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OP Basis: Perp vs Spot Premium

Live OP basis: the OP 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.

OP's OI-weighted perp-vs-spot basis is -0.10% right now (a discount), 0.043 percentage points below its 7-day average of -0.06%. The widest venue is Bybit (OPUSDT vs OPUSDT spot), at a -0.12% discount, of 2 comparable pairs.

2 comparable pairsPerp OI $53.18MHistory since 27 SepAs of 09:38 UTC

OP basis OI-weighted
-0.10%
live, across the pairs below
7-day average
-0.06%
hourly, every pair of the coin
Widest venue
-0.12% Bybit
OPUSDT vs OPUSDT spot
Perp open interest
$53.18M
outside the top 50 by perp OI

OP basis by venue

2 comparable pairs · largest open interest first
Exchange Perp Spot Basis Open interest Perp vol 24h Spot vol 24h Trade
Binance OPUSDT OPUSDT -0.09% $16.88M $47.30M $7.29M Trade ↗
Bybit OPUSDT OPUSDT -0.12% $10.15M $18.06M $1.65M Trade ↗

Not in the table: MEXC OP_USDT (no same-venue spot market); KuCoin OPUSDTM (no same-venue spot market); Bitget OPUSDT (no same-venue spot market); Hyperliquid OP (no same-venue spot market); Gate OP_USDT (no same-venue spot market); Aster OPUSDT (no same-venue spot market); Lighter OP (no same-venue spot market); HTX OP-USDT (no same-venue spot market); Bybit OPUSD (no same-venue spot market).

OP 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 OP funding rates, which move for related reasons.

OP basis FAQ

What is OP basis?

OP'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 OP 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.