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BTC Futures Term Structure

Every BTC dated futures contract on Binance and Bybit: days to expiry, mark and index price, basis (mark / index − 1) and annualized basis (basis × 365 / days), plotted as BTC's term structure curve with the perpetual funding rate as the 0-day point. Live from the exchanges' public APIs, refreshed every minute.
Next BTC quarterly expiry: Fri 25 Dec 2026 08:00 UTC (43 days), Binance BTCUSDT_261225, Binance BTCUSD_261225, Bybit BTCUSDT-25DEC26, Bybit BTCUSDZ26.
Next BTC non-quarterly dated (weekly) expiry: Fri 13 Nov 2026 08:00 UTC (0.8 days), Bybit BTCUSDT-13NOV26; near expiry (under 2 days).

BTC's futures curve is in contango: annualized basis runs from +5.61% on Binance BTCUSD_270326 (26 Mar 2027, 134 days) to +7.65% on Bybit BTCUSDT-27NOV26 (27 Nov 2026, 15 days). The best cash-and-carry right now is Bybit BTCUSDT-27NOV26 (27 Nov 2026, 15 days): buy spot, sell that future and hold to expiry for about +7.65% a year (+0.309% over 15 days), before fees and the cost of funding the spot leg. Perpetual funding, the 0-day point, runs at +8.20% APR on Binance and +5.82% APR on Bybit. 1 contract is under 2 days from expiry and flagged: annualizing a few hours of basis gives huge, meaningless numbers.

14 dated contractsSource: Binance and Bybit public APIsAs of 13:31 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.

BTC futures curve

annualized basis by days to expiry · contracts under 2 days left out
  • 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: +5.89% annualized, 43 days Binance BTCUSDT_270326: +5.66% annualized, 134 days Binance BTCUSD_261225: +6.18% annualized, 43 days Binance BTCUSD_270326: +5.61% annualized, 134 days Bybit BTCUSDT-20NOV26: +5.67% annualized, 7.8 days Bybit BTCUSDT-27NOV26: +7.65% annualized, 15 days Bybit BTCUSDT-25DEC26: +6.10% annualized, 43 days Bybit BTCUSDT-29JAN27: +6.10% annualized, 78 days Bybit BTCUSDT-26MAR27: +5.84% annualized, 134 days Bybit BTCUSDT-25JUN27: +5.64% annualized, 225 days Bybit BTCUSDT-24SEP27: +5.72% annualized, 316 days Bybit BTCUSDZ26: +5.81% annualized, 43 days Bybit BTCUSDH27: +5.74% annualized, 134 days Binance perp BTCUSDT: funding +8.20% APR Bybit perp BTCUSDT: funding +5.82% APR 0% 2.5% 5% 7.5% 10% perp 60d 120d 180d 240d 300d 360d Binance BTCUSDT_261225: +5.89% annualized, 43 days Binance BTCUSDT_270326: +5.66% annualized, 134 days Binance BTCUSD_261225: +6.18% annualized, 43 days Binance BTCUSD_270326: +5.61% annualized, 134 days Bybit BTCUSDT-20NOV26: +5.67% annualized, 7.8 days Bybit BTCUSDT-27NOV26: +7.65% annualized, 15 days Bybit BTCUSDT-25DEC26: +6.10% annualized, 43 days Bybit BTCUSDT-29JAN27: +6.10% annualized, 78 days Bybit BTCUSDT-26MAR27: +5.84% annualized, 134 days Bybit BTCUSDT-25JUN27: +5.64% annualized, 225 days Bybit BTCUSDT-24SEP27: +5.72% annualized, 316 days Bybit BTCUSDZ26: +5.81% annualized, 43 days Bybit BTCUSDH27: +5.74% annualized, 134 days Binance perp BTCUSDT: funding +8.20% APR Bybit perp BTCUSDT: funding +5.82% APR

BTC quarterly annualized basis history

Hourly · front and next quarterly contract · rolls marked

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Chart: TradingView Lightweight Charts™

