Basis
Price gap between a futures contract and its underlying spot index.
Basis = perp_price - index_price, usually expressed as a percentage. Positive basis (contango) means perp trades above spot; this is the default state in a bullish market. Negative basis (backwardation) means perp trades below spot, often during panic selling or forced liquidations. Sustained basis feeds into the funding rate: high positive basis forces longs to pay funding until the gap closes. Use basis alongside OI and funding to spot structural positioning.
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