Five live basis trades.

What the Ondo-Hyperliquid spread looks like across NVIDIA, Tesla, Apple, Amazon and Microsoft today.

This morning the Ondo catalog had five names where the spot and the perp were both legible from one workflow. NVIDIA. Tesla. Apple. Amazon. Microsoft. Each is a US-listed company you already know. Each has a tokenized wrapper live on Fensory (NVDAON, TSLAON, AAPLON, AMZNON, MSFTON). Each has a same-name perp on Hyperliquid HIP-3.

The basis between them is funding. As of 06:45 UTC: Microsoft +0.0160%, Amazon +0.0127%, Apple +0.0056%, NVIDIA +0.0050%. The four positive ones reward a short perp position paired with a long on the spot wrapper. Delta neutral on the asset, long the carry on the structure.

Tesla is the inversion. −0.0196% funding. The opposite legs collect. Long perp, short spot.

What I keep coming back to. Six months ago none of these trades existed inside one workflow. The spot leg lived on a tokenized equity surface, the perp lived on a perp venue, the funding lived on a third dashboard. An allocator could see one side at a time. The composable position required four browser tabs and a spreadsheet.

The map above is what one workflow looks like once the layers stop being separate. Spot inventory below, perp funding above, the basis between them visible at a glance. Fensory is the layer that holds the picture. The recipe through any one of these comes next.

Alex

Fensory