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Live crypto data · 10 exchanges

2Z Basis: Perp vs Spot Premium

Live 2Z basis: the 2Z perpetual futures price against the same exchange's spot price, perp / spot - 1. A positive basis is a futures premium, a negative one a discount. One row per venue pair on Binance and Bybit above the liquidity filter, then the recorded basis history for 24 hours, 7 days and all time.

2Z's OI-weighted perp-vs-spot basis is -0.12% right now (a discount), 0.004 percentage points above its 7-day average of -0.12%. The widest venue is Bybit (2ZUSDT vs 2ZUSDT spot), at a -0.13% discount, of 2 comparable pairs.

2 comparable pairsPerp OI $12.16MHistory since 27 SepAs of 13:57 UTC

2Z basis OI-weighted
-0.12%
live, across the pairs below
7-day average
-0.12%
hourly, every pair of the coin
Widest venue
-0.13% Bybit
2ZUSDT vs 2ZUSDT spot
Perp open interest
$12.16M
outside the top 50 by perp OI

2Z basis by venue

2 comparable pairs · largest open interest first
Exchange Perp Spot Basis Open interest Perp vol 24h Spot vol 24h Trade
Binance 2ZUSDT 2ZUSDT -0.12% $5.53M $13.38M $2.91M Trade ↗
Bybit 2ZUSDT 2ZUSDT -0.13% $1.55M $4.84M $568K Trade ↗

Not in the table: Hyperliquid 2Z (no same-venue spot market); MEXC 2Z_USDT (no same-venue spot market); Gate 2Z_USDT (no same-venue spot market); KuCoin 2ZUSDTM (no same-venue spot market); Bitget 2ZUSDT (no same-venue spot market); Aster 2ZUSDT (no same-venue spot market); Lighter 2Z (no same-venue spot market).

2Z basis history

Perp vs spot, OI-weighted, every pair

Chart: TradingView Lightweight Charts™

How to read it. Basis is perp / spot - 1 on the same exchange, shown live and un-annualised. Green is a premium (perp above spot), red a discount. Pairs need the same venue and quote currency, and the perp leg needs at least $500K open interest and $1.00M 24h volume. Compare every coin on the basis screener, and see 2Z funding rates, which move for related reasons.

2Z basis FAQ

What is 2Z basis?

2Z's basis is the gap between its perpetual futures price and its spot price on the same exchange, as a percentage: perp / spot - 1. A positive basis is a futures premium (the perp trades above spot), a negative one a discount. It tends to move with funding rates, because funding exists to pull the perp back to spot.

Why can the chart differ from the table?

The table is the live basis of each pair that clears the minimum-liquidity filter ($500K perp open interest, $1.00M 24h volume), from the latest trade price. The chart and the 7-day average are recorded history: every same-venue, same-quote pair of the coin, OI-weighted, from the perp mark price in 5-minute and hourly snapshots.

Why is Hyperliquid not in the table?

This site tracks no Hyperliquid spot markets, so a Hyperliquid perp has no same-venue spot price to compare against. Basis here covers Binance and Bybit only.

Is a high 2Z futures premium a signal?

Not by itself. A rich premium often means leveraged longs are paying up, which also shows in funding; a stretched premium or discount can unwind quickly. Nothing here is financial advice.