Funding vs Basis Sign Disagreements
Contracts where the quoted funding rate points one way and the perp's live premium to same-venue spot points the other.
Funding and basis pointing opposite ways
Largest |basis| first, top 50| Contract | Perp vs spot | Basis | Funding / 8h | Native interval | Open interest | Perp price (source time) | Spot price (source time) | History |
|---|---|---|---|---|---|---|---|---|
| 1ZEREBRO · Bybit | ZEREBROUSDT vs ZEREBROUSDT Discount, funding positive |
-0.259% | 0.0100% | 4h | $5.11M | 0.04244 |
0.04255 |
ZEREBRO basis Bybit funding history |
| 2NIGHT · Bybit | NIGHTUSDT vs NIGHTUSDT Discount, funding positive |
-0.181% | 0.0100% | 4h | $1.51M | 0.04423 |
0.04431 |
NIGHT basis Bybit funding history |
| 3LDO · Bybit | LDOUSDT vs LDOUSDT Discount, funding positive |
-0.169% | 0.0100% | 8h | $7.17M | 0.4133 |
0.4140 |
LDO basis Bybit funding history |
| 4XLM · Bybit | XLMUSDT vs XLMUSDT Discount, funding positive |
-0.163% | 0.0100% | 8h | $18.80M | 0.1841 |
0.1844 |
XLM basis Bybit funding history |
| 5APT · Bybit | APTUSDT vs APTUSDT Discount, funding positive |
-0.159% | 0.0100% | 8h | $13.24M | 0.8786 |
0.8800 |
APT basis Bybit funding history |
| 6PONS · Bybit | PONSUSDT vs PONSUSDT Discount, funding positive |
-0.118% | 0.0100% | 4h | $6.52M | 0.3394 |
0.3398 |
PONS basis Bybit funding history |
| 7EIGEN · Bybit | EIGENUSDT vs EIGENUSDT Discount, funding positive |
-0.117% | 0.0100% | 4h | $4.53M | 0.2554 |
0.2557 |
EIGEN basis Bybit funding history |
| 8ETHFI · Bybit | ETHFIUSDT vs ETHFIUSDT Discount, funding positive |
-0.114% | 0.0100% | 4h | $8.73M | 0.7014 |
0.7022 |
ETHFI basis Bybit funding history |
| 9STRK · Bybit | STRKUSDT vs STRKUSDT Discount, funding positive |
-0.103% | 0.0100% | 4h | $13.31M | 0.07744 |
0.07752 |
STRK basis Bybit funding history |
| 10RENDER · Bybit | RENDERUSDT vs RENDERUSDT Discount, funding positive |
-0.101% | 0.0100% | 4h | $5.81M | 1.972 |
1.974 |
RENDER basis Bybit funding history |
Method. Basis is the live perp price divided by the same-venue USDT spot price, minus one, with contract multipliers divided out exactly as on the basis screener. Funding is the venue's current quoted rate for that exact contract, normalized to 8 hours; the native interval is shown when the exchange reports it. Annualized funding is never subtracted from basis. A row is a disagreement when |basis| ≥ 0.1%, |funding| ≥ 0.01% per 8h and the two have opposite signs.
Coverage. Binance and Bybit linear USDT perps paired with a same-venue USDT spot market. Each pair needs perp open interest ≥ $1.00M, 24h volume ≥ $1.00M on both legs, no stale open interest, funding or volume flag, finite funding, and both price source times within 120 seconds of the current time and at most 60 seconds apart. Price times are the opening minute of the latest exchange bar, in UTC. A quoted funding of exactly zero is eligible but never a disagreement. Hyperliquid has no tracked spot markets and is not covered.
Reading it. Quoted funding is usually set from a premium index averaged over the funding period, so it can lag or diverge from the contemporaneous last-price premium shown here. This screen is descriptive: it does not forecast convergence and is not an arbitrage signal. Data comes from exchange public APIs through the live engine.