Swype.Fun Card

Swype.fun Visa Virtual Credit Card Review: Fees, Rewards & Availability

Basic Information

Swype.fun is a pioneering DeFi-native virtual credit card launched by BrahmaFi Ltd (incorporated in the British Virgin Islands) in partnership with Euler Labs. The card functions as a bridge between DeFi positions and everyday purchases, allowing users to borrow against their on-chain collateral in real time without selling their crypto assets.

The card's primary innovation is its non-custodial architecture, which enables users to maintain full control of their crypto assets while gaining instant spending power. Swype is now live on both Base and HyperEVM networks. When a purchase is made, Swype.fun can automatically borrow USDC against the user's approved collateral on Aave or Euler protocols on the Base network, or HypurrFi on HyperEVM, or utilize the spend mode for direct spending from yield-earning stable vaults, settling with merchants instantly via Visa's payment network.

Rewards and Benefits

Swype.fun offers a comprehensive rewards ecosystem with points-based incentives and DeFi yield opportunities:

DeFi Integration Features

• Yield Preservation: Users continue earning yield on their collateral assets even while spending against them, with advertised rates up to 18% APY
• Non-custodial Design: Swype never takes custody of user assets, maintaining true DeFi principles
• Programmable Spending: Custom borrowing limits and collateral asset selection provide flexibility
• Zero-Conversion Spending: No need to manually convert crypto to fiat before purchases
• Dual Spending Modes: Choose between borrow mode (against collateral) or spend mode (direct from stable vaults)
• Multi-Vault Support: 12 vaults available at launch across Felix, Hyperbeat, Hyperlend, and HypurrFi protocols

Points and Rewards Program

Swype has launched a comprehensive rewards program including:

• Points System: Accumulate points through card usage and platform engagement
• XP Program: Earn experience points for various activities
• Power-Ups: Special reward boosters and benefits for active users
• Protocol-Specific Benefits: Enhanced rewards for using specific DeFi protocols
• Swype Rewards: Unlock additional benefits through the rewards program

The card requires a minimum of $100 worth of supported crypto as collateral deposited in Aave or Euler on Base, or HypurrFi on HyperEVM for borrow mode, or stable vaults for spend mode. Access requirements vary by network and mode (see Card Tiers and Options section for details).

Fees and Limits

Swype.fun fees are structured around a workflow execution fee for transactions plus foreign exchange fees for non-USD purchases:

Transaction Fees

For non-USD purchases, Visa applies a foreign exchange fee structure based on transaction size:

• Transactions under $10: $0.10 + 1% FX fee
• Transactions above $10: $0.30 + 1% FX fee

These Visa FX fees are in addition to Swype's standard 0.5% workflow execution fee, making the total fee for non-USD purchases range from approximately 1.5% to 2% depending on transaction size.

There are no deposit or withdrawal fees, as the card operates on a non-custodial model where users maintain control of their assets.

Spending Limits

• User-defined daily spending limit set via dashboard
• No fixed monthly cap; maximum spending determined by collateral value and approvals (borrow mode) or vault balance (spend mode)
• No ATM withdrawals supported (virtual card only)

Transactions will be blocked if the collateral position falls too low, if the approval limit is reached, or if vault balances are insufficient in spend mode. All settlements are processed through Visa's network.

Card Tiers and Options

Access to Swype.fun varies by network and mode:

Base Network (Borrow Mode):

• Requires $100 worth of collateral in Aave or Euler on Base
• Alternative access via limited-time invite codes (distributed through launch announcements)

HyperEVM Network (Borrow Mode):

• Restricted to top HypurrFi users only
• Eligibility check required through official verification link

Spend Mode:

• Initially restricted by invite code
• After August 19, requires $100 deposit in supported stable vaults
• Supports USDT0 (live), with USDe and USDhI coming soon
• 12 vaults available at launch across Felix, Hyperbeat, Hyperlend, and HypurrFi

The company has indicated that additional features and access options are in development, including "Swype for Teams" with shared accounts, controls, and multiple cards for business use.

