Bitcoin Futures Term Structure
Track Bitcoin perpetual futures term structure across Binance, Bybit, OKX, Deribit.
What is Term Structure for Bitcoin?
The Bitcoin futures term structure plots the annualized basis of BTC dated futures against their expiry, from the nearest contract to the furthest.
Sharpe draws the BTC curve from the dated futures listed on Binance, Bybit, OKX, Deribit.
How to read the Bitcoin Term Structure chart
An upward-sloping Bitcoin curve (contango) means later expiries trade at a higher annualized premium, the normal state when traders pay up for leveraged long exposure.
A flat or inverted curve (backwardation) means near-dated contracts trade richer than later ones or below spot, which usually happens during stress or heavy hedging.
The basis at each expiry is the yield a cash-and-carry trade locks in: buy BTC spot, sell that future, and hold to expiry.
Latest Bitcoin Term Structure snapshot
| Exchange / Contract | Expiry | Days to Expiry | Basis | Annualized Basis | Open Interest |
|---|---|---|---|---|---|
| Deribit BTC-20NOV26 | 2026-11-20 | 18 | +0.11% | +2.21% | $6.02M |
| Bybit BTCUSDT-20NOV26 | 2026-11-20 | 18 | +0.11% | +2.19% | $1.04M |
| Deribit BTC_USDC-27NOV26 | 2026-11-27 | 25 | +0.17% | +2.59% | $2.06M |
| Deribit BTC-27NOV26 | 2026-11-27 | 25 | +0.36% | +5.38% | $44.24M |
| Bybit BTCUSDT-27NOV26 | 2026-11-27 | 25 | +0.39% | +5.79% | $1.49M |
| OKX BTC-USD-261127 | 2026-11-27 | 25 | +0.43% | +6.33% | $7.78M |
| OKX BTC-USD_UM-261127 | 2026-11-27 | 25 | +0.51% | +7.56% | $369.00K |
| Bybit BTCUSDZ26 | 2026-12-25 | 53 | +0.64% | +4.41% | $3.71M |
| Deribit BTC_USDC-25DEC26 | 2026-12-25 | 53 | +0.63% | +4.38% | $1.10M |
| Deribit BTC-25DEC26 | 2026-12-25 | 53 | +0.83% | +5.75% | $281.24M |
| Bybit BTCUSDT-25DEC26 | 2026-12-25 | 53 | +0.14% | +0.99% | $7.58M |
| Binance BTCUSDT_261225 | 2026-12-25 | 53 | +0.78% | +5.39% | $44.05M |
| Binance BTCUSD_261225 | 2026-12-25 | 53 | +0.84% | +5.80% | $71.87M |
| OKX BTC-USD-261225 | 2026-12-25 | 53 | +0.88% | +6.13% | $55.03M |
| OKX BTC-USD_UM-261225 | 2026-12-25 | 53 | +3.04% | +21.08% | $1.32M |
| Deribit BTC-29JAN27 | 2027-01-29 | 88 | +1.29% | +5.36% | $3.00M |
| Bybit BTCUSDH27 | 2027-03-26 | 144 | +1.78% | +4.52% | $1.56M |
| Deribit BTC-26MAR27 | 2027-03-26 | 144 | +1.87% | +4.74% | $102.51M |
| Bybit BTCUSDT-26MAR27 | 2027-03-26 | 144 | +2.07% | +5.27% | $5.46M |
| Binance BTCUSDT_270326 | 2027-03-26 | 144 | +2.20% | +5.60% | $24.92M |
| Binance BTCUSD_270326 | 2027-03-26 | 144 | +2.12% | +5.38% | $17.10M |
| OKX BTC-USD-270326 | 2027-03-26 | 144 | +2.27% | +5.76% | $19.33M |
| OKX BTC-USD_UM-270326 | 2027-03-26 | 144 | +4.27% | +10.84% | $304.96K |
| Deribit BTC-25JUN27 | 2027-06-25 | 235 | +3.50% | +5.44% | $64.42M |
| Bybit BTCUSDT-25JUN27 | 2027-06-25 | 235 | +4.78% | +7.44% | $2.88M |
| OKX BTC-USD-270625 | 2027-06-25 | 235 | +3.55% | +5.53% | $4.93M |
| OKX BTC-USD_UM-270625 | 2027-06-25 | 235 | +2.61% | +4.06% | $222.20K |
| Deribit BTC-24SEP27 | 2027-09-24 | 326 | +4.85% | +5.44% | $9.38M |
| Bybit BTCUSDT-24SEP27 | 2027-09-24 | 326 | +5.47% | +6.14% | $883.96K |
| OKX BTC-USD-270924 | 2027-09-24 | 326 | +4.86% | +5.45% | $6.25M |
Data last updated
Bitcoin Term Structure FAQ
What does contango mean for Bitcoin?
BTC futures trade above spot, and further-dated contracts carry a higher premium. It reflects demand for leveraged long exposure.
What does backwardation mean for Bitcoin?
BTC futures trade below spot or near-dated contracts trade above later ones. It is less common and usually reflects stress or hedging demand.
Why is the Bitcoin basis annualized?
Contracts with different expiries are only comparable as a yield. Annualizing the BTC premium for each expiry puts them on one curve.
Perp funding and dated-futures basis by days to expiry