Crypto perpetual-to-spot basis today

Current source-backed snapshot

This page compares current perpetual mark or fair prices from Hyperliquid, OKX, MEXC and Coinbase International with the corresponding Binance USDT spot reference. It shows whether each contract trades at a gross premium or discount, then keeps funding and open interest beside that difference. Because perpetuals have no expiry, the percentage is not annualized carry and is not a locked arbitrage return.

Input documentation: Hyperliquid API · OKX public data · MEXC Futures API · Coinbase International Exchange API · Binance Spot API

Observation window: Perpetual and Binance Spot observations no more than 60 seconds apart

Calculation cadence: Auto-refresh about every 60 seconds

Calculation version: perpetual-spot-basis-aligned-2.0

Download current dataset: JSON · CSV Raw values retain the dataset's published precision. Free fair-use limit: 60 requests per minute per IP, shared across all Research JSON and CSV endpoints.

Current source health

• hyperliquid: live; last success 2026-09-13 15:41:38 UTC
• research okx derivatives: live; last success 2026-09-13 15:41:15 UTC
• research mexc derivatives: live; last success 2026-09-13 15:41:14 UTC
• research coinbase derivatives: live; last success 2026-09-13 15:41:54 UTC
• binance: live; last success 2026-09-13 15:41:52 UTC

Only pairs observed within 60 seconds enter Top Basis; failed alignment is excluded rather than presented as a price difference. The gross basis is not a locked arbitrage return and excludes quote, mark, fee, funding, transfer, margin and slippage differences.

How to read this page

• Positive basis means the perpetual reference is above the named Binance spot price; negative means below.
• Read funding beside basis: they describe different costs and can disagree.
• Use OI and volume to judge scale before focusing on a large percentage.
• Do not treat a visible difference as executable without book depth, fees and transfer checks.

What can this page tell you quickly?

Best for

Finding time-aligned contracts whose derivatives price differs most from a named spot reference.

Reference

Binance USDT spot within 60 seconds of every displayed perpetual observation.

Ranking

Top 40 aligned rows by absolute gross basis, then tracked OI.

Do not infer

The spread is not risk-free carry or a guaranteed convergence trade.

What does perpetual premium or discount mean?

A positive basis means the venue's perpetual mark or fair price is above Binance spot at the observation time. It can reflect positioning demand, quote differences, index construction, asynchronous updates or temporary market stress. A discount reflects the opposite direction but has the same interpretation limits.

Unlike a dated future, a perpetual contract has no fixed settlement date. There is no predetermined convergence date, so annualizing the displayed difference would create a misleading carry estimate.

How are perpetual basis and funding different?

Basis is a price comparison at one moment. Funding is a periodic payment mechanism whose interval and formula differ by exchange. A trader holding both legs experiences future funding, execution cost and collateral requirements that the current basis cannot summarize.

CoinNudge normalizes funding to one hour for comparison but preserves whether a rate is current or predicted. Predicted funding can change before settlement.

What must be checked before calling a basis an arbitrage?

A real trade requires simultaneous executable prices on both legs, enough order-book depth, compatible collateral, available transfers and a funding horizon. Maker or taker fees, borrow cost and stablecoin differences can exceed the displayed gross spread.

CoinNudge deliberately calls the Binance price a reference rather than an executable hedge. Use the order-book page and venue interfaces before drawing any trading conclusion.

When is perpetual basis useful as a market signal?

A widening basis with rising OI can identify where derivatives demand is concentrating. If price, funding and OI all move together, the market deserves leverage review; if basis moves without scale, it may be transient or venue-specific.

Use the field as a route to deeper investigation. It does not identify which side is informed or whether convergence will favor a directional position.

How can I compare basis persistence across exchanges without stale quotes driving the result?

Use observations that pass the same timestamp-alignment rule, and retain both source prices. A seemingly persistent premium can be an old mark paired with a newer spot reference.

A perpetual mark-to-spot basis is not an executable two-leg spread and cannot be annualized like a dated contract's locked convergence yield.

• Preserve the mark/reference price type, venue, quote units and source span.
• Compare consecutive valid observations over a preselected duration.
• Keep gaps and rejected rows visible instead of forward-filling them into apparent continuous persistence.

Verify: Hyperliquid API · OKX public data · MEXC Futures API · Coinbase International Exchange API · Binance Spot API

What is measured, and what is not?

Method and data boundary

For every fresh perpetual contract with at least $1 million of open interest, CoinNudge matches the normalized base ticker to an eligible Binance USDT spot market. Basis equals (perpetual price / Binance spot price - 1) × 100. Both source timestamps are published, and a row enters Top Basis only when their absolute difference is no more than 60 seconds. Missing timestamps, wider spans and price differences above 10% are rejected. The API publishes the candidate count, aligned count, rejected count and Top 40 display limit. Aligned contracts rank by absolute gross basis and then OI.

Only perpetual and Binance Spot observations no more than 60 seconds apart enter Top Basis; failed alignment is excluded rather than displayed as a result. Quote currency, mark construction, fees, funding, transfer time, margin, withdrawal availability and execution slippage remain outside the gross percentage.

Read the complete CoinNudge methodology

Sources and verification

• Hyperliquid APIPerpetual mark, OI and current funding.
• OKX public dataSwap price, OI and funding.
• MEXC Futures APIPerpetual fair price, OI and funding.
• Coinbase International Exchange APIPerpetual instrument and predicted funding context.
• Binance Spot APINamed spot reference price and timestamp.

Frequently asked questions

Get derivatives dislocation alerts in Telegram

See the venue, gross basis, funding and OI together before treating a price difference as meaningful.