Every BTC dated contract

nearest expiry first
Contract Exchange Margin Expiry (UTC) Days Mark Index Basis Annualized Open interest 24h volume
BTCUSDT perp Binance USDⓈ no expiry 0 — — — +8.20% funding APR — —
BTCUSDT perp Bybit USDⓈ no expiry 0 — — — +5.82% funding APR — —
BTCUSDT-13NOV26 weekly Bybit USDⓈ 13 Nov 2026 Calendar 0.8 72,671.3 72,756 -0.116% -55.20% near expiry $11.03M $43K
BTCUSDT-20NOV26 weekly Bybit USDⓈ 20 Nov 2026 Calendar 7.8 72,843.8 72,756 +0.121% +5.67% $8.69M $57K
BTCUSDT-27NOV26 monthly Bybit USDⓈ 27 Nov 2026 Calendar 15 72,982 72,756.9 +0.309% +7.65% $5.68M $24K
BTCUSDT_261225 quarterly Binance USDⓈ 25 Dec 2026 Calendar 43 73,254.7 72,752.2 +0.691% +5.89% $37.72M $8.95M
BTCUSD_261225 quarterly Binance Coin 25 Dec 2026 Calendar 43 73,201.4 72,675.4 +0.724% +6.18% $73.21M $19.70M
BTCUSDT-25DEC26 quarterly Bybit USDⓈ 25 Dec 2026 Calendar 43 73,276.7 72,756.9 +0.714% +6.10% $12.96M $332K
BTCUSDZ26 quarterly Bybit Coin 25 Dec 2026 Calendar 43 73,167.8 72,673.1 +0.681% +5.81% $7.12M $192K
BTCUSDT-29JAN27 monthly Bybit USDⓈ 29 Jan 2027 Calendar 78 73,702.5 72,756.9 +1.300% +6.10% $950K $17K
BTCUSDT_270326 quarterly Binance USDⓈ 26 Mar 2027 Calendar 134 74,264 72,754.1 +2.075% +5.66% $27.30M $8.94M
BTCUSD_270326 quarterly Binance Coin 26 Mar 2027 Calendar 134 74,169.8 72,675.4 +2.056% +5.61% $26.39M $8.22M
BTCUSDT-26MAR27 quarterly Bybit USDⓈ 26 Mar 2027 Calendar 134 74,312.2 72,756 +2.139% +5.84% $9.54M $331K
BTCUSDH27 quarterly Bybit Coin 26 Mar 2027 Calendar 134 74,201.6 72,672.9 +2.104% +5.74% $3.25M $133K
BTCUSDT-25JUN27 quarterly Bybit USDⓈ 25 Jun 2027 Calendar 225 75,281.5 72,756 +3.471% +5.64% $5.33M $81K
BTCUSDT-24SEP27 quarterly Bybit USDⓈ 24 Sep 2027 Calendar 316 76,359.1 72,756 +4.952% +5.72% $3.03M $419K

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.

How to read it. Basis is the contract's mark price over its exchange's index price, minus one; annualized scales it to a yearly rate, basis × 365 / days to expiry (simple, not compounded). Above zero the future trades at a premium (contango) and selling it against spot earns roughly that yield to expiry, before fees and the cost of funding the spot leg (a cash-and-carry). Below zero it trades at a discount (backwardation). The perp rows give the perpetual funding rate as an APR, the curve's 0-day point. Contracts under 2 days from expiry are flagged: annualizing a few hours of premium gives huge, meaningless numbers.

Compare every coin on the futures term structure table, the live BTC perp-vs-spot basis or BTC price, funding and open interest. Live from Binance's and Bybit's public APIs, refreshed every minute while the page is viewed, and recorded once an hour for the history chart. Not financial advice.

BTC term structure FAQ

When do BTC 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. Next BTC quarterly expiry: Fri 25 Dec 2026 08:00 UTC (43 days), Binance BTCUSDT_261225, Binance BTCUSD_261225. Next BTC quarterly expiry: Fri 25 Dec 2026 08:00 UTC (43 days), Bybit BTCUSDT-25DEC26, Bybit BTCUSDZ26. Next BTC non-quarterly dated (weekly) expiry: Fri 13 Nov 2026 08:00 UTC (0.8 days), Bybit BTCUSDT-13NOV26; near expiry (under 2 days).

Is BTC's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every BTC dated contract trades above its index, backwardation when every one trades below, mixed otherwise. Contracts under 2 days from expiry are left out of that call.

What is the BTC cash-and-carry yield?

Buying BTC spot and selling a dated future locks in the future's premium over the index at expiry. The annualized basis column is that premium as a simple yearly rate; fees and the cost of funding the spot leg come out of it. Nothing here is financial advice.

Why do Binance and Bybit show different basis for the same expiry?

Each contract is compared with its own exchange's index price, and coin-margined (inverse) contracts are quoted and settled differently from USDⓈ-margined ones, so the same expiry can trade a few basis points apart. The gap is usually small; a large one can be an arbitrage or a thin order book.