Basis
Roznica miedzy ceną futures a spot.
Basis is calculated as futures price minus spot price. When positive (contango), futures trade at a premium, reflecting bullish expectations or carrying costs. When negative (backwardation), futures trade at a discount, often signalling bearish sentiment or strong immediate demand for the spot asset.
Annualised basis is a popular metric that expresses the futures premium as an annual percentage yield. Traders use it as a proxy for market sentiment and sometimes execute "basis trades" (cash-and-carry arbitrage) by buying spot and shorting the future to capture the premium risk-free.
Basis tends to widen during strongly trending markets and compress near expiry as futures converge to spot. Persistent high basis can indicate euphoria, while persistent negative basis may signal capitulation.
Basis reveals the market's forward expectations and sentiment. It also creates arbitrage opportunities and serves as a gauge of speculative excess.
Jak CryptoRadar24 to sledzi
CryptoRadar24 calculates real-time and annualised basis across multiple futures exchanges, displaying basis trends on coin pages and incorporating them into divergence alerts.
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FAQ
What is contango?
Contango means futures trade above spot (positive basis). It is the normal state in most markets and implies expectation of higher future prices.
What is backwardation?
Backwardation means futures trade below spot (negative basis). In crypto, it often occurs during sharp sell-offs when shorts dominate.
What is a cash-and-carry trade?
It involves buying spot and selling futures simultaneously to lock in the basis as profit when the contract expires. It is a near-risk-free arbitrage strategy.
Does basis apply to perpetual swaps?
Perps also have a basis relative to spot, but it is kept small by funding rates. The basis concept is more pronounced in dated futures with quarterly expiry.