Funding basis is the oldest trade in crypto and the least accessible: capturing it normally means running spot and perp legs across two venues, posting margin twice, and carrying transfer risk between them. FR-BASIS turns that spread into a single instrument.
ΔFR = FR_robinhood − ( FR_binance + FR_hyperliquid ) / 2Settlement is continuous. Rather than a discrete transfer at each 8-hour boundary, the engine accrues against elapsed seconds so that a position held for four minutes pays exactly four minutes of carry:
cashflow = size × ΔFR × Δt / 28800- 28800
- seconds in a standard 8-hour funding interval
- Δt
- seconds elapsed since the last settlement touch
- ΔFR > 0 — Robinhood Chain funding runs rich; longs pay shorts.
- ΔFR < 0 — native funding runs cheap; shorts pay longs.
- Carry desks hedge an existing basis book with one position instead of four legs.
- Directional traders get an instrument whose delta to spot is approximately zero.
How it settles
- Carry accrues into a cumulative index per side. A position records the index when it opens and pays size × the change when it closes, so no position is ever touched between open and close.
- The rate charged is the last hour's mean spread, not the latest print: the native leg is a single venue, and a premium moved for a minute moves the charge by a sixtieth as much.
- The spread reaches the chain through its own oracle feed, which takes a signed number — a spread can sit at zero or below — and moves at most a fixed number of basis points per block.
- A carry market has no price PnL. Its level can go anywhere without liquidating a position; only the carry it has cost can.