Onchain Finance · 07 / 8
Repackage yield and risk
Structured products split, combine or hedge underlying positions into a new payoff: fixed yield from a floating one, a dollar from a delta-neutral hedge, or income from selling options.
Value locked · live
$7.7B
DefiLlama categories: Basis Trading, Options Vault
Largest
Ethena USDe
61% of the category · $4.7B
Live from DefiLlama · 17 Oct 2026 20:19 UTC · refreshed hourly
Yield tokenization
Principal and yield tokens trade separately until maturity.
Basis trade
Long spot plus short perp collects funding with little price exposure.
Options vaults
Sell covered calls or puts on a schedule for premium.
Ranked by value locked, live from DefiLlama.
| # | Name | TVL | Share | Chains |
|---|---|---|---|---|
| 01 | Ethena USDe | $4.7B | 60.7% | 1 |
| 02 | Falcon Finance | $1.7B | 22.3% | 1 |
| 03 | BitFi Basis | $230M | 3.0% | 7 |
| 04 | Solstice | $209M | 2.7% | 1 |
| 05 | Solv Basis Trading | $201M | 2.6% | 8 |
| 06 | Aster USDF | $111M | 1.4% | 1 |
| 07 | Tori Finance | $72M | 0.9% | 1 |
| 08 | Axis | $66M | 0.9% | 1 |
Negative funding
Basis yields can turn negative when shorts pay longs.
Complexity
Layered positions hide where losses come from.
Liquidity at maturity
Exiting before expiry can mean wide spreads.
On Tempo
Not native to Tempo. The building blocks are, though: stablecoin settlement, an enshrined DEX, and vaults through Earn.