim at Bitcoin holders, and Solstice and Solomon USDv run on Solana. Yields are variable and can fall sharply when funding turns negative.
When comparing, start with where the hedge is held and who controls it, since exchange and custodian risk differs a lot between CeDeFi and fully on-chain designs. Then check redemption terms, audit history, how large and sticky the TVL is (BitFi Basis, Solv Basis Trading and Solstice each hold around $200M or more at the time of writing), and which chains are supported. Treat any advertised yield with caution, and only use products that are available and legal in your jurisdiction. Nothing here is financial advice.
Basis Trading dApps at a glance
- Tracked
- 25
- Reviewed
- 25
- Total TVL
- $981M
- Avg. score
- 6.3/10
Largest by TVL
- 1
BitFi Basis$237M
- 2
Solstice$201M
- 3
Solv Basis Trading$191M
- 4
Aster USDF$113M
- 5
ZEROBASE CeDeFi$60.5M
Highest rated
- 1
- 2
Ethena7.4
- 3
Solomon USDv7.2
- 4
- 5
Noon7.0
| Chains | |||||
|---|---|---|---|---|---|
| 1 | SolsticeReviewed | Solana | $201M | −0.1% | 7.4 |
| 2 | EthenaReviewed | Ethereum | — | — | 7.4 |
| 3 | Solomon USDvReviewed | Solana | $8.79M | −0.6% | 7.2 |
| 4 | Solv Basis TradingReviewed | BNB Chain, Arbitrum +6 | $191M | −3.5% | 7.0 |
| 5 | NoonReviewed | Ethereum, Sophon +2 | $38.1M | +0.9% | 7.0 |
| 6 | Liminal BasisReviewed | Hyperliquid L1 | $21.2M | −1.6% | 7.0 |
| 7 | XSYReviewed | Base, Avalanche | $13.0M | +0.0% | 7.0 |
| 8 | BitFi BasisReviewed | BNB Chain, Ethereum +5 | $237M | −3.7% | 6.8 |
| 9 | BounceBit PrimeReviewed | BNB Chain, Ethereum | $11.4M | +0.0% | 6.7 |
| 10 | Bitwise USCCReviewed | Ethereum | — | — | 6.7 |
| 11 | Aster USDFReviewed | BNB Chain | $113M | +1.5% | 6.5 |
| 12 | ZEROBASE CeDeFiReviewed | BNB Chain, Ethereum +5 | $60.5M | −0.3% | 6.5 |
| 13 | Vectis FinanceReviewed | Solana, Ethereum | $4.93M | −5.7% | 6.3 |
| 14 | Bitway EarnReviewed | BNB Chain | $33.7M | −7.7% | 6.0 |
| 15 | Hermetica USDhReviewed | Stacks | $1.85M | −2.6% | 6.0 |
| 16 | StableHodlReviewed | Polygon, Ethereum +2 | $6.36M | +0.0% | 5.5 |
| 17 | Scrub InvestReviewed | Kava, Arbitrum | $28.6K | +0.6% | 5.5 |
| 18 | DeSyn Basis TradingReviewed | Bitlayer, Arbitrum +13 | $1.68M | −3.8% | 5.4 |
| 19 | ScrubVaultReviewed | Kava, Arbitrum | $166K | +1.3% | 5.4 |
| 20 | SMARDEX USDNReviewed | Ethereum | $1.28M | +1.2% | 5.0 |
| 21 | ExcellarReviewed | Stellar | $0 | −100% | 4.5 |
| 22 | Aegis YUSDReviewed | Ethereum, BNB Chain | $34.4M | 0.0% | — |
| 23 | Theo Straddle VaultsReviewed | Ethereum, Linea +2 | $1.03M | −0.5% | — |
| 24 | BasisOSReviewed | Arbitrum | $23.6K | +0.1% | — |
| 25 | SuiDollar BasisReviewed | Sui | — | — | — |
Ranked by DappsAtlas score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
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Frequently asked questions
What is basis trading in crypto?
A basis trade holds an asset in the spot market and takes an offsetting short position in a perpetual or futures contract on the same asset. The two positions cancel out price moves, so the strategy aims to collect the funding rate or the futures premium instead. Protocols such as Ethena, Solv Basis Trading and Aster USDF package this idea into a token or vault.
Where does the yield come from?
Yield comes mainly from funding payments that long traders pay to shorts on perpetual futures, or from the gap between spot and futures prices. When funding turns negative or the premium shrinks, yields drop and can fall to zero. The rate is variable, so a figure you see on a dashboard today is not a promise.
Is basis trading risk-free because it is delta-neutral?
No. The positions are hedged against price swings, but risks remain. These include negative funding periods, exchange or custodian failure, smart contract bugs, liquidation on the short leg, stablecoin depegs and redemption limits. Some products, such as BitFi Basis and ZEROBASE CeDeFi, rely on centralized venues, which adds counterparty risk.
What does delta-neutral mean?
Delta-neutral means the combined position has close to zero exposure to the price of the underlying asset. A long spot holding is balanced by a short derivative of equal size. Small gaps can still appear from rebalancing, fees and slippage, so neutrality is approximate rather than perfect.
Can anyone use these protocols?
Most are tokens or vaults you deposit into on-chain. Several, including Ethena and Bitwise USCC, have access limits that depend on region or investor status, and Excellar is open only to qualified institutional clients. Check each product's terms and make sure it is available and legal where you live before depositing.
How should I compare basis trading products?
Look at how the strategy is custodied, whether positions sit on-chain or on centralized exchanges, how redemptions work, and how long the yield track record is. Also check audits, the backing and size of any insurance or reserve fund, and the TVL. A higher advertised yield often signals more risk, not a better deal.
What is the largest basis trading dApp by TVL?
BitFi Basis is the largest basis trading dApp by total value locked, with $237M. It is followed by Solstice ($201M) and Solv Basis Trading ($191M). TVL figures come from DefiLlama and change daily.
Which basis trading dApp has the highest DappsAtlas score?
Solstice has the highest score at 7.4/10, ahead of Ethena (7.4) and Solomon USDv (7.2). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many basis trading dApps does DappsAtlas track?
DappsAtlas tracks 25 basis trading dApps. Of these, 25 have a full review and 21 report value locked, $981M in total.
What chains do most basis trading dApps run on?
Which basis trading dApps grew the most this week?
Among basis trading dApps with at least $1M locked, Aster USDF had the biggest 7-day TVL gain (+1.5%) and Bitway Earn the biggest drop (−7.7%). Combined TVL moved −1.8% over the same seven days.
What is the average score for basis trading dApps?
The 21 rated basis trading dApps average 6.3 out of 10. Of these, 0 score 8 or higher and 1 score below 5.