Bitcoin
Sectors
Sentiment
Track Bitcoin perpetual futures futures premium (basis) across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Bitcoin (BTC) perpetual futures futures premium (basis) data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Annualized futures premium or discount vs. the spot index price (basis). Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Bitcoin (BTC) is the deepest and most liquid perpetual futures market in crypto, listed on every major venue from Binance and Bybit down to regional Korean DEXs. Aggregate BTC perp open interest peaked above $40B in March 2024 during the spot-ETF launch rally and again above $60B in late 2024 as price cleared $100K. Binance, Bybit, OKX, Hyperliquid, and the CME collectively clear roughly 85% of BTC perp volume; CME basis is the cleanest institutional-positioning read since retail cannot access it. Because BTC is the settlement asset for most cross-margined books, forced BTC liquidations cascade into altcoin selling within minutes — BTC futures data leads the rest of the complex on any meaningful deleveraging event, which is why traders chart it first before anything else.
Futures basis is the difference between the futures price and the spot index price, typically expressed as an annualized percentage. Positive basis (contango) reflects bullish demand and the cost of carry — traders pay a premium to hold leveraged upside. Negative basis (backwardation) reflects bearish pressure and forced spot-side selling. On dated futures (CME, Deribit quarterlies), basis is the cleanest institutional-positioning signal because retail rarely accesses these products. On perps, basis is reflected in funding. Sustained annualized basis above 20% attracts cash-and-carry arbitrage (long spot, short futures) which mechanically compresses the spread over days to weeks.
Chart the term structure — plot basis across multiple expiries and watch the curve's shape. Steepening contango is bullish (demand for leverage is growing with tenor); flattening or inverting into backwardation is bearish (forced hedging or capitulation). Basis collapsing from +30% to +5% during an uptrend is a classic exhaustion signal worth heeding. Deep backwardation on dated futures (-10% or worse) in a downtrend typically marks capitulation within days. CME basis vs. offshore perp funding divergence is the best institutional-vs-retail positioning read available.