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Vol. I · No. 51The Terminal

The Basis Ledger

“Markets, measured.”Wednesday, November 4, 2026

Perpetuals
15:31 UTC
BTC80,623.4▲4.25%f 0.0100%ETH2,440.0▲6.71%f 0.0100%SOL96.790▲3.95%f 0.0100%XRP1.324▲3.96%f 0.0100%BNB716.810▲2.50%f 0.0145%DOGE0.07751▲3.21%f 0.0100%HYPE86.294▼0.15%f 0.0050%

The practical playbook

Three Trading Setups. One Risk Rule. A Plan You Can Actually Follow.

Breakouts, failed breaks and trend pullbacks—illustrated step by step. Learn what to wait for, what makes each idea wrong, and when the best trade is no trade.

By Basis Desk8 min read

The chart looks obvious after the move. Before it, every candle seems to offer a different story.

That is where a useful trading technique earns its place: not by predicting the next candle, but by telling you what to wait for, what would make the idea wrong, and when to leave it alone.

This is a practical playbook for three familiar situations: a breakout that holds, a breakout that fails, and a pullback within a trend. Each has a different job. The mistake is asking one to do all three.

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Funding, across venues

The Smallest Funding Rate on the Board Was the Most Expensive.

Binance, Bybit, OKX and Hyperliquid quote funding on the same perpetual and three of them print the identical number. Comparing the published rates gets the answer backwards — a live reading shows by how much.

By Basis Desk5 min read

From the desk

What this paper is.

The Ledger is written by the desk at Basis, the people who build the terminal. It holds to one rule: a claim about the market arrives with the chart, the funding rate or the positioning behind it, and an argument that the evidence cannot carry is not made.

Beside it runs the wire, gathered from the major crypto desks, grouped when several report one story and ranked by what the story is rather than how loudly it is written. Paid posts are left out, and every headline links to the desk that wrote it.

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