BASIS
HYPE · MARK vs SPOT

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MARK —/SPOT —/NO SIGNAL

The desk is currently printing: NO SIGNAL

Rarity is the HYPE spot/perp basis at reroll. Whatever the desk reads at the moment a take moves is the tier it prints.

AT REST

TRADE / MINT

02
Roll on HyperSwap

BASIS is DN-404. Every whole token carries one take. Buying, selling or moving a whole token moves a take, and a take that moves is rerolled at the basis the desk reads in that block.

Transferring rerolls your NFTs at the current basis. An INVERTED moved while the signal is in phase rerolls into a common. The desk does not undo takes.

YOUR TAKES

03

No wallet on the desk.

THE LEDGER

04
IN PHASE≥ +4 bps
DRIFT+1 bps to +3 bps
ZERO CROSSING−2 bps to +0 bps
INVERTED−15 bps to −3 bps
CLIP< −15 bps
≥ +4 bps
+1 bps to +3 bps
−2 bps to +0 bps
−15 bps to −3 bps
< −15 bps

No reel loaded. The desk is not wired to a contract yet.

SESSION LOG

  1. — no reel loaded. The desk is not wired to a contract yet.

LINER NOTES

05
What is BASIS.
A DN-404 collection on HyperEVM. Each whole token is a take. A take has a tier, and the tier is the HYPE spot/perp basis the desk read at the moment the take was last rerolled.
What is the basis.
The gap between the HYPE perpetual mark price and the HYPE spot price, in basis points. Positive means the perp trades above spot. Negative means it trades below. The desk reads both from the Hyperliquid precompiles on every block.
What rerolls a take.
Any transfer of a whole token. Buy, sell, send, bridge. The receiving take is printed at the basis in that block. Fractional transfers that do not move a whole token do not touch a take.
What are the tiers.
IN PHASE, DRIFT, ZERO CROSSING, INVERTED, CLIP. Listed from the most common state of the market to the rarest. Band edges are fixed in the contract and printed under each dial in the ledger.
Why may CLIP not exist.
CLIP needs the perp to trade deeply under spot at the exact block a take moves. That happens rarely and briefly. The dial reads zero until it happens. Zero is a valid reading.
Can I keep a tier.
Do not move the token. A take that does not move is not rerolled. There is no lock, no staking, no wrapper. Holding is the whole mechanism.
Is there a roadmap.
No. The desk prints what the market gives it. There is nothing scheduled after that.
Where do I trade.
HyperSwap, on HyperEVM. The Roll button above routes there. Remember that every fill on a whole token rerolls it.
Who runs this.
Nobody needs to. The contract has no admin keys over tiers, bands or rerolls. The site is a window on the room, not the room.