COINx — Coinbase tokenized stock yield
- xStocks · Solana
- Tracks COIN
COINx is the xStocks token that tracks Coinbase on Solana, and it currently pays through 2 of the five channels this page tracks. The headline is the delta-neutral funding position — hold COINx spot, short the COIN perp on Aster — paying +26.40%annualized after both venues' fees — though that figure is unreliable while Coinbase's market is closed. The COINx/USDC pool on Raydium earned +37.08% in fees over the last seven days on $1.42M of liquidity.
The funding leg
Earning on COIN — without the price risk.
The position: buy COINx here (spot, in your own wallet), short the same size of COIN perp on Aster. The stock's moves cancel between the two legs; what is left is the funding the short collects. Right now that nets +26.40%annualized after both venues' taker fees at a seven-day hold, and the round-trip fees are earned back in about 48h.
| Venue | Funding / period | 8h basis | Annualized | Open interest |
|---|---|---|---|---|
 Asterthe short leg | +0.0302%every 8h | +0.0302% | +33.0% | $750.92K |
 Robinhood Lighter | +0.0028%every 1h | +0.0224% | +24.5% | $1.29M |
 Binance | +0.0173%every 8h | +0.0173% | +19.0% | $17.88M |
 Hyperliquid | +0.0017%every 1h | +0.0137% | +15.0% | $14.39M |
 Variational | +0.0117%every 8h | +0.0117% | +12.8% | $1.09M |
 Bitget | +0.0068%every 8h | +0.0068% | +7.4% | $4.88M |
 Ondo | +0.0006%every 1h | +0.0050% | +5.5% | $603.20K |
 Polymarket | +0.0006%every 1h | +0.0050% | +5.5% | $93.51K |
Lighter | +0.0004%every 1h | +0.0032% | +3.5% | $923.38K |
 Bybit | +0.0000%every 8h | +0.0000% | +0.0% | $5.96M |
 Vest | -0.0004%every 1h | -0.0035% | -3.8% | — |
A positive rate means longs pay shorts — the delta-neutral position collects it. Rates are each venue's own funding period, restated on an 8-hour basis so they compare; funding is a floating rate and can flip before it has paid the fees back. Coinbase's underlying market is closed right now, so the annualized APR above is unreliable — it projects the current funding across a full year no one can collect while trading is halted. The full funding read on the underlying is on the COIN coin page.
The pools
LP fees on COINx — paid for holding both sides.
Provide COINxand the quote asset to a Raydium pool and every swap through it pays you its fee. The APR below is what the pool's fees actually earned, not a projection.
| Pool | TVL | Fee tier | APR 24h | APR 7d |
|---|---|---|---|---|
COINx/USDC ↗Raydium | $1.42M | 0.80% | +50.81% | +37.08% |
WSOL/COINx ↗Raydium | $113.85K | 0.80% | +25.51% | +29.03% |
COINx/USDC ↗Raydium | $37.51K | 1.00% | +48.71% | +25.06% |
LP is not a free yield: when COINx moves against the quote asset the pool rebalances against you (impermanent loss), and a fee APR earned on a thin pool can vanish when the volume does. TVL is the honest context for the rate next to it.
FAQ
COINx, answered
What yield does COINx pay right now?
Through 2 channels: delta-neutral funding at +26.40% net APR (short the perp on Aster); Raydium LP fees at +37.08% 7-day APR in COINx/USDC. Every number is live from the venue quoting it and refreshes with the page; the routes to act on each are one click away above.
What is COINx?
COINx is a tokenized stock from the xStocks program: an SPL token on Solana that tracks Coinbase (COIN), backed one-for-one by the underlying shares held by the issuer. It trades around the clock on Solana venues even when the stock market is closed, and dividends the underlying pays are reinvested as additional tokens rather than paid out. Its mint address is Xs7ZdzSHLU9ftNJsii5fCeJhoRWSC32SQGzGQtePxNu.
How does the delta-neutral yield on COIN work?
Hold COINx spot and short the same size of COIN perpetual on Aster. The two legs cancel the stock's price moves, so what remains is the funding rate the short side collects — currently +26.40% annualized net of both venues' taker fees at a seven-day hold, with the round-trip fees earned back in about 48h. Funding floats: it can compress or flip sign, which is why the venue table on this page shows every quote, not just the best one.
What are the risks of earning yield on COINx?
Each channel carries its own. The delta-neutral position hedges price but not a funding flip or a venue failure; lending and LP add smart-contract risk, and LP adds impermanent loss when COIN moves against the quote asset; a Pendle fixed rate is only fixed when held to expiry. Underneath all of them sits the token itself: COINx is an issuer-backed wrapper, so you hold issuer and custody risk that a plain share does not have. Nothing on this page is investment advice — it is the live numbers, side by side.