BNB Futures Term Structure & Annualized Basis

Q: Is BNB's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every BNB dated contract trades above its index, backwardation when every one trades below, mixed otherwise. Contracts under 2 days from expiry are left out of that call.

BNB Futures Term Structure

Every BNB dated futures contract on Binance and Bybit: days to expiry, mark and index price, basis (mark / index − 1) and annualized basis (basis × 365 / days), plotted as BNB's term structure curve with the perpetual funding rate as the 0-day point. Live from the exchanges' public APIs, refreshed every minute.

BNB's futures curve is in contango: annualized basis runs from +3.90% on Binance BNBUSD_270326 (26 Mar 2027, 179 days) to +4.59% on Binance BNBUSD_261225 (25 Dec 2026, 88 days). The best cash-and-carry right now is Binance BNBUSD_261225 (25 Dec 2026, 88 days): buy spot, sell that future and hold to expiry for about +4.59% a year (+1.104% over 88 days), before fees and the cost of funding the spot leg. Perpetual funding, the 0-day point, runs at +0.00% APR on Binance and -12.53% APR on Bybit.

2 dated contractsSource: Binance public APIsAs of 11:58 UTC

BNB futures curve

annualized basis by days to expiry · contracts under 2 days left out

Binance Coin-margined
Perp funding APR (0 days)

Every BNB dated contract

nearest expiry first

Contract	Exchange	Margin	Expiry (UTC)	Days	Mark	Index	Basis	Annualized	Open interest	24h volume
BNBUSDT perp	Binance	USDⓈ	no expiry	0	—	—	—	+0.00% funding APR	—	—
BNBUSDT perp	Bybit	USDⓈ	no expiry	0	—	—	—	-12.53% funding APR	—	—
BNBUSD_261225 quarterly	Binance	Coin	25 Dec 2026	88	771.75	763.32	+1.104%	+4.59%	$2.02M	$493K
BNBUSD_270326 quarterly	Binance	Coin	26 Mar 2027	179	777.91	763.32	+1.911%	+3.90%	$207K	$7,220

How to read it. Basis is the contract's mark price over its exchange's index price, minus one; annualized scales it to a yearly rate, basis × 365 / days to expiry (simple, not compounded). Above zero the future trades at a premium (contango) and selling it against spot earns roughly that yield to expiry, before fees and the cost of funding the spot leg (a cash-and-carry). Below zero it trades at a discount (backwardation). The perp rows give the perpetual funding rate as an APR, the curve's 0-day point. Contracts under 2 days from expiry are flagged: annualizing a few hours of premium gives huge, meaningless numbers.

Compare every coin on the futures term structure table, the live BNB perp-vs-spot basis or BNB price, funding and open interest. Live from Binance's and Bybit's public APIs, refreshed every minute while the page is viewed; nothing is stored. Not financial advice.

BNB term structure FAQ

Is BNB's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every BNB dated contract trades above its index, backwardation when every one trades below, mixed otherwise. Contracts under 2 days from expiry are left out of that call.

What is the BNB cash-and-carry yield?

Buying BNB spot and selling a dated future locks in the future's premium over the index at expiry. The annualized basis column is that premium as a simple yearly rate; fees and the cost of funding the spot leg come out of it. Nothing here is financial advice.

Why do Binance and Bybit show different basis for the same expiry?

Each contract is compared with its own exchange's index price, and coin-margined (inverse) contracts are quoted and settled differently from USDⓈ-margined ones, so the same expiry can trade a few basis points apart. The gap is usually small; a large one can be an arbitrage or a thin order book.