Today, we’re excited to announce that Based is partnering with @nunchi to build Yield Exchange Perpetual instruments on Hyperliquid’s HIP-3.

This partnership brings together:

  1. Based: product distribution, trading UX, and onchain market infrastructure across the Hyperliquid ecosystem, and
  2. Nunchi: structured yield design and execution, with a focus on creating instruments that are understandable, risk-bounded, and composable.

Our goal is simple: make yield a first-class primitive in perpetual markets, with instruments that express yield views cleanly, trade efficiently, and settle transparently onchain.

What we’re building

We are working on a new category of markets: Yield Exchange Perps.

At a high level, these instruments are designed to let traders:

  1. take a directional view on yield / funding / carry,
  2. hedge exposures created by existing yield strategies, and
  3. express relative-value positioning across yield sources—without needing to manually manage multi-leg spot + derivatives positions.
  4. utilise USDe as margin collateral to take on leveraged positions on yields

These markets will be deployed via HIP-3, aligning with Hyperliquid’s native market structure while allowing custom market design that fits yield-based underlyings.

Why this matters

Perpetual markets have historically been optimized for price speculation. But a large portion of real-world and onchain trading is driven by carry: funding rates, basis, yield accrual, and the spread between “risk-free-ish” yields and risk-on leverage. Yield Exchange Perps aim to make this activity:

  1. more accessible (fewer moving parts than DIY strategies),
  2. more capital-efficient (better hedging + cleaner exposure), and
  3. more transparent (onchain markets with observable risk parameters).

In short: yield becomes tradable, not just farmed.

Based Ecosystem Benefits

1) More reasons to trade on Based

Yield Exchange Perps create a new trading surface that’s native to Based. Instead of competing only on “another perp venue,” we add a differentiated product category that gives users a concrete reason to keep positions, strategies, and activity within the Based app.

2) Higher-quality volume and stickier users

Yield-focused instruments tend to attract users who trade systematically (carry, basis, hedging). These users are typically:

  1. higher frequency / more repeat usage,
  2. more loyal to venues with better execution + tooling, and
  3. more likely to become long-term power users.

That’s exactly the type of behavior that compounds Based’s retention and revenue over time.

3) New strategy loops that connect Based’s verticals

Yield instruments don’t live in isolation; instead, they naturally connect into other parts of the Based SuperApp:

  1. traders can hedge or express yield views alongside directional perp exposure,
  2. users can rotate profits into spend/offramp primitives (card),
  3. and future structured products can be distributed directly in-app.

4) Upside for Based users via Nunchi allocation

As part of the partnership, Nunchi will be providing a token allocation and revenue share to Based users. This is designed to directly reward the community that powers early liquidity and adoption, aligning incentives from day one between users, product distribution, and the long-term success of these markets. More information on eligibility will be made known at a future date.

Closing

Based has always been more than a trading front-end: we’re building a SuperApp where trading, yield, and real-world utility sit in one place, and where every new product surface makes the whole ecosystem more valuable.