Screener: Perp vs. Spot Basis
Percentage spread between perpetual futures and spot. Annualized yield for assessing contango, backwardation, and cash-and-carry strategies.
| Coin | Spot | Perp | Basis $ | Basis % | Annualized % | Volume 24h |
|---|---|---|---|---|---|---|
| Comparison of spot and first prices… | ||||||
What does the basis show and why does a trader need it?
Basis is the difference between the price of a perpetual futures contract and the spot price of the same coin. A positive basis (contango) means traders are paying a premium for leverage: the market is bullish. A negative basis (backwardation) means, conversely, the perp is trading below the spot price, which is usually a signal of fear or widespread short selling.
Annualized basis in percentage is a standard of comparison for different coins. If BTC Perp is trading 0.3% above spot, which, with funding every 8 hours, yields an annualized basis of approximately 109%. Such values are rare; the basis on liquid top-tiers typically ranges from 5% to 25% per annum, and is closely tied to the funding rate.
The screener compiles a database of the top 30 coins from the spot exchange and the largest perp instrument. For alts with thin spot prices, the values can be volatile, so the table filters out pairs with minimal liquidity on both sides.
How to use basis in trading
Contango - demand for long
A high positive basis indicates that longs are overextended. A continued rise in the basis indicates the late stage of an uptrend, increasing the risk of a pullback.
Backwardation - demand for shorts
Perp is trading below spot—the market is afraid. Persistent backwardation on a liquid top is often a local bottom, especially during growth. OI.
Cash-and-carry
If the annualized basis is consistently above 20%, open a short perp + long spot and hold delta-neutral. The return is comparable to funding arbitrage.