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C98 Basis: Perp vs Spot Premium

Live C98 basis: the C98 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.

C98's OI-weighted perp-vs-spot basis is -0.12% right now (a discount), 0.026 percentage points below its 7-day average of -0.10%. Only one pair qualifies, so Binance is also the widest venue: C98USDT against C98USDT spot, at -0.12%.

1 comparable pairPerp OI $2.92MHistory since 27 SepAs of 11:39 UTC

C98 basis OI-weighted
-0.12%
live, across the pairs below
7-day average
-0.10%
hourly, every pair of the coin
Widest venue
-0.12% Binance
C98USDT vs C98USDT spot
Perp open interest
$2.92M
outside the top 50 by perp OI

C98 basis by venue

1 comparable pair · largest open interest first
Exchange Perp Spot Basis Open interest Perp vol 24h Spot vol 24h Trade
Binance C98USDT C98USDT -0.12% $1.64M $1.76M $446K Trade ↗

Not in the table: Bybit C98USDT (no same-venue spot market); MEXC C98_USDT (no same-venue spot market); KuCoin C98USDTM (no same-venue spot market); Bitget C98USDT (no same-venue spot market); Gate C98_USDT (no same-venue spot market).

C98 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 C98 funding rates, which move for related reasons.

C98 basis FAQ

What is C98 basis?

C98'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 C98 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.