THE Basis: Perp vs Spot Premium
Live THE basis: the THE perpetual futures price against the same exchange's spot price, perp / spot - 1. A positive basis is a futures premium, a negative one a discount. One row per venue pair on Binance and Bybit above the liquidity filter, then the recorded basis history for 24 hours, 7 days and all time.
THE's OI-weighted perp-vs-spot basis is +0.31% right now (a premium), 0.166 percentage points above its 7-day average of +0.14%. Only one pair qualifies, so Binance is also the widest venue: THEUSDT against THEUSDT spot, at +0.31%.
THE basis by venue
1 comparable pair · largest open interest first| Exchange | Perp | Spot | Basis | Open interest | Perp vol 24h | Spot vol 24h | Trade |
|---|---|---|---|---|---|---|---|
| Binance | THEUSDT | THEUSDT | +0.31% | $1.55M | $1.93M | $295K | Trade |
Not in the table: Bitget THEUSDT (no same-venue spot market); Bybit THEUSDT (no same-venue spot market); KuCoin THEUSDTM (no same-venue spot market); MEXC THE_USDT (no same-venue spot market); Gate THE_USDT (no same-venue spot market); Aster THEUSDT (no same-venue spot market).
THE basis history, Binance perp vs Binance spot
Binance perp vs Binance spot, OI-weightedLoading chart…
Not recorded Chart: TradingView Lightweight Charts™
How to read it. Basis is perp / spot - 1 on the same exchange, shown live and un-annualised. Green is a premium (perp above spot), red a discount. Pairs need the same venue and quote currency, and the perp leg needs at least $500K open interest and $1.00M 24h volume. Compare every coin on the basis screener, and see THE funding rates, which move for related reasons. The basis guide explains the per-exchange history and the 7-day average.
THE basis FAQ
What is THE basis?
THE's basis is the gap between its perpetual futures price and its spot price on the same exchange, as a percentage: perp / spot - 1. A positive basis is a futures premium (the perp trades above spot), a negative one a discount. It tends to move with funding rates, because funding exists to pull the perp back to spot.
Why can the chart differ from the table?
The table is the live basis of each pair that clears the minimum-liquidity filter ($500K perp open interest, $1.00M 24h volume), from the latest trade price. The chart and the 7-day average are recorded history: every same-venue, same-quote pair of the coin, OI-weighted, from the perp mark price in 5-minute and hourly snapshots.
Why is Hyperliquid not in the table?
This site tracks no Hyperliquid spot markets, so a Hyperliquid perp has no same-venue spot price to compare against. Basis here covers Binance and Bybit only.
Is a high THE futures premium a signal?
Not by itself. A rich premium often means leveraged longs are paying up, which also shows in funding; a stretched premium or discount can unwind quickly. Nothing here is financial advice.