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Crypto Futures Term Structure and Annualized Basis

Every dated futures contract on Binance and Bybit, USDⓈ- and coin-margined, with its basis over the exchange's own index price and that basis annualized: the yield of a cash-and-carry trade held to expiry. Plotted by days to expiry, the contracts form the term structure curve; the perpetual's funding rate is the 0-day point. Live from the exchanges' public APIs, refreshed every minute.

BTC's curve is in contango: the 25 Dec 2026 quarterly contract (43 days, Binance and Bybit) trades at +5.97% annualized over the index, against +7.08% APR perp funding. ETH's curve is in contango: the 25 Dec 2026 quarterly contract (43 days, Binance and Bybit) trades at +4.68% annualized over the index, against +2.93% APR perp funding. Richest front contract: BNB at +7.90% annualized; cheapest: SOL at +3.47%.

58 dated contracts9 coinsSource: Binance and Bybit public APIsAs of 13:15 UTC

Compare adjacent BTC and ETH expiry marks on the futures calendar spreads and roll cost monitor.

Read the guide to futures curves, calendar spreads and annualised basis, and how the cash-and-carry trade earns it.

BTC futures curve

annualized basis by days to expiry
  • Binance USDⓈ-margined
  • Binance Coin-margined
  • Bybit USDⓈ-margined
  • Bybit Coin-margined
  • Perp funding APR (0 days)
0% 2.5% 5% 7.5% 10% perp 60d 120d 180d 240d 300d 360d Binance BTCUSDT_261225: +5.88% annualized, 43 days Binance BTCUSDT_270326: +5.70% annualized, 134 days Binance BTCUSD_261225: +6.11% annualized, 43 days Binance BTCUSD_270326: +5.74% annualized, 134 days Bybit BTCUSDT-20NOV26: +7.06% annualized, 7.8 days Bybit BTCUSDT-27NOV26: +7.55% annualized, 15 days Bybit BTCUSDT-25DEC26: +6.08% annualized, 43 days Bybit BTCUSDT-29JAN27: +6.05% annualized, 78 days Bybit BTCUSDT-26MAR27: +5.85% annualized, 134 days Bybit BTCUSDT-25JUN27: +5.68% annualized, 225 days Bybit BTCUSDT-24SEP27: +5.76% annualized, 316 days Bybit BTCUSDZ26: +5.79% annualized, 43 days Bybit BTCUSDH27: +5.85% annualized, 134 days Binance perp BTCUSDT: funding +8.22% APR Bybit perp BTCUSDT: funding +5.94% APR 0% 2.5% 5% 7.5% 10% perp 60d 120d 180d 240d 300d 360d Binance BTCUSDT_261225: +5.88% annualized, 43 days Binance BTCUSDT_270326: +5.70% annualized, 134 days Binance BTCUSD_261225: +6.11% annualized, 43 days Binance BTCUSD_270326: +5.74% annualized, 134 days Bybit BTCUSDT-20NOV26: +7.06% annualized, 7.8 days Bybit BTCUSDT-27NOV26: +7.55% annualized, 15 days Bybit BTCUSDT-25DEC26: +6.08% annualized, 43 days Bybit BTCUSDT-29JAN27: +6.05% annualized, 78 days Bybit BTCUSDT-26MAR27: +5.85% annualized, 134 days Bybit BTCUSDT-25JUN27: +5.68% annualized, 225 days Bybit BTCUSDT-24SEP27: +5.76% annualized, 316 days Bybit BTCUSDZ26: +5.79% annualized, 43 days Bybit BTCUSDH27: +5.85% annualized, 134 days Binance perp BTCUSDT: funding +8.22% APR Bybit perp BTCUSDT: funding +5.94% APR

