Midas, a tokenization platform backed by Coinbase Ventures and others, has launched a new yield-bearing token called mBASIS.

mBASIS is a dollar-denominated ERC-20 token designed to deliver yield through a delta-neutral basis trading strategy, Midas said Thursday. Delta-neutral basis trading involves profiting from price gaps between the spot and perpetual futures markets. By going long in the spot market and short in the perpetual futures market for the same amount (or vice versa, if futures are lower than spot), the trade captures the price difference, or basis, as profit while maintaining a delta-neutral position.

The mBASIS token is similar to Ethena Labs' yield-bearing token, sUSDe (a staked version of its USDe "synthetic dollar"), which also uses a delta-neutral basis trading …