BitFi

BitFi runs a basis trading strategy behind a yield-bearing stablecoin called bfUSD. Basis trading earns from the gap between spot and futures prices, typically by holding an asset while shorting its perpetual, and the funding rate paid by leveraged longs is where the yield comes from.

That matters for how you read the yield. It is not lending interest and it is not emissions. It depends on futures markets staying in the state that pays the strategy, and it compresses or inverts when they do not. BitFi operates across seven chains.