Top-Up Methods

Swype.fun does not require traditional top-ups or pre-loading; instead, when a purchase is made, the platform automatically borrows USDC in real-time against the user's approved crypto collateral (such as WETH, USDbC, wstETH, DAI, and others) held in Aave or Euler on Base. Users maintain full custody of their assets at all times, with Swype only having delegation rights to borrow, so there is no transfer of funds to the card provider and no manual conversion process required. The card incurs a 0.5% just-in-time fee on USD transactions and additional Visa FX fees (up to 3% for small non-USD purchases), but there are no deposit, withdrawal, or pre-loading fees. A minimum of $100 in supported collateral is required to activate the card, and spending is limited by the collateral value and user-defined approvals. All management is done via the Swype web dashboard (no app yet), and purchases settle instantly through Visa's network, with borrowing and payment occurring within seconds.

Self-Custody True Self-Custody

Swype.fun uses a non-custodial model where users keep full control of their crypto assets at all times, including the private keys, even while spending. When you make a purchase, Swype.fun borrows USDC against your on-chain collateral in real time, but your underlying assets always remain in your own wallet or DeFi protocol—never in Swype's custody. This means you continue to earn yield on your collateral and can independently access or move your funds at any time, regardless of what happens to Swype.fun as a company. If the provider ceased operations, you would still have direct access to your assets through the underlying DeFi protocols. The main strengths are self-sovereignty and ongoing yield, while limitations include the need for KYC, a $100 collateral minimum, and some technical complexity. This approach offers strong user control but may be best suited for experienced DeFi users comfortable with managing on-chain collateral and borrowing risks.

Supported Currencies and Conversion

Supported Cryptocurrencies

Aave V3 (Base):

• USDbC, WETH, cbETH, cbBTC, wstETH, DAI, USDT, PYUSD, GHO

Euler Prime (Base):

• USDbC, WETH, weETH, wstETH, LUSD, sUSDe
• PT-USD0++-26JUN25, PT-tUSDe-25SEP25, PT-ETH++-29MAY25 and other yield-bearing PT tokens

HypurrFi (HyperEVM):

• Collateral assets supported by HypurrFi protocol for borrow mode
• kHYPE for Hooks DCA feature

Spend Mode Vaults (HyperEVM):

• USDT0 (live)
• USDe (coming soon)
• USDhI (coming soon)
• 12 vaults across HypurrFi, Felix, Hyperlend, and Hyperbeat

Any token accepted as collateral by these protocols can be used to back the card. The default settlement currency is USD, though purchases in other currencies are supported via Visa's network (subject to FX fees).

Conversion Mechanics

When a purchase is made with the Swype card:

Borrow Mode:

1. The system automatically borrows USDC against the user's approved collateral
2. No manual conversion is required; the process happens in real-time at transaction
3. The underlying DeFi protocols (Aave/Euler/HypurrFi) handle the collateralization
4. On-chain loan-and-pay happens "within seconds" according to Brahma
5. Merchant receives payment instantly via Visa's network

Spend Mode:

1. Funds are directly drawn from connected yield-earning stable vaults
2. No borrowing or collateralization required
3. Instant settlement with merchants via Visa's network
4. Users continue earning yield on remaining vault balances

The card does not offer built-in exchange functionality; users must ensure deposits in Aave/Euler/HypurrFi or vault protocols themselves. For non-USD transactions, Visa's exchange rates are used.

Geographic Availability

Swype.fun is available globally with specific regional restrictions based on regulatory and compliance requirements.

Restricted Countries/Regions:

The following countries and territories are currently restricted from using Swype.fun: Belarus, Mainland China, Cuba, DPR Korea (North Korea), Egypt, India, Iran, Israel, Myanmar, Nepal, Nigeria, Palau, Russia, South Africa, Syria, Turkey, Ukraine (all regions), Venezuela, Vietnam.

