# Ketju research: BitFi Basis

- URL: https://riadefi.com/rejections/bitfi-basis/
- Verdict: rejected
- Type: Other
- Reviewed: 2026-08-19
- Last confirmed: 2026-09-25

## Research summary

This registry rejects BitFi Basis because the product does not disclose who may use it. BitFi issues bfBTC and bfUSD, yield-bearing tokens backed by delta-neutral basis trading. This is the same funding-rate and basis-spread risk model that this registry has already evaluated for Ethena USDe and Solstice, both researched elsewhere in this registry. This review could find no legal entity name, incorporation jurisdiction, or general Terms of Service anywhere for the core yield product. Every standard terms path on both the product and docs domains returned not-found errors. The only eligibility disclosure found by this review applies to a separate 2026 token sale and explicitly excludes United States participants. This review could not confirm whether the same exclusion applies to the yield product itself. Custody uses the identical Ceffu MirrorX chain already found in this registry’s rejected BounceBit CeDeFi Yield entry, with hedging positions ultimately sitting on Binance.

## Observable review triggers

- A named legal entity, incorporation jurisdiction, and general Terms of Service for the yield product are published
- Eligibility for this registry's target client population is affirmatively confirmed, not inferred from an absence of stated restriction
- Named hedging venues beyond Binance and admin multisig composition are disclosed
- Explicit risk disclosure addressing sustained negative-funding-rate stress periods is published

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json