Ethereum
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Sentiment
Track Ethereum perpetual futures futures premium (basis) across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Ethereum (ETH) 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.
Ethereum (ETH) has the second-deepest perpetual market in crypto with aggregate open interest routinely running $15-25B across Binance, Bybit, OKX, Deribit, and Hyperliquid. ETH perps carry distinct funding dynamics vs. BTC because the ETH carry trade (long spot, short perp) is actively farmed by staking-yield arbitrageurs — baseline ETH funding is structurally lower than BTC funding, often by 5-10% APR. ETH dated futures on CME and Deribit provide the cleanest read on institutional hedging flow. Watch the ETH/BTC OI ratio: when ETH OI grows faster than BTC OI, it's historically signaled the early innings of altcoin seasons (2020 DeFi summer, 2021 L2 rotation, 2024 restaking cycle). ETH liquidation clusters below the spot price are the single most-watched map in the altcoin book.
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.