ETH futures curve

annualized basis by days to expiry
  • Binance USDⓈ-margined
  • Binance Coin-margined
  • Bybit USDⓈ-margined
  • Bybit Coin-margined
  • Perp funding APR (0 days)
0% 2% 4% 6% 8% perp 60d 120d 180d 240d 300d 360d Binance ETHUSDT_261225: +4.70% annualized, 43 days Binance ETHUSDT_270326: +4.52% annualized, 134 days Binance ETHUSD_261225: +4.84% annualized, 43 days Binance ETHUSD_270326: +4.64% annualized, 134 days Bybit ETHUSDT-20NOV26: +6.26% annualized, 7.8 days Bybit ETHUSDT-27NOV26: +4.03% annualized, 15 days Bybit ETHUSDT-25DEC26: +4.45% annualized, 43 days Bybit ETHUSDT-29JAN27: +4.88% annualized, 78 days Bybit ETHUSDT-26MAR27: +4.64% annualized, 134 days Bybit ETHUSDT-25JUN27: +4.86% annualized, 225 days Bybit ETHUSDT-24SEP27: +4.92% annualized, 316 days Bybit ETHUSDZ26: +4.74% annualized, 43 days Bybit ETHUSDH27: +4.56% annualized, 134 days Binance perp ETHUSDT: funding +4.43% APR Bybit perp ETHUSDT: funding +1.42% APR 0% 2% 4% 6% 8% perp 60d 120d 180d 240d 300d 360d Binance ETHUSDT_261225: +4.70% annualized, 43 days Binance ETHUSDT_270326: +4.52% annualized, 134 days Binance ETHUSD_261225: +4.84% annualized, 43 days Binance ETHUSD_270326: +4.64% annualized, 134 days Bybit ETHUSDT-20NOV26: +6.26% annualized, 7.8 days Bybit ETHUSDT-27NOV26: +4.03% annualized, 15 days Bybit ETHUSDT-25DEC26: +4.45% annualized, 43 days Bybit ETHUSDT-29JAN27: +4.88% annualized, 78 days Bybit ETHUSDT-26MAR27: +4.64% annualized, 134 days Bybit ETHUSDT-25JUN27: +4.86% annualized, 225 days Bybit ETHUSDT-24SEP27: +4.92% annualized, 316 days Bybit ETHUSDZ26: +4.74% annualized, 43 days Bybit ETHUSDH27: +4.56% annualized, 134 days Binance perp ETHUSDT: funding +4.43% APR Bybit perp ETHUSDT: funding +1.42% APR

BTC quarterly annualized basis history

Hourly · front and next quarterly contract · rolls marked

Loading chart…

Chart: TradingView Lightweight Charts™

Every coin with dated futures

ranked by the front quarterly contract's annualized basis · click a header to sort
Coin Front annualized Front expiry Best carry Perp funding APR Curve Contracts Dated OI Exchanges
1BNB +7.90% 25 Dec 2026 43d · quarterly +7.90% Binance 25 Dec 2026 -4.66% contango 2 $4.91M Binance
2HYPE +7.82% 25 Dec 2026 43d · quarterly +8.49% Bybit 27 Nov 2026 +9.70% contango 4 (1 near) $617K Bybit
3DOGE +7.69% 25 Dec 2026 43d · quarterly +7.69% Bybit 25 Dec 2026 -2.30% contango 4 (1 near) $232K Bybit
4XAUT +6.64% 25 Dec 2026 43d · quarterly +6.64% Bybit 25 Dec 2026 +6.89% contango 4 (1 near) $36K Bybit
5XRP +6.12% 25 Dec 2026 43d · quarterly +7.65% Bybit 25 Dec 2026 +8.92% contango 6 (1 near) $1.27M Binance, Bybit
6BTC +5.97% 25 Dec 2026 43d · quarterly +7.55% Bybit 27 Nov 2026 +7.08% contango 14 (1 near) $231.74M Binance, Bybit
7MNT +5.02% 25 Dec 2026 43d · quarterly +5.02% Bybit 25 Dec 2026 +4.35% mixed 4 (1 near) $3,861 Bybit
8ETH +4.68% 25 Dec 2026 43d · quarterly +6.26% Bybit 20 Nov 2026 +2.93% contango 14 (1 near) $103.92M Binance, Bybit
9SOL +3.47% 25 Dec 2026 43d · quarterly +5.77% Bybit 20 Nov 2026 -0.12% contango 6 (1 near) $3.35M Binance, Bybit

The history compares quarterly basis with open-interest-weighted perpetual funding on Binance and Bybit USDT perps. Funding is the quoted rate annualized (rate × 8760 / funding interval in hours), not settled payments. Missing funding breaks the line.

