StackFi Tools
Tokenized equity basis and funding
Live basis and funding rates for tokenized US equities held against Hyperliquid perpetuals — what the carry actually pays, how often it turns negative, and how far it swings, for every pair a self-custodial wallet can reach.
A tokenized share and a perpetual future on the same company can now both be held from one self-custodial wallet, with no broker in between. Held against each other they cancel out the share price and leave you the funding rate, which is why the funding rate is the only number that decides whether the position pays. This tracks it for all 11 pairs where both legs exist.
Over the last 7 days every one of those 11 markets paid the short at some point. 0 of them held a carry that stayed positive for more than nine hours in ten; the rest did not. HOOD ranged from -310% to +207% annualised inside a single week.
These are market observations, not recommendations. The page does not tell you to put a position on, and the numbers below are the cost of finding out rather than a forecast of what you would earn.
Live basis
What the carry actually pays
Snapshot · funding over 7 days
Paid the short every hour
0 of 11
every market turned negative at some point
Carry held 90%+ of hours
0 of 11
none
Widest weekly swing
HOOD
-310% to +207% annualised
| Pair | Entry edge | Funding now | Median | Weekly range | Hours negative | Perp OI | Spot depth |
|---|---|---|---|---|---|---|---|
| CRCL CRCLx vs xyz:CRCL | +1.72% | +26.35% | +15.90% | -267% to 120% | 34 / 168 | $117.9M | $1.9M |
| NVDA NVDAx vs xyz:NVDA | +1.35% | +5.48% | +5.48% | -87% to 93% | 24 / 168 | $116.4M | $1.8M |
| TSLA TSLAx vs xyz:TSLA | +1.21% | +5.48% | +5.48% | -51% to 97% | 22 / 168 | $41.7M | $1.3M |
| MSTR MSTRx vs xyz:MSTR | +1.09% | +7.77% | +5.48% | -312% to 155% | 32 / 168 | $37.9M | $731k |
| HOOD HOODx vs xyz:HOOD | +1.33% | +20.33% | +5.48% | -310% to 207% | 31 / 168 | $51.2M | $461k |
| MSFT MSFTx vs xyz:MSFT | -0.18% | +5.48% | +5.48% | -39% to 29% | 30 / 168 | $24.1M | $425k |
| COIN COINx vs xyz:COIN | +0.79% | +7.69% | +5.48% | -184% to 100% | 26 / 168 | $12.3M | $323k |
| GOOGL GOOGLx vs xyz:GOOGL | +1.06% | +11.15% | +5.48% | -100% to 95% | 17 / 168 | $104.6M | $312k |
| META METAx vs xyz:META | +0.89% | +5.48% | +5.48% | -74% to 57% | 18 / 168 | $47.8M | $209k |
| AMZN AMZNx vs xyz:AMZN | +1.78% | +5.48% | +5.48% | -67% to 39% | 20 / 168 | $22.4M | $203k |
| AAPL AAPLx vs xyz:AAPL | +0.50% | +1.57% | +2.61% | -55% to 41% | 71 / 168 | $83.0M | $802k |
The current rate is the least useful number here
AAPL reads +1.57% annualised right now, which looks like a reason to be short. Over the same week it was negative for 71 of 168 hours, and its median was +2.61%. A position sized off the headline rate would have spent roughly 42% of its life paying out instead of collecting. This is why the table leads with the median and the negative-hour count.
Holding both legs
Nothing above requires a broker, but it does require an account that reaches both sides. The tokenized share settles on Solana and the perpetual on a Hyperliquid HIP-3 venue, and most apps carry one or the other rather than both. TopNod reaches the same xyz markets shown here alongside tokenized spot, in one self-custodial account — confirmed first-hand on 2026-09-12, though availability depends on your region and app version.
Listed because it reaches both legs, which most apps do not. If you know another that does, the comparison here should include it — tell us and it gets checked the same way.
Method and limits
- Basis = perp mark ÷ tokenized spot price − 1. Entry edge is that basis less the premium already paid on the spot leg, so it reflects what is left rather than the headline gap.
