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BTC Futures Term Structure

Every BTC 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 BTC's term structure curve with the perpetual funding rate as the 0-day point. Live from the exchanges' public APIs, refreshed every minute.

BTC's futures curve is in contango: annualized basis runs from +3.68% on Bybit BTCUSDT-09OCT26 (9 Oct 2026, 11 days) to +5.71% on Bybit BTCUSDT-27NOV26 (27 Nov 2026, 60 days). The best cash-and-carry right now is Bybit BTCUSDT-27NOV26 (27 Nov 2026, 60 days): buy spot, sell that future and hold to expiry for about +5.71% a year (+0.936% over 60 days), before fees and the cost of funding the spot leg. Perpetual funding, the 0-day point, runs at +5.52% APR on Binance and +6.48% APR on Bybit.

14 dated contractsSource: Binance and Bybit public APIsAs of 11:43 UTC

BTC futures curve

annualized basis by days to expiry · contracts under 2 days left out
  • Binance USDⓈ-margined
  • Binance Coin-margined
  • Bybit USDⓈ-margined
  • Bybit Coin-margined
  • Perp funding APR (0 days)
0% 2% 4% 6% 8% perp 60d 120d 180d 240d 300d Binance BTCUSDT_261225: +5.30% annualized, 88 days Binance BTCUSDT_270326: +5.32% annualized, 179 days Binance BTCUSD_261225: +5.30% annualized, 88 days Binance BTCUSD_270326: +5.34% annualized, 179 days Bybit BTCUSDT-02OCT26: +4.96% annualized, 3.8 days Bybit BTCUSDT-09OCT26: +3.68% annualized, 11 days Bybit BTCUSDT-16OCT26: +4.66% annualized, 18 days Bybit BTCUSDT-30OCT26: +4.77% annualized, 32 days Bybit BTCUSDT-27NOV26: +5.71% annualized, 60 days Bybit BTCUSDT-25DEC26: +5.35% annualized, 88 days Bybit BTCUSDT-26MAR27: +5.39% annualized, 179 days Bybit BTCUSDT-25JUN27: +5.12% annualized, 270 days Bybit BTCUSDZ26: +5.09% annualized, 88 days Bybit BTCUSDH27: +5.21% annualized, 179 days Binance perp BTCUSDT: funding +5.52% APR Bybit perp BTCUSDT: funding +6.48% APR

Every BTC dated contract

nearest expiry first
Contract Exchange Margin Expiry (UTC) Days Mark Index Basis Annualized Open interest 24h volume
BTCUSDT perp Binance USDⓈ no expiry 0 — — — +5.52% funding APR — —
BTCUSDT perp Bybit USDⓈ no expiry 0 — — — +6.48% funding APR — —
BTCUSDT-02OCT26 weekly Bybit USDⓈ 2 Oct 2026 3.8 83,143.8 83,100.4 +0.052% +4.96% $14.01M $144K
BTCUSDT-09OCT26 weekly Bybit USDⓈ 9 Oct 2026 11 83,191.3 83,100.4 +0.109% +3.68% $4.17M $40K
BTCUSDT-16OCT26 weekly Bybit USDⓈ 16 Oct 2026 18 83,289.8 83,100.4 +0.228% +4.66% $2.13M $132K
BTCUSDT-30OCT26 monthly Bybit USDⓈ 30 Oct 2026 32 83,446 83,100.4 +0.416% +4.77% $5.08M $99K
BTCUSDT-27NOV26 monthly Bybit USDⓈ 27 Nov 2026 60 83,873.1 83,095.2 +0.936% +5.71% $3.77M $46K
BTCUSDT_261225 quarterly Binance USDⓈ 25 Dec 2026 88 84,161.4 83,102 +1.275% +5.30% $51.47M $26.38M
BTCUSD_261225 quarterly Binance Coin 25 Dec 2026 88 84,122.1 83,062.1 +1.276% +5.30% $74.82M $32.48M
BTCUSDT-25DEC26 quarterly Bybit USDⓈ 25 Dec 2026 88 84,168.4 83,098.2 +1.288% +5.35% $16.86M $297K
BTCUSDZ26 quarterly Bybit Coin 25 Dec 2026 88 84,085.6 83,068 +1.225% +5.09% $7.54M $466K
BTCUSDT_270326 quarterly Binance USDⓈ 26 Mar 2027 179 85,266.2 83,102 +2.604% +5.32% $2.59M $4.86M
BTCUSD_270326 quarterly Binance Coin 26 Mar 2027 179 85,233.6 83,062.1 +2.614% +5.34% $4.60M $5.97M
BTCUSDT-26MAR27 quarterly Bybit USDⓈ 26 Mar 2027 179 85,293.5 83,100.4 +2.639% +5.39% $6.57M $174K
BTCUSDH27 quarterly Bybit Coin 26 Mar 2027 179 85,187.2 83,068 +2.551% +5.21% $1.15M $69K
BTCUSDT-25JUN27 quarterly Bybit USDⓈ 25 Jun 2027 270 86,240.8 83,095.2 +3.786% +5.12% $6.62M $57K

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 BTC perp-vs-spot basis or BTC 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.

BTC term structure FAQ

Is BTC's futures curve in contango or backwardation?

The summary at the top says which, from the live prices: contango when every BTC 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 BTC cash-and-carry yield?

Buying BTC 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.