Ethereum Futures Term Structure
Track Ethereum perpetual futures term structure across Binance, Bybit, OKX, Deribit.
What is Term Structure for Ethereum?
The Ethereum futures term structure plots the annualized basis of ETH dated futures against their expiry, from the nearest contract to the furthest.
Sharpe draws the ETH curve from the dated futures listed on Binance, Bybit, OKX, Deribit.
How to read the Ethereum Term Structure chart
An upward-sloping Ethereum 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 ETH spot, sell that future, and hold to expiry.
Latest Ethereum Term Structure snapshot
| Exchange / Contract | Expiry | Days to Expiry | Basis | Annualized Basis | Open Interest |
|---|---|---|---|---|---|
| Bybit ETHUSDT-20NOV26 | 2026-11-20 | 17 | +0.29% | +6.02% | $103.29K |
| Deribit ETH-20NOV26 | 2026-11-20 | 17 | +0.20% | +4.23% | $2.43M |
| Bybit ETHUSDT-27NOV26 | 2026-11-27 | 24 | +0.43% | +6.37% | $2.48M |
| Deribit ETH_USDC-27NOV26 | 2026-11-27 | 24 | +0.26% | +3.85% | $1.02M |
| Deribit ETH-27NOV26 | 2026-11-27 | 24 | +0.34% | +5.01% | $25.32M |
| OKX ETH-USD-261127 | 2026-11-27 | 24 | +0.19% | +2.87% | $3.03M |
| OKX ETH-USD_UM-261127 | 2026-11-27 | 24 | −0.28% | −4.11% | $221.81K |
| Bybit ETHUSDT-25DEC26 | 2026-12-25 | 52 | +0.43% | +3.01% | $6.31M |
| Bybit ETHUSDZ26 | 2026-12-25 | 52 | +0.66% | +4.60% | $2.62M |
| Deribit ETH_USDC-25DEC26 | 2026-12-25 | 52 | +0.65% | +4.50% | $660.75K |
| Deribit ETH-25DEC26 | 2026-12-25 | 52 | +0.60% | +4.19% | $80.28M |
| OKX ETH-USD-261225 | 2026-12-25 | 52 | +0.65% | +4.51% | $30.65M |
| OKX ETH-USD_UM-261225 | 2026-12-25 | 52 | +5.70% | +39.72% | $407.06K |
| Binance ETHUSDT_261225 | 2026-12-25 | 52 | +0.68% | +4.76% | $18.99M |
| Binance ETHUSD_261225 | 2026-12-25 | 52 | +0.72% | +4.98% | $24.12M |
| Deribit ETH-29JAN27 | 2027-01-29 | 87 | +1.08% | +4.50% | $2.68M |
| Bybit ETHUSDT-26MAR27 | 2027-03-26 | 143 | +1.68% | +4.29% | $5.77M |
| Bybit ETHUSDH27 | 2027-03-26 | 143 | +0.88% | +2.23% | $1.30M |
| Deribit ETH-26MAR27 | 2027-03-26 | 143 | +1.70% | +4.33% | $28.79M |
| OKX ETH-USD-270326 | 2027-03-26 | 143 | +1.66% | +4.23% | $9.86M |
| OKX ETH-USD_UM-270326 | 2027-03-26 | 143 | +1.08% | +2.74% | $36.35K |
| Binance ETHUSDT_270326 | 2027-03-26 | 143 | +1.74% | +4.42% | $8.46M |
| Binance ETHUSD_270326 | 2027-03-26 | 143 | +1.91% | +4.86% | $5.65M |
| Bybit ETHUSDT-25JUN27 | 2027-06-25 | 234 | +4.66% | +7.25% | $2.66M |
| Deribit ETH-25JUN27 | 2027-06-25 | 234 | +2.84% | +4.43% | $18.19M |
| OKX ETH-USD-270625 | 2027-06-25 | 234 | +2.53% | +3.94% | $4.13M |
| OKX ETH-USD_UM-270625 | 2027-06-25 | 234 | +1.86% | +2.89% | $151.82K |
| Bybit ETHUSDT-24SEP27 | 2027-09-24 | 325 | +4.44% | +4.98% | $858.46K |
| Deribit ETH-24SEP27 | 2027-09-24 | 325 | +4.40% | +4.93% | $12.56M |
| OKX ETH-USD-270924 | 2027-09-24 | 325 | +3.95% | +4.43% | $3.53M |
| OKX ETH-USD-271231 | 2027-12-31 | 423 | +6.93% | +5.97% | $1.25M |
Data last updated
Ethereum Term Structure FAQ
What does contango mean for Ethereum?
ETH futures trade above spot, and further-dated contracts carry a higher premium. It reflects demand for leveraged long exposure.
What does backwardation mean for Ethereum?
ETH 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 Ethereum basis annualized?
Contracts with different expiries are only comparable as a yield. Annualizing the ETH premium for each expiry puts them on one curve.
Perp funding and dated-futures basis by days to expiry