FR-BASIS BTC 1m · 6h
Modelled
—bps / 8h—24h
Positioning
Simulated
Long 50.0%Balanced50.0% Short
- Open interest
- —
- Long
- —
- Short
- —
- Borrow · 8h, crowded side
- —
- 24h notional
- —
Contract specification
| Underlying | ΔFR = RH − mean(Binance, Hyperliquid) |
| Settlement | Continuous, per second |
| Leverage | 1× – 20× |
| Payout cap | 8× initial margin |
| Interval basis | 28,800s normalised |
| Tick | 0.01 bps |
Payout cap
| Initial margin | Maximum profit | Maximum loss |
|---|---|---|
| 1,000 | +8,000 | −1,000 |
| 10,000 | +80,000 | −10,000 |
| 100,000 | +800,000 | −100,000 |
Above the cap a position stops accruing profit but keeps its collateral; it is not closed for winning.
Risk controls
- Payout capProfit capped at 8× initial margin, reserved from the pool at open
- Skew borrow feeQuadratic in the long/short ratio, paid by the crowded side
- Oracle clampSettlement moves at most ±20% per block
- Isolated marginA position can lose its own margin and nothing else
Typical use
- Carry desks capturing basis yield without moving inventory between venues.
- Market makers hedging the funding leg of an existing delta-neutral book.
- Treasuries expressing a view on whether native funding stays rich.