Additional restrictions apply to persons or entities on major sanctions lists (OFAC SDN, EU, UN lists) and countries where Visa's network prohibits service.

United States Restrictions:

The following US states are currently restricted: Arizona, Delaware, Georgia, Idaho, Louisiana, Maryland, Missouri, Montana, Nevada, New Mexico, North Dakota, Ohio, Oregon, Rhode Island, South Dakota, Utah, Vermont, Washington, Wisconsin, Wyoming.

Legal Disclaimers:

• Usage blocked for persons/entities on major sanctions lists
• Not available in countries where Visa's network prohibits it
• Subject to change based on regulatory developments

Banking & Financial Services

Swype.fun has expanded beyond its core DeFi card offering to include traditional banking rails:

Fiat Account Services:

• Euro Accounts: EUR-denominated accounts for European users
• USD Accounts: USD-denominated accounts for global users
• On-Ramp Access: Ability to deposit fiat currency into Swype accounts
• Off-Ramp Access: Ability to withdraw funds to traditional bank accounts

These fiat account features bridge the gap between traditional banking and DeFi, allowing users to seamlessly move between fiat and crypto ecosystems. Specific details regarding IBAN support, SEPA/SWIFT capabilities, account fees, and regional availability are not publicly documented at this time.

Swype for Teams:

• Shared account management for businesses and organizations
• Multiple card issuance capabilities
• Enhanced spending controls for team environments
• Centralized oversight and reporting

The Teams feature is currently in development with limited public documentation available.

Regulatory Structure and Licensing

Swype.fun operates through a multi-entity regulatory structure:

Card Issuer:

• Third National serves as the official card program issuer
• Responsible for card issuance and compliance with payment card regulations
• Provides the Visa network sponsorship

Operating Entity:

• BrahmaFi Ltd (British Virgin Islands) operates the DeFi workflow layer and user-facing platform
• Partners with Rain for card program management
• Handles the integration between DeFi protocols and traditional payment rails

Compliance Framework:

• Mandatory KYC verification through SumSub for all users
• Adherence to international sanctions lists (OFAC SDN, EU, UN)
• Regional restrictions based on regulatory requirements
• Cardholder terms governed by Third National's international card program agreement

The BrahmaFi Cardholder Terms (International) include standard credit card disclosures such as 0% APR introductory language, penalty fees, and issuer identification, reflecting the hybrid nature of the product that combines DeFi protocols with traditional payment card infrastructure.

Compliance and Security

Custody Model

Swype.fun employs a fully non-custodial model:

• Users retain all asset custody in their own wallets
• Brahma only has delegation rights to borrow on user's behalf (borrow mode) or access to approved vault funds (spend mode)
• The company cannot withdraw or seize user's crypto assets

Security Features

• Smart Contract Security: Audited by Spearbit, Code4rena, and Ackee
• Web Security: Full Quill web-pen-test completed; standard web security (SSL, encryption)
• Wallet Security: Smart contract wallets (such as Gnosis Safe) are not yet supported but are planned for future implementation
• Compliance Partnerships: SumSub for KYC verification; Rain for card issuance and Visa sponsorship; Third National as card program issuer

All users must complete mandatory one-time KYC via SumSub before card issuance, with personal identity documents collected to meet compliance obligations. KYC data is stored securely with the provider and not sold by Brahma.

Technical Details

Swype.fun operates through a three-layer architecture:

1. Front-end + Policy Layer: Brahma (user interface, spending controls, compliance)
2. Credit Layer: Euler Finance and Aave (DeFi lending protocols on Base), HypurrFi (on HyperEVM), plus Felix, Hyperlend, and Hyperbeat vaults
3. Settlement Layer: Visa network via Rain and Third National (card issuing platform)

This structure creates a hybrid product that leverages both decentralized borrowing and traditional payment rails. Smart contract wallet support (such as Gnosis Safe multisig) is planned but not yet available.

