Spot–futures basis
The basis is how far a perpetual future trades above or below its own exchange's spot. Below it is worked out for 654 coins on 28 exchanges at current prices, refreshed every 30 seconds.
Updated · How we count
BTC and ETH basis by exchange
BTCmedian −0.041%
| Exchange | Spot | Perpetual | Basis | Funding |
|---|---|---|---|---|
| Gemini | 80,490.72 | 80,660.00 | +0.210% | +0.0095% every 1 h |
| Hyperliquid | 80,480.54 | 80,545.62 | +0.081% | +0.0013% every 1 h |
| Bitfinex | 80,476.00 | 80,523.50 | +0.059% | +0.0101% every 8 h |
| Crypto.com | 80,485.67 | 80,490.96 | +0.007% | +0.0001% every 1 h |
| Kraken | 80,485.95 | 80,485.11 | −0.001% | +0.0009% every 1 h |
| Backpack | 80,485.90 | 80,468.98 | −0.021% | +0.0013% every 1 h |
| HTX | 80,462.51 | 80,438.05 | −0.030% | −0.0014% every 8 h |
| Gate | 80,487.95 | 80,456.55 | −0.039% | +0.0055% every 8 h |
| MEXC | 80,485.16 | 80,453.55 | −0.039% | +0.0077% every 8 h |
| Phemex | 80,487.41 | 80,455.35 | −0.040% | +0.0068% every 8 h |
| BigONE | 80,490.55 | 80,457.55 | −0.041% | +0.0164% |
| Deepcoin | 80,488.60 | 80,455.45 | −0.041% | +0.0106% every 8 h |
| Binance | 80,488.64 | 80,455.35 | −0.041% | +0.0078% every 8 h |
| Toobit | 80,488.64 | 80,455.35 | −0.041% | +0.0078% every 8 h |
| XT | 80,488.64 | 80,455.35 | −0.041% | +0.0082% every 8 h |
| Bybit | 80,489.25 | 80,455.95 | −0.041% | +0.0071% every 8 h |
| WEEX | 80,488.65 | 80,455.25 | −0.041% | +0.0078% every 8 h |
| Bitget | 80,488.86 | 80,455.25 | −0.042% | +0.0038% every 8 h |
| BingX | 80,489.94 | 80,455.65 | −0.043% | +0.0077% every 8 h |
| DigiFinex | 80,490.45 | 80,455.35 | −0.044% | +0.0110% every 8 h |
| Aster | 80,488.65 | 80,451.75 | −0.046% | +0.0063% every 8 h |
| KuCoin | 80,482.45 | 80,444.65 | −0.047% | +0.0048% every 8 h |
| BTSE | 80,490.45 | 80,451.45 | −0.048% | +0.0100% every 8 h |
| OKX | 80,490.45 | 80,451.45 | −0.048% | +0.0010% every 8 h |
| WhiteBIT | 80,474.14 | 80,430.15 | −0.055% | +0.0100% every 8 h |
| Poloniex | 80,488.59 | 80,422.98 | −0.082% | +0.0100% every 8 h |
ETHmedian −0.039%
| Exchange | Spot | Perpetual | Basis | Funding |
|---|---|---|---|---|
| Gemini | 2,343.15 | 2,345.23 | +0.089% | +0.0048% every 1 h |
| Hyperliquid | 2,343.23 | 2,344.83 | +0.068% | +0.0013% every 1 h |
| Bitfinex | 2,342.55 | 2,343.65 | +0.047% | +0.0001% every 8 h |
| Poloniex | 2,341.25 | 2,341.79 | +0.023% | +0.0100% every 8 h |
| Crypto.com | 2,342.96 | 2,342.63 | −0.014% | +0.0005% every 1 h |
| Kraken | 2,343.12 | 2,342.68 | −0.019% | +0.0010% every 1 h |
| Backpack | 2,342.99 | 2,342.54 | −0.019% | +0.0013% every 1 h |
| Deepcoin | 2,342.89 | 2,342.17 | −0.031% | +0.0160% every 8 h |
| Phemex | 2,342.92 | 2,342.18 | −0.032% | +0.0007% every 8 h |
| WOO X | 2,342.67 | 2,341.90 | −0.033% | −0.0011% every 8 h |
| MEXC | 2,342.94 | 2,342.18 | −0.033% | −0.0010% every 8 h |
| HTX | 2,342.55 | 2,341.72 | −0.036% | +0.0047% every 8 h |
| Toobit | 2,343.02 | 2,342.18 | −0.036% | −0.0010% every 8 h |
| BTSE | 2,342.91 | 2,341.99 | −0.039% | +0.0100% every 8 h |
| Bitget | 2,342.97 | 2,342.03 | −0.040% | +0.0010% every 8 h |
| BingX | 2,343.01 | 2,342.07 | −0.040% | +0.0053% every 8 h |
| OKX | 2,342.96 | 2,342.00 | −0.041% | −0.0011% every 8 h |
| DigiFinex | 2,342.93 | 2,341.94 | −0.042% | −0.0170% every 8 h |
| BigONE | 2,342.90 | 2,341.88 | −0.044% | +0.0168% |
| KuCoin | 2,342.97 | 2,341.85 | −0.048% | +0.0032% every 8 h |
| Gate | 2,343.00 | 2,341.80 | −0.051% | −0.0016% every 8 h |
| Bybit | 2,343.03 | 2,341.53 | −0.064% | +0.0054% every 8 h |
| Binance | 2,343.02 | 2,341.52 | −0.064% | −0.0010% every 8 h |
