Glossary · Funding and perpetuals
Basis
Basis is the price difference between two instruments on the same asset: a perpetual and spot, a future and spot, or the same perpetual on two venues. It is usually quoted in basis points of the price.
In a two-leg trade, basis can add to or subtract from the result as the prices move back together or further apart. A position entered at a favourable price gap can gain when the gap closes; one entered at an unfavourable gap pays for it on exit.
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