is how far a tokenized share drifts from its reference price while the exchange is shut.
Mean absolute basis across 2 names over 1 day, measured hourly, across 29 hours in which the New York exchange was closed. In the 12 hours it was open, the same figure was 45.2 bps.
A tokenized share and the share it tracks are never quite the same price. Baesis measures that difference — the basis — and publishes the series and the method. Everything coloured on this page was read from Robinhood Chain; everything in black was typed.
168 hours. 32½ of price discovery.
A tokenized NVDA trades every hour of the week. The exchange behind NVDA is open for about 32½ of them. For the other 135½ the token’s price is set entirely by on-chain supply and demand, with no live reference to arbitrage against. Everyone on this chain is trading the company. Nobody is trading the dislocation.
Drag anywhere on the band, or focus it and use the arrow keys. Shaded hours are hours the New York exchange was shut — the dark. Gaps in the trace are hours in which this pool did not trade; they are left empty rather than filled in.
2 names, and that is the whole roster.
Thousands of tokens exist on this chain. These are the ones with a routable USDG pool and a reference feed, which is what it takes to measure a basis at all. Round trip is twice the pool’s fee tier — the cost of crossing the spread and coming back.
| Name | |basis| dark | |basis| light | Round trip | Hours > cost | Hours used | Pool fee |
|---|---|---|---|---|---|---|
| SPY 0x117c…4c0c | 79.8 | 31.1 | 60 | 57.1% | 21/24 | 30 bps |
| MU 0xff08…4afd | 53.2 | 59.3 | 200 | 0.0% | 20/24 | 100 bps |
This roster finds hookless pools on standard fee tiers only. A name whose liquidity sits behind a hook, on a non-standard tick spacing, or against WETH rather than USDG reads here as having no pool. It is a floor, not a census.
Both prices are on chain.
The tokenized price comes from the deepest USDG pool on Uniswap V4, read from the pool’s own swap events — each one carries the price at which it executed, so any history here can be rebuilt from public logs without a paid archive node. The reference price comes from the Chainlink aggregator for the same asset, already published on this chain. Baesis licenses no market data and redistributes none, and anyone can check either number against the block it came from.
| Name | Pool | Reference feed | Prints in window |
|---|---|---|---|
| SPY | 0xfe2a80bb5618… | RHSPY / USD | 1 |
| MU | 0x6fa3ee0048e7… | RHMU / USD | 27 |
What is not built.
Baesis has no contracts deployed. What exists today is the measurement, read from Robinhood Chain, and this page.
- No market contract. You cannot take a position on the basis today.
- No calendar contract deployed. The trading calendar on this site runs off chain.
- No settlement, no collateral, no liquidation engine.
- No token. The one job a Baesis token could honestly have was bonding whoever reports the reference price — and the reference price comes from an oracle that already exists, so there is nothing for a token to secure. We would rather say that than ship one anyway.
Two things worth saying plainly.
Basis trading is a professional’s instrument. If you do not already know what a basis is, this is not the product you were looking for, and we would rather say that than dress it up as something easier.
Every dollar that arrives to trade this gap makes the gap smaller. If Baesis works, Baesis gets less profitable. We would rather price a market honestly than pretend otherwise.
The table above is there so you can judge whether either sentence matters yet. On most names in most hours, the dislocation is smaller than the cost of trading it. That is the measurement, not a pitch.
The measurement continues either way.
Baesis publishes the basis whether or not it ever becomes a market. Leave an address if you want the daily print and the raw series.