Nunchi has launched its Yield Perps derivatives service in partnership with Based, introducing a new financial instrument in decentralized finance. Built on Hyperliquid’s HIP-3 framework, this service allows real-time trading of derivative interest rates, staking yields, and funding rates, addressing capital illiquidity issues in traditional DeFi. The collaboration leverages Based's on-chain trading infrastructure to enhance execution and liquidity. The Yield Perps service represents a shift in DeFi derivatives, enabling traders to take positions on yield metrics without locking up capital. This innovation separates yield exposure from asset ownership, offering a more efficient market for yield speculation and hedging. The launch comes amid growing institutional interest in DeFi derivatives, with the total value locked in such protocols increasing by 47% year-over-year. The partnership between Nunchi and Based aligns with a trend of specialization within DeFi, focusing on core competencies and strategic integration. This launch coincides with clearer regulatory guidance on crypto derivatives, potentially facilitating broader institutional adoption. Early trading volumes have exceeded expectations, indicating strong market interest in this new service.