Spend Mode vs Borrow Mode

Swype now offers two distinct spending modes:

Borrow Mode:

• Traditional collateral-backed borrowing against Aave, Euler, or HypurrFi positions
• Users maintain yield-earning collateral while accessing spending power
• Subject to collateralization ratios and liquidation risks
• Interest charges apply based on underlying protocol rates
• Available on Base (Aave/Euler) and HyperEVM (HypurrFi)

Spend Mode:

• Direct spending from connected yield-earning stable vaults
• No borrowing or collateralization required
• No borrowing limitations or liquidation risks
• Continue earning yield on remaining vault balances
• Available on HyperEVM with 12 vaults across HypurrFi, Felix, Hyperlend, and Hyperbeat
• Supports USDT0 (live), with USDe and USDhI coming soon
• Restricted by invite code until August 19, then requires $100 deposit

Hooks: Smart DCA Feature

Swype's innovative Hooks feature enables automated dollar-cost averaging (DCA) with every purchase:

• Automatic kHYPE Accumulation: Currently configured to automatically purchase kHYPE with each card transaction
• Spend Mode Requirement: Hooks currently requires Spend Mode with HypurrFi active
• Pre and Post Transaction Automation: Triggers activate before and after each Swype transaction
• Customizable DCA Percentage: Users select what percentage of each purchase to allocate for DCA
• Automatic Execution: DCA occurs automatically on every Swype transaction without manual intervention
• Seamless Integration: Turns routine spending into an investment strategy for accumulating preferred assets

This feature allows users to seamlessly build positions in kHYPE while making everyday purchases, turning routine spending into an automated accumulation strategy.

User Experience

Swype.fun currently offers a Progressive Web App (PWA) with passkey support for mobile access, rather than native iOS or Android applications. The PWA provides a mobile-optimized experience that can be installed on smartphones and accessed like a native app, though it does not require App Store or Google Play Store downloads.

Support channels include an on-site chatbot and social channels (Discord, X/Twitter), though no 24/7 phone hotline is mentioned.

User feedback is limited due to the recent launch and restricted access model. Early social media feedback praises the instant borrowing and spending flow, though some users note the mandatory KYC as a potential barrier. One user described it as "a DeFi protocol inside a card – insane."

With the reduced collateral requirement of just $100 and the introduction of spend mode with 12 vault options, the barrier to entry has been significantly lowered, making the card more accessible to a wider audience. The addition of the Hooks DCA feature has been particularly well-received by users looking to automate their investment strategies. Common complaints now primarily center around the KYC requirement, which may deter privacy-focused users, and the lack of smart contract wallet support (though this is planned for future implementation). Specific merchant category restrictions are not specified, though future enhancements may include merchant-category blocks.

Best Suited For

• DeFi Power Users who want to leverage their existing protocol positions for real-world spending
• Yield Farmers who don't want to sacrifice earning potential when accessing spending power
• Crypto Holders who prefer not to sell assets for everyday purchases
• Privacy-Conscious Spenders who prefer non-custodial solutions (though KYC is still required)
• Crypto Newcomers with modest holdings who can access the card with just $100 in collateral
• HyperEVM Ecosystem Participants seeking access to multiple vault protocols
• DCA Enthusiasts who want to automate kHYPE accumulation through everyday spending
• Stable Vault Users who prefer direct spending without borrowing complexities
• High-Yield Seekers looking to earn up to 18% APY on deposits while maintaining spending flexibility
• Business Teams requiring shared crypto spending capabilities (via upcoming Swype for Teams)

Pros and Cons

Pros

• Truly non-custodial architecture preserves DeFi principles
• No need to sell crypto assets to access spending power
• Continue earning yield on collateral while spending (up to 18% APY advertised)
• Zero annual fees and no added interest beyond protocol rates
• Low entry barrier with just $100 minimum collateral requirement
• Comprehensive rewards program with points, XP, and power-ups
• Innovative Hooks DCA feature for automated kHYPE accumulation
• Dual spending modes (borrow and spend) for different use cases
• Support for 12 vaults across multiple protocols at launch
• Euro and USD fiat accounts with on-ramp and off-ramp access
• Progressive Web App provides mobile access without app store requirements

