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Perp mark vs spot index snapshots. Percent values.
Annualized basis
4.90%
Last updated: 2026-02-07 00:00 UTC
Perp mark vs spot index snapshots. Percent values.
Basis is the price difference between a futures contract and the underlying spot index. Annualized basis expresses that difference as an annualized percentage.
Use basis to gauge demand for leverage and to compare carry across venues/contracts. Watch for large positive basis (contango) or negative basis (backwardation), and always consider time-to-expiry.
Basis depends on contract specs, settlement, and how the index is computed. Short-dated contracts can show larger annualized swings. Data is best-effort and may be delayed.
Futures trade above spot (contango), often reflecting financing demand and positive carry.
Futures trade below spot (backwardation), which can happen in stress, hedging demand, or high borrow costs.
Annualization makes basis more comparable across contracts with different expiries, but it can exaggerate short-dated moves.
No. Basis is a term-structure measure for dated futures; funding is a periodic payment mechanism for perpetuals.
In principle yes, but execution, fees, margin constraints, and funding/borrow dynamics matter.