| WEEX | 2,343.02 | 2,341.52 | −0.064% | −0.0011% every 8 h |
| Aster | 2,343.01 | 2,341.46 | −0.066% | +0.0016% every 8 h |
| XT | 2,344.19 | 2,341.94 | −0.096% | −0.0009% every 8 h |
| WhiteBIT | 2,343.01 | 2,340.15 | −0.122% | +0.0057% every 8 h |
Highest basis now
Cash and carry on one exchange: buy spot at the ask, sell the perpetual at the bid. Liquid markets only: the perp trading $1M or more a day, the spot $100k or more. "After 4 fees" is entry and exit on both legs at taker rates; cross-exchange routes are in the futures screener. Futures routes →
| Coin | Exchange | Basis to trade | After 4 fees | Funding | Route |
|---|---|---|---|---|---|
| CT | WEEX | +2.148% | +1.885% | +0.0026% every 4 h | Avoid |
| APR | Bitget | +0.780% | +0.460% | +0.0050% every 4 h | Risky |
| FOLKS | WEEX | +0.697% | +0.338% | +0.0050% every 4 h | Avoid |
| UAI | WEEX | +0.680% | +0.320% | +0.0050% every 4 h | Avoid |
| XMR | XT | +0.610% | +0.079% | −0.0412% every 8 h | Avoid |
| JCT | Toobit | +0.318% | −0.182% | +0.1095% every 4 h | — |
| WXT | WEEX | +0.271% | −0.089% | +0.0088% every 8 h | — |
| CAP | KuCoin | +0.233% | −0.287% | +0.0050% every 4 h | — |
| FET | XT | +0.227% | −0.293% | −0.0059% every 8 h | — |
| DE30EUR | XT | +0.215% | −0.305% | −0.0104% every 8 h | — |
| XWC | XT | +0.201% | −0.319% | −0.0100% every 8 h | — |
| BTR | Toobit | +0.201% | −0.299% | +0.0333% every 4 h | — |
| XMR | WhiteBIT | +0.192% | −0.118% | +0.0500% every 8 h | — |
| XPIN | WEEX | +0.172% | −0.188% | +0.0098% every 4 h | — |
| PONS | BingX | +0.170% | −0.130% | +0.0050% every 4 h | — |
| ELSA | Toobit | +0.145% | −0.355% | +0.0109% every 4 h | — |
| BNB | MEXC | +0.140% | +0.000% | 0.0000% every 8 h | Risky |
| BCH | MEXC | +0.120% | −0.020% | +0.0043% every 8 h | — |
| ZEC | Hyperliquid | +0.117% | — | +0.0013% every 1 h | — |
| ASTER | Aster | +0.112% | −0.028% | +0.0263% every 4 h | — |
Basis by coin
The most traded perpetuals: the median basis across exchanges and the range between them.
| Coin | Basis | Range | Exchanges |
|---|---|---|---|
| BTC | −0.041% | −0.082% … +0.210% | 26 |
| ETH | −0.039% | −0.122% … +0.089% | 27 |
| SOL | −0.049% | −0.081% … +0.295% | 26 |
| ZEC | −0.052% | −0.116% … +0.126% | 18 |
| XRP | −0.046% | −0.085% … +0.121% | 25 |
| DOGE | −0.045% | −0.155% … +0.068% | 22 |
| NEAR | −0.040% | −0.146% … +0.113% | 23 |
| HYPE | −0.043% | −1.911% … +0.018% | 22 |
| SUI | −0.062% | −0.150% … +0.059% | 20 |
| IRYS | −0.127% | −0.336% … +0.058% | 9 |
| ADA | −0.049% | −0.135% … +0.006% | 22 |
| WLD | −0.054% | −0.259% … +0.097% | 16 |
| PEPE | −0.074% | −0.273% … +0.123% | 10 |
| BIRB | −2.025% | −2.371% … −0.636% | 9 |
| BNB | −0.009% | −0.163% … +0.182% | 23 |
| ENA | −0.053% | −0.136% … +0.079% | 18 |
| AVAX | −0.067% | −0.174% … −0.010% | 22 |
| LINK | −0.056% | −0.130% … +0.042% | 21 |
| ORDER | −1.172% | −2.530% … +0.124% | 6 |
| UNI | −0.063% | −0.350% … +0.187% | 22 |
How the basis trade works
When the perpetual trades above spot, you can buy the coin on spot and sell the perpetual for the same amount: the coin's price no longer matters, and the profit is the basis closing plus the funding a short receives at a positive rate. That is cash and carry. When the perpetual trades below spot, the trade runs the other way (reverse cash and carry): it needs borrowed coins or coins you already hold.
Four taker fees come off the basis (entry and exit on both legs), and a perpetual's basis moves with its funding. Work out a trade in the futures calculator's Two legs tab.
FAQ
- What is the futures basis?
The difference between the futures and spot price, in percent of spot. For perpetuals it moves with funding.