> For the complete documentation index, see [llms.txt](https://docs.renzofinance.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.renzofinance.com/products/renzo-basis.md). # Renzo Basis Renzo Basis provides the levers to earn basis yield on Hyperliquid: customizable risk automations with full self-custody. The carry trade itself is well understood. Running it is the tedious part. Both legs have to stay matched, the short needs margin as price rallies, and funding turns negative often enough that someone has to decide when the carry stops being worth holding. Renzo Basis does that part. ### How Yield Accrues Your position holds a spot and perp leg of matching size in a single asset, so it carries no directional exposure to price. What it earns is funding, the payment perpetual traders make to each other to keep the perp tracking spot. ### How does it work? You deposit USDC and approve a trading key on your own Hyperliquid account. Automated by Renzo's risk guards, the key can open, close, and rebalance the position and add margin to defend it against volatility. It cannot move funds out of your account. Your balance stays in your own Hyperliquid account throughout. Revoking the trading key stops every guard and automation on your position. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.renzofinance.com/products/renzo-basis.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.