- Funding is annualised from hourly settlements over 168 hours. Annualising a rate this volatile is a description of the last week, not a projection of the next one.
- Only pairs where both legs have a real market appear. A tokenized share whose pool holds less than $50,000 is excluded, because a basis measured against a price nobody can trade at is fiction.
- Perps come from one HIP-3 venue, because on 2026-09-12 it was the only live one. Five other builders list the same tickers, and every one of those listings held zero open interest with marks stale by up to 25% — MSFT quoted at $371 against $495 where it actually trades. A listing is not a market, so they are excluded rather than averaged in.
- Nothing here accounts for execution. Fees, slippage on both legs, margin requirements and the cost of rebalancing are all real and all excluded.
Market data, not investment advice and not a recommendation to trade. Perpetual futures are leveraged instruments that can lose more than the margin posted. Tokenized equities carry issuer, custody and liquidity risk, confer no shareholder rights, and availability depends on your region.
FAQ
Frequently asked questions
What is the basis on a tokenized stock?
The gap between the perpetual future and the tokenized share of the same company. Hold the share and short the perp and the share price cancels out, leaving you the gap you entered at plus whatever funding accrues while you hold. It is a carry position, not an arbitrage: perpetuals never expire, so nothing forces the gap to close on any particular day.
What is a funding rate and who pays it?
A periodic payment between the two sides of a perpetual that keeps it tethered to the underlying price. When it is positive, longs pay shorts, so a short collects it. When it is negative, the short pays. Hyperliquid settles hourly, which is why a rate quoted as an annual percentage can change several times before you have held the position for a day.
Why does this page show a range rather than the current rate?
Because the current rate routinely misdescribes the week it sits in. AAPL reads +1.57% annualised right now, and was negative for 71 of the last 168 hours — so a position opened on the strength of that number would have paid out for roughly 42% of the time it was held. The median and the count of negative hours describe what actually happened; the spot reading describes one moment.
Is the entry edge free money?
No, and the constraint is usually depth rather than the edge itself. AMZN shows the widest entry edge at +1.78%, against a spot pool of $203k. An order large enough to matter moves that price against you before the perp leg is even open, and the thinnest spot market here holds $203k. The edge is real and it is small relative to what it costs to take.
What actually goes wrong with a position like this?
Three things, in roughly this order of likelihood. Funding inverts and the carry becomes a bleed, which happened to every market on this page within the last week. The short gets liquidated on a gap move while the spot leg cannot be sold quickly enough to rebalance, which is worse the closer you run to maximum leverage. And a data or execution fault leaves the two legs mismatched — the failure that has cost professional desks far more than adverse prices ever have.
Why are SPY, QQQ and GLD missing?
Because no perpetual on that venue tracks the same instrument. There are perps for spot gold and for a synthetic large-cap index, but those are different assets from the GLD and QQQ ETFs: an ETF carries an expense ratio and its own tracking behaviour, so hedging a tokenized ETF with a spot-commodity or index perp leaves you exposed to the difference. Pairing them would look tidy and be wrong.
Do I need a broker for any of this?
No, and that is the structural change worth understanding. Both legs settle on-chain and can be held together in a self-custodial wallet — TopNod, for instance, reaches the same HIP-3 perp markets shown here alongside tokenized spot, so one account covers both sides without a brokerage relationship, a wire, or market hours. Availability depends on your region, and what you give up is equally real: no shareholder rights, issuer and custody risk on the tokenized leg, venue risk on the perp leg, and none of the investor protections a regulated broker carries.
Related Reading
Go deeper on on-chain asset wrappers
Tokenized Stock Premium: xStocks vs Ondo
The spot side on its own — what each tokenized share costs against the real share price, and which issuer publishes a price you can check.
Physical Gold vs Gold ETF vs Tokenized Gold
The same wrapper question applied to metal: what you actually own in each form, and which suits how you intend to hold it.
On-Chain Gold: What It Is and Who It Suits
How a tokenized real-world asset is backed, redeemed and custodied, and what to verify before trusting an issuer.
Gold Holding Cost Calculator
Compare the annual cost of holding gold through an ETF, a vault, or on-chain, at your own position size.