Basis trading is crypto's quiet yield engine, you earn from funding rates and the spot-futures spread, not from price going up.

Ethena turned it into a $4B+ category. Now a new wave runs the same trade in very different ways: Radiant Prime as an institutional, multi-factor fund (independently verified), plus Avant and Liminal as onchain protocols.

One trade, four builds; and yields that tell a story. Full breakdown.