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ETH Futures Term Structure

Every ETH 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 ETH's term structure curve with the perpetual funding rate as the 0-day point. Live from the exchanges' public APIs, refreshed every minute.

ETH's futures curve is mixed (some expiries above the index, some below): annualized basis runs from -9.58% on Bybit ETHUSDT-02OCT26 (2 Oct 2026, 3.8 days) to +4.70% on Bybit ETHUSDT-30OCT26 (30 Oct 2026, 32 days). The best cash-and-carry right now is Bybit ETHUSDT-30OCT26 (30 Oct 2026, 32 days): buy spot, sell that future and hold to expiry for about +4.70% a year (+0.410% over 32 days), before fees and the cost of funding the spot leg. Perpetual funding, the 0-day point, runs at +0.05% APR on Binance and +7.43% APR on Bybit.

14 dated contractsSource: Binance and Bybit public APIsAs of 13:22 UTC

ETH 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)
-10% -5% 0% 5% 10% perp 60d 120d 180d 240d 300d Binance ETHUSDT_261225: +3.76% annualized, 88 days Binance ETHUSDT_270326: +4.28% annualized, 179 days Binance ETHUSD_261225: +4.10% annualized, 88 days Binance ETHUSD_270326: +4.60% annualized, 179 days Bybit ETHUSDT-02OCT26: -9.58% annualized, 3.8 days Bybit ETHUSDT-09OCT26: +2.28% annualized, 11 days Bybit ETHUSDT-16OCT26: +2.94% annualized, 18 days Bybit ETHUSDT-30OCT26: +4.70% annualized, 32 days Bybit ETHUSDT-27NOV26: +4.16% annualized, 60 days Bybit ETHUSDT-25DEC26: +3.84% annualized, 88 days Bybit ETHUSDT-26MAR27: +4.09% annualized, 179 days Bybit ETHUSDT-25JUN27: +4.16% annualized, 270 days Bybit ETHUSDZ26: +3.85% annualized, 88 days Bybit ETHUSDH27: +4.21% annualized, 179 days Binance perp ETHUSDT: funding +0.05% APR Bybit perp ETHUSDT: funding +7.43% APR

Every ETH dated contract

nearest expiry first
Contract Exchange Margin Expiry (UTC) Days Mark Index Basis Annualized Open interest 24h volume
ETHUSDT perp Binance USDⓈ no expiry 0 — — — +0.05% funding APR — —
ETHUSDT perp Bybit USDⓈ no expiry 0 — — — +7.43% funding APR — —
ETHUSDT-02OCT26 weekly Bybit USDⓈ 2 Oct 2026 3.8 2,680.6 2,683.2 -0.099% -9.58% $8.67M $16K
ETHUSDT-09OCT26 weekly Bybit USDⓈ 9 Oct 2026 11 2,685 2,683.2 +0.067% +2.28% $3.08M $67K
ETHUSDT-16OCT26 weekly Bybit USDⓈ 16 Oct 2026 18 2,687.1 2,683.2 +0.143% +2.94% $720K $279K
ETHUSDT-30OCT26 monthly Bybit USDⓈ 30 Oct 2026 32 2,694.2 2,683.2 +0.410% +4.70% $6.21M $23K
ETHUSDT-27NOV26 monthly Bybit USDⓈ 27 Nov 2026 60 2,701.5 2,683.2 +0.681% +4.16% $4.40M $188
ETHUSDT_261225 quarterly Binance USDⓈ 25 Dec 2026 88 2,707.3 2,683.1 +0.903% +3.76% $25.24M $9.34M
ETHUSD_261225 quarterly Binance Coin 25 Dec 2026 88 2,708.9 2,682.4 +0.985% +4.10% $24.61M $2.74M
ETHUSDT-25DEC26 quarterly Bybit USDⓈ 25 Dec 2026 88 2,708 2,683.2 +0.923% +3.84% $19.30M $49K
ETHUSDZ26 quarterly Bybit Coin 25 Dec 2026 88 2,707 2,682.2 +0.925% +3.85% $4.96M $219K
ETHUSDT_270326 quarterly Binance USDⓈ 26 Mar 2027 179 2,739.4 2,683.1 +2.098% +4.28% $1.39M $1.69M
ETHUSD_270326 quarterly Binance Coin 26 Mar 2027 179 2,742.9 2,682.4 +2.253% +4.60% $816K $310K
ETHUSDT-26MAR27 quarterly Bybit USDⓈ 26 Mar 2027 179 2,737 2,683.2 +2.005% +4.09% $9.79M $21K
ETHUSDH27 quarterly Bybit Coin 26 Mar 2027 179 2,737.5 2,682.2 +2.061% +4.21% $753K $67K
ETHUSDT-25JUN27 quarterly Bybit USDⓈ 25 Jun 2027 270 2,765.7 2,683.2 +3.074% +4.16% $6.86M $136K

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 ETH perp-vs-spot basis or ETH price, funding and open interest. Live from Binance's and Bybit's public APIs, refreshed every minute while the page is viewed; nothing is stored. Not financial advice.

ETH term structure FAQ

Is ETH's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every ETH 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 ETH cash-and-carry yield?

Buying ETH 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.