Cross-Venue Basis Gaps: Binance vs Bybit

Method. Each venue's basis is its live perp price divided by its own USDT spot price, minus one, with contract multipliers divided out exactly once, as on the basis screener. The gap is 10000 × (Binance basis − Bybit basis) in basis points: positive when the Binance perpetual is richer against Binance spot than the Bybit perpetual is against Bybit spot, negative when Bybit's is richer. A gap of zero is a valid reading: the two perps carry the same premium to their own spot markets. Nothing is annualized.

Coverage. One coin qualifies only with exactly one Binance USDT perp and one Bybit USDT perp, each paired with its same-venue USDT spot market; coins with a second USDT perp on either venue, inverse or cross-quote contracts and Hyperliquid (no tracked spot markets) are left out. Each perp needs open interest ≥ $1.00M; each of the four legs needs 24h volume ≥ $1.00M, a valid positive price, no stale open interest or volume flag, and a price source time within 120 seconds of the current time; the newest and oldest of the four source times may be at most 60 seconds apart. Source times are the opening minute of the latest exchange bar, in UTC, never the snapshot's request time.

Reading it. The gap removes the two local spot references, so a cross-venue spot-price difference alone does not create one. It is not executable arbitrage profit and not an expected return: taker and maker fees on four legs, the depth available on each, the quote risk between the two venues' USDT markets, funding that changes before any position is closed, and the time it takes to execute all four legs decide whether anything is capturable. This screen is descriptive and nothing here is financial advice. Data comes from exchange public APIs through the live engine.