Cons

• Restricted access for HyperEVM (top HypurrFi users only)
• Mandatory KYC may deter privacy-focused users
• Virtual card only; no physical card option
• Moderately high fees for non-USD purchases (1.5%-2% total)
• Smart contract wallets not yet supported (planned for future)
• No native iOS/Android app (PWA only)
• Spend mode restricted by invite code until August 19
• Limited public documentation on fiat account features and Swype for Teams

Conclusion

Swype.fun represents a significant innovation in the crypto payment card space by creating a truly DeFi-native spending experience. Unlike traditional crypto cards that require asset conversion or centralized custody, Swype's non-custodial model allows users to maintain ownership of their crypto assets while gaining real-world spending power through on-chain borrowing or direct vault spending.

The card's most distinctive features include its ability to preserve yield-earning potential while enabling everyday purchases (with advertised rates up to 18% APY), the innovative Hooks DCA feature for automated kHYPE accumulation, and its comprehensive rewards ecosystem with points, XP, and power-ups. The introduction of spend mode alongside the traditional borrow mode provides users with flexible options based on their risk tolerance and financial strategy.

With the reduced collateral requirement of just $100 and integration with multiple protocols across Base and HyperEVM networks, Swype has significantly lowered the barrier to entry while offering substantial rewards for ecosystem participants. The addition of Euro and USD fiat accounts with on-ramp and off-ramp capabilities further bridges the gap between traditional finance and DeFi. The mandatory KYC process may still deter some privacy-focused users, and the lack of physical cards and smart contract wallet support limits certain use cases.

Swype.fun is ideally suited for crypto-native users who maintain DeFi positions and want to leverage those assets for spending without sacrificing ownership or yield potential. The addition of automated DCA through Hooks and the comprehensive rewards program makes it particularly attractive for users looking to optimize their crypto accumulation strategies. As the product matures beyond its limited-access phase and potentially expands smart contract wallet support and additional features like Swype for Teams, it could become even more accessible to a broader audience.

Additional Information

Technical Architecture

The Swype card's three-layer architecture (Brahma frontend, Euler/Aave/HypurrFi credit layer, and Visa settlement layer via Third National) enables the unique combination of decentralized borrowing with traditional payment rails. This hybrid approach leverages the strengths of both systems while minimizing their respective weaknesses.

Brahma's smart contracts have undergone multiple independent security reviews from Spearbit, Code4rena, Ackee, and a full Quill web-penetration test. While these audits provide a level of assurance, users should remain aware that the integration of DeFi protocols with payment systems is relatively novel and may contain unforeseen risks.

Collateral Considerations

Users should carefully consider which assets to use as collateral, as different assets on Aave, Euler, and HypurrFi have varying:

• Collateralization ratios
• Liquidation thresholds
• Borrow APRs
• Yield-earning potential

Using stablecoins as collateral provides more predictable borrowing capacity but may generate less yield, while using volatile assets like ETH could offer higher yields but with increased liquidation risk. The optimal strategy depends on individual risk tolerance and portfolio composition.

For spend mode users on HyperEVM, stable vaults eliminate liquidation risk while still providing yield opportunities across 12 different vaults. The Hooks DCA feature can be particularly effective when combined with stable vault spending, as it allows for systematic accumulation of kHYPE while maintaining a stable spending base.

For fee minimization, users should:

• Use USD for purchases when possible to avoid FX fees
• For non-USD purchases above $10, the total fee is approximately 1.5% ($0.30 + 1% Visa FX + 0.5% workflow execution)
• Monitor underlying protocol interest rates for optimal borrowing costs in borrow mode
• Leverage the rewards program to offset transaction costs through points, XP, and power-ups
• Consider spend mode for eliminating borrowing costs entirely while still earning vault yields