Contango and backwardation. When dated futures trade above the index the curve is in contango, the usual state in crypto: leveraged longs pay a premium for exposure, and the premium is usually larger for later expiries. When they trade below it the curve is in backwardation, typical after sharp sell-offs or when hedging demand is heavy. A mixed curve has expiries on both sides.

Cash-and-carry. Buying the coin spot and selling a dated future locks in the future's premium: at expiry the future settles at the index, whatever the price did. The annualized basis is that premium as a simple yearly rate, (mark / index − 1) × 365 / days to expiry, before fees and the cost of the capital in the spot leg. Compare it with the perpetual's funding rate (the 0-day point on each curve) to see whether a quarterly or a perp pays more for the same hedge.

Every Binance USDⓈ-M and COIN-M quarterly and every Bybit USDT and inverse dated contract, compared with each exchange's own index price. Contracts under 2 days from expiry are flagged and left out of the curves and rankings, because annualizing a few hours of premium gives huge, meaningless numbers. Live from the exchanges' public APIs, refreshed every minute while the page is viewed; every contract is also recorded once an hour for the history chart, whose front series rolls to the next quarter 2 days before expiry. Perp-vs-spot basis is on the basis screener. Not financial advice.

Futures term structure FAQ

When do quarterly futures expire on Binance and Bybit?

Binance and Bybit quarterly futures usually expire on the last Friday of March, June, September and December, with delivery at 08:00 UTC on the expiry date. This is the usual schedule; the listed contract's delivery timestamp determines its actual expiry.

What is the futures term structure?

The term structure is the curve you get by plotting the price of every futures contract on the same asset against its time to expiry. Here each point is a contract's annualized basis, its premium over the exchange's index price scaled to a yearly rate, so contracts with different expiries can be compared on one axis.

What are contango and backwardation?

In contango dated futures trade above spot, and usually more so the further out the expiry: the normal state in crypto, where buyers pay up for leveraged long exposure. In backwardation futures trade below spot, which tends to happen after sharp sell-offs or when demand to hedge or short is heavy. A curve can also be mixed, with some expiries above the index and some below.

What is a cash-and-carry trade?

Buy the coin spot, sell the same amount of a dated future, and hold both to expiry. At delivery the future converges to the index, so the premium you sold is locked in whatever the price does. The annualized basis is that premium as a yearly rate; fees, the capital tied up in the spot leg and margin on the short future come out of it. Nothing here is financial advice.

How is the annualized basis calculated?

Basis = mark / index − 1, from the exchange's own mark and index price in the same API response. Annualized basis = basis × 365 / days to expiry: simple, not compounded. Contracts under 2 days from expiry are shown but flagged, because annualizing a few hours of premium gives huge, meaningless figures; they are left out of the charts and rankings.

Why is the perpetual funding rate on the chart?

A perpetual has no expiry; its funding rate plays the role of the basis, paid every few hours instead of at delivery. Shown as an annual rate (APR) at 0 days, it is the short end of the curve: when dated futures pay more than funding, locking in the carry with a quarterly beats collecting funding on a perp, and the other way round.

Which exchanges and contracts are covered?

Binance USDⓈ-M and COIN-M quarterlies, and Bybit's USDT (linear) weeklies, monthlies and quarterlies and its inverse quarterlies, from each exchange's public market-data API. Deribit and OKX are not included. The tables and curves are a live snapshot, refreshed every minute while the page is viewed; every contract is also recorded once an hour for the annualized basis history charts.