> 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/why-renzo-basis.md). # Why Renzo Basis As more of the world's assets move onchain, the basis trade moves with them. Renzo Finance is fully focused on Renzo Basis because we believe basis will become one of the deepest sources of yield onchain, and we want Renzo Basis to be how people earn it: on any asset, across the venues where it trades, in their own account. **The opportunity** A basis trade needs three things: dollars to fund it, the asset itself, and a perp to hedge it. All three are moving onchain at once. Stablecoins give holders dollars looking for yield. Stocks and commodities are being tokenized. Perps on real-world assets are a fast-growing share of trading volume. Every asset that has all three becomes a new basis market. **Why basis grows with it** Funding isn't an emission or a subsidy. It's the price of leverage, set by traders. As more people trade more assets through perps, around the clock and across borders, the funding paid to the other side should grow with them. Traditional finance shows the trade lasts: the Treasury basis trade is still running decades after it became standard. Onchain, it's still early. Running basis across many assets and venues, each with its own oracles and margin rules, is an infrastructure problem. That's the problem we've chosen to own. Basis also sits underneath synthetic dollars and most delta-neutral products, so we'd rather build that layer properly than spread ourselves across many products. **Why it runs in your account** Renzo Basis runs in your own Hyperliquid account. Renzo manages the position through a trading key that can trade but can't withdraw or transfer funds. There's no lockup, you can revoke the key at any time, and you choose your risk preset. Automated guards watch the hedge, the margin and the funding. They reduce risk but don't remove it. Renzo charges a small fee on each fill, takes no cut of your funding, and shows realized yield only, never a projected APY. **What's next** The roadmap follows the assets: more markets on Hyperliquid, new venues like Lighter, stocks and commodities after the crypto majors, and cross-venue hedging with spot held onchain and the short on a centralized venue. --- # 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 by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.renzofinance.com/why-renzo-basis.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. 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.