Nunchi Launches Yield Perps Derivatives on Based Amid Market Fear

VADODARA, January 8, 2026 — Yield-Perp protocol Nunchi has launched Yield Perps, an interest rate derivatives service, through a strategic partnership with on-chain trading platform Based. This daily crypto analysis examines the technical and market implications of this new DeFi primitive built on Hyperliquid's HIP-3 framework.

Market Context & Background

Market structure suggests DeFi yield markets have been inefficient. Traditional methods require asset lock-up. This creates liquidity fragmentation. The HIP-3 framework, akin to Ethereum's EIP-4844 for scaling, enables real-time derivatives. Historical cycles show yield derivatives emerge during volatility. Related developments include stagnant altcoin performance and institutional accumulation signals.

What Happened?

Nunchi announced Yield Perps on its official X account. The service allows trading derivative interest rates, staking yields, and funding rates. It uses Hyperliquid's HIP-3 framework. Users can take long or short positions on yield metrics. Capital remains liquid. According to the announcement, this contrasts with lock-up periods in traditional DeFi.

Technical Analysis & Price Action

On-chain data indicates low liquidity in yield markets. Yield Perps could address this via a Fair Value Gap (FVG). Bullish invalidation: Failure to attract $50 million in TVL within 30 days. Bearish invalidation: Protocol exploit or smart contract failure. Bitcoin's price at $91,266 shows a -1.61% 24h move. This creates a Volume Profile imbalance. Watch the Fibonacci support at $90,000. A break below signals broader risk-off.

By The Numbers

Why It Matters

Institutional impact: Enhances yield hedging for funds. Retail impact: Provides liquid yield exposure. This matters for capital efficiency. According to Hyperliquid's documentation, HIP-3 reduces latency. This could compress yield spreads. Market analysts note parallels to traditional interest rate swaps.

Community Sentiment

Bulls highlight capital efficiency. Bears warn of smart contract risks. No official quotes from founders. Sentiment is cautious amid market fear. X/Twitter discussions focus on HIP-3's technical merits.

Price Prediction / Future Outlook

Bullish case: Yield Perps attracts $100 million TVL in 60 days. This validates the FVG. Bearish case: Low adoption or regulatory scrutiny. This creates an Order Block at launch TVL. Market structure suggests a test of $50 million TVL as critical.