Best of · Ethereum · Updated Nov 8, 2026

The best Basis Trading dApps on Ethereum in 2026

We track 13 Basis Trading dApps that run on Ethereum and have reviewed 9 of them in full. Our top pick is Ethena. Each one is scored on security, ease of use, fees and features.

1
Ethena
Basis Trading · Ethereum
Ethena issues USDe, a synthetic dollar, and sUSDe, a savings-style asset, using a basis-trading strategy. The potential yield comes with trading, custody and depeg risks, while fees and licensing details need checking.
Read the Ethena review Visit Ethena(opens in a new tab)
ScoreScore 6.1 out of 10
TVL —
2
BitFi Basis
Basis Trading · BNB Chain, Ethereum, Base +4
BitFi Basis offers yield strategies through bfUSD and bfBTC, but fees, withdrawal terms and verifiable audit details are unclear. Check those before depositing.
Read the BitFi Basis review Visit BitFi Basis(opens in a new tab)
ScoreScore 5.2 out of 10
TVL $238M−2.4%
3
Solv Basis Trading
Basis Trading · BNB Chain, Arbitrum, Ethereum +5
Solv connects Bitcoin to tokenized assets and yield strategies across multiple chains. You can explore BTC-focused products, but fees, redemption conditions and strategy risks need checking before you commit funds.
Read the Solv Basis Trading review Visit Solv Basis Trading(opens in a new tab)
ScoreScore 5.2 out of 10
TVL $191M−2.6%
4
Bitwise USCC
Basis Trading · Ethereum
Bitwise USCC is a tokenized crypto carry fund for qualified purchasers, not an open-access DeFi yield app. Check its current offering documents for fees, eligibility and redemption terms before committing funds.
Read the Bitwise USCC review Visit Bitwise USCC(opens in a new tab)
ScoreScore 5.2 out of 10
TVL —
5
Vectis Finance
Basis Trading · Solana, Ethereum
Vectis Finance offers vaults aiming to earn yield from funding-rate spreads and related strategies. The strategy and custody details are worth understanding, but fees, withdrawal terms and verifiable audit information need checking before you deposit.
Read the Vectis Finance review Visit Vectis Finance(opens in a new tab)
ScoreScore 4.7 out of 10
TVL $4.88M−6.4%
6
ZEROBASE CeDeFi
Basis Trading · BNB Chain, Ethereum, Base +4
ZEROBASE CeDeFi lets you stake stablecoins to support a zero-knowledge proof network, while the staked funds are used for Binance arbitrage. The strategy, fees and withdrawal terms need closer scrutiny before you deposit.
Read the ZEROBASE CeDeFi review Visit ZEROBASE CeDeFi(opens in a new tab)
ScoreScore 4.2 out of 10
TVL $60.4M−0.4%
7
BounceBit Prime
Basis Trading · BNB Chain, Ethereum
BounceBit Prime offers tokenized Treasury assets such as BENJI and BUIDL in strategies that aim to add yield through delta-neutral trading. Before committing funds, check the current vault terms, withdrawal rules and custody arrangements: key details are not published on its homepage.
Read the BounceBit Prime review Visit BounceBit Prime(opens in a new tab)
ScoreScore 4.0 out of 10
TVL $11.4M−0.1%
8
SMARDEX USDN
Basis Trading · Ethereum
SMARDEX USDN is a synthetic dollar tied to a delta-neutral strategy, with a separate leveraged long product. The minting fee and the risks of the strategy matter before you commit funds.
Read the SMARDEX USDN review Visit SMARDEX USDN(opens in a new tab)
ScoreScore 4.0 out of 10
TVL $1.28M−0.7%
9
StableHodl
Basis Trading · Polygon, Ethereum, BNB Chain +1
StableHodl offers stablecoin staking with yield it says comes from exchange funding-rate arbitrage. Its advertised returns, fees, withdrawal terms and key security details need careful checking before you deposit.
Read the StableHodl review Visit StableHodl(opens in a new tab)
ScoreScore 3.8 out of 10
TVL $6.36M−0.1%
10
Noon
Basis Trading · Ethereum, Sophon, zkSync Era +1
Noon is a stablecoin and yield-focused DeFi project, but the app restricts access in some states and key details about costs and safeguards remain unclear. Check eligibility and the USN terms before connecting a wallet.
Read the Noon review Visit Noon(opens in a new tab)
ScoreNot rated yet
TVL $37.9M+1.4%
11
Aegis YUSD
Basis Trading · Ethereum, BNB Chain
Aegis YUSD uses spot and perpetual-market funding-rate trades to seek yield. The strategy is described, but key details on fees, custody, redemption and risk controls are not published, so you can’t yet judge it confidently.
Read the Aegis YUSD review Visit Aegis YUSD(opens in a new tab)
ScoreNot rated yet
TVL $34.4M+0.2%
12
Theo Straddle Vaults
Basis Trading · Ethereum, Linea, Arbitrum +1
Theo Straddle Vaults is a basis trading project on Ethereum, Linea, Arbitrum and Base. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.
Read the Theo Straddle Vaults review Visit Theo Straddle Vaults(opens in a new tab)
ScoreNot rated yet
TVL $1.03M−0.8%
13
HOPE Collateral
Basis Trading · Ethereum, Bitcoin
HOPE Collateral is a basis trading project on Ethereum and Bitcoin. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.
Read the HOPE Collateral review
ScoreNot rated yet
TVL $1.12K−0.9%

