Basis

Basis

Basis is the relative difference between perpetual mark and multiplier-adjusted spot, and it can create entry, mark-to-market, and exit risk.

Hinge expresses this concept using a multiplier-adjusted Robinhood Chain spot leg and an explicitly mapped perpetual leg. Values remain indicative until both legs have executable quotes and future infrastructure can coordinate them.

Operational controls

Check source and freshness before interpreting a number. Treat annualized funding as a rate conversion, not expected return. Review basis, liquidity, venue, and margin together.

Limits and risk

No directionally hedged construction is risk-free. Quantity matching does not guarantee fill matching, solvency, liquidity, or positive funding.