Backed Finance

Backed Finance is a Swiss-regulated issuer of on-chain tokens backed 1:1 by real-world financial assets including US Treasury bonds, equity ETFs, and individual company stocks. Backed's bTokens are fully transferable ERC-20 tokens that track the price of their underlying TradFi asset, enabling DeFi protocols on HyperEVM to offer exposure to traditional financial markets within their yield strategies and collateral frameworks. For Hyperliquid's RWA perps vision, Backed provides the underlying tokenized assets that power perpetual trading on real-world equities and bonds directly on-chain.

Real-world asset perpetual futures on Hyperliquid use HIP-3 infrastructure to create on-chain markets for commodities, indices, and other traditional assets. Backed Finance operates in this category where traders can access non-crypto exposure through Hyperliquid's native order book with the same sub-second settlement and deep liquidity as crypto perps.