Basis Trading dApps on Ethereum: the numbers

Tracked: 13
Reviewed: 13
Total TVL: $587M
Avg. score: 4.7/10

SkyBitcoins tracks 13 basis trading dApps on Ethereum. Every one of them has a full review. The 11 that report TVL hold $587M between them, counting value on every chain they support. BitFi Basis is the clear leader, holding 41% of it. The top five account for 96%, while the median basis trading dApp holds $11.4M.

By value locked, the largest basis trading dApps on Ethereum are BitFi Basis ($238M), Solv Basis Trading ($191M) and ZEROBASE CeDeFi ($60.4M). On SkyBitcoins scores, Ethena ranks first at 6.1/10, ahead of BitFi Basis (5.2) and Solv Basis Trading (5.2). The 9 rated basis trading dApps average 4.7/10, and none scores 8 or above yet.

Beyond Ethereum, these basis trading dApps most often also run on BNB Chain (6), Base (3) and Arbitrum (3). All 11 with a confirmed status are active. Over the last seven days, combined TVL fell 1.8%. Noon gained the most (+1.4%), while Vectis Finance dropped the most (−6.4%).

Largest by TVL

Highest rated

Method

How we ranked them

Reviewed dApps come first. Each SkyBitcoins review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.

Guides

Related guides

All guides

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Base is an Ethereum Layer 2 that lets you use compatible wallets and apps with ETH for gas. Learn how to set up a wallet, move funds, estimate costs and avoid common risks.

Frequently asked questions

What is the largest basis trading dApp on Ethereum by TVL?

BitFi Basis is the largest basis trading dApp on Ethereum by total value locked, with $238M across all the chains it supports. It is followed by Solv Basis Trading ($191M) and ZEROBASE CeDeFi ($60.4M). TVL figures come from DefiLlama and change daily.

Which basis trading dApp on Ethereum has the highest SkyBitcoins score?

Ethena has the highest score at 6.1/10, ahead of BitFi Basis (5.2) and Solv Basis Trading (5.2). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many basis trading dApps on Ethereum has SkyBitcoins reviewed?

SkyBitcoins tracks 13 basis trading dApps on Ethereum. Of these, 13 have a full review and 11 report value locked, $587M in total, counting value on every chain they support.

Which basis trading dApps on Ethereum grew the most this week?

Among basis trading dApps with at least $1M locked, Noon had the biggest 7-day TVL gain (+1.4%) and Vectis Finance the biggest drop (−6.4%). Combined TVL moved −1.8% over the same seven days.

What is the average score for basis trading dApps on Ethereum?

The 9 rated basis trading dApps on Ethereum average 4.7 out of 10. Of these, 0 score 8 or higher and 5 score below 5.

Ranked list