The premium or discount of a perpetual futures contract relative to its underlying spot price.
The basis is the leading indicator for funding rate movement. When the perp trades at a sustained premium above spot (basis positive), the venue's funding mechanism kicks in to push it back toward parity by making longs pay shorts. The bigger the basis, the bigger the funding payment.
For live cross-venue funding rates and divergence: ★ Now · Heatmap.
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