Perp basis
Perp vs spot.
Premium in basis points (perp price − underlying spot, scaled). Positive = perp trading rich (long-side excess). Negative = perp trading cheap (short-side excess). Sustained extremes are basis-arb candidates and squeeze setups.
Avg premium
-3.05 bps
Across 177 perps
Rich count
9
perp > spot
Cheap count
81
perp < spot
Flat count
87
|premium| < 2 bps
| # | Asset | Mark px | Premium | State | 8h funding | Open interest |
|---|---|---|---|---|---|---|
| 1 |  NOT | $0.00037 | -27.10 bps | Cheap | -4.5 bps | $215.4K |
| 2 |  kBONK | $0.00283 | -17.62 bps | Cheap | -14.6 bps | $8.11M |
| 3 |  AERO | $0.45560 | -16.95 bps | Cheap | -7.5 bps | $8.33M |
| 4 |  POLYX | $0.03588 | -16.41 bps | Cheap | -7.1 bps | $112.9K |
| 5 |  kFLOKI | $0.02113 | -13.23 bps | Cheap | -9.0 bps | $572.2K |
| 6 |  MET | $0.13705 | -12.67 bps | Cheap | +0.5 bps | $1.75M |
| 7 |  TURBO | $0.00081 | -12.29 bps | Cheap | -4.1 bps | $302.2K |
| 8 |  kNEIRO | $0.06001 | -11.65 bps | Cheap | -4.9 bps | $153.3K |
| 9 |  HYPER | $0.06873 | -11.62 bps | Cheap | -3.3 bps | $275.3K |
| 10 |  CELO | $0.07076 | -11.01 bps | Cheap | -0.4 bps | $127.2K |
| 11 |  0G | $0.17562 | -10.24 bps | Cheap | +1.0 bps | $247.5K |
| 12 |  STABLE | $0.03571 | -10.06 bps | Cheap | -5.6 bps | $2.56M |
| 13 |  2Z | $0.06498 | -9.99 bps | Cheap | +1.0 bps | $602.8K |
| 14 |  SKR | $0.00809 | -9.87 bps | Cheap | +1.0 bps | $150.6K |
| 15 |  JTO | $0.54527 | -9.63 bps | Cheap | -2.7 bps | $9.85M |
| 16 |  SUPER | $0.08344 | -9.56 bps | Cheap | -2.0 bps | $156.9K |
| 17 |  VIRTUAL | $0.61102 | -9.48 bps | Cheap | -3.4 bps | $6.37M |
| 18 |  S | $0.02436 | -9.43 bps | Cheap | -1.8 bps | $799.8K |
| 19 |  BIGTIME | $0.00651 | -9.20 bps | Cheap | -0.3 bps | $127.3K |
| 20 |  UMA | $0.36263 | -8.81 bps | Cheap | -3.6 bps | $288.2K |
| 21 |  ATOM | $1.487 | -8.73 bps | Cheap | -6.9 bps | $2.06M |
| 22 |  PENGU | $0.00599 | -8.34 bps | Cheap | +0.0 bps | $4.35M |
| 23 |  RSR | $0.00120 | -8.28 bps | Cheap | -6.3 bps | $123.2K |
| 24 |  SAND | $0.04736 | -8.22 bps | Cheap | -1.8 bps | $306.1K |
| 25 |  AIXBT | $0.01829 | -8.19 bps | Cheap | -0.3 bps | $392.1K |
| 26 |  SEI | $0.04643 | -8.18 bps | Cheap | -2.4 bps | $1.50M |
| 27 |  WLD | $0.37229 | -8.05 bps | Cheap | -3.7 bps | $37.89M |
| 28 |  ARB | $0.08971 | -7.80 bps | Cheap | -0.6 bps | $5.27M |
| 29 |  RENDER | $1.465 | -7.64 bps | Cheap | -2.0 bps | $1.19M |
| 30 |  ANIME | $0.00263 | -7.59 bps | Cheap | -1.5 bps | $161.8K |
| 31 |  MINA | $0.04495 | -7.55 bps | Cheap | -3.6 bps | $971.1K |
| 32 |  OP | $0.09483 | -7.37 bps | Cheap | -2.0 bps | $3.49M |
| 33 |  STRK | $0.02748 | -7.27 bps | Cheap | -1.1 bps | $2.54M |
| 34 |  KAS | $0.02770 | -7.21 bps | Cheap | +0.2 bps | $796.8K |
| 35 |  XMR | $332 | +7.09 bps | Rich | +3.0 bps | $52.03M |
| 36 |  PYTH | $0.04837 | -7.02 bps | Cheap | -0.9 bps | $1.78M |
| 37 |  TRX | $0.32376 | -6.94 bps | Cheap | -1.7 bps | $17.69M |
| 38 |  NEO | $2.018 | -6.92 bps | Cheap | -2.7 bps | $269.8K |
| 39 |  NIL | $0.03463 | -6.92 bps | Cheap | +1.0 bps | $457.5K |
| 40 |  TAO | $193 | -6.83 bps | Cheap | -1.6 bps | $20.03M |
| 41 |  APT | $0.60610 | -6.59 bps | Cheap | -0.4 bps | $3.94M |
| 42 |  VVV | $11.437 | +6.56 bps | Rich | +1.0 bps | $24.41M |
| 43 |  SPX | $0.33944 | -6.47 bps | Cheap | -4.3 bps | $2.38M |
| 44 |  ZEC | $549 | +6.25 bps | Rich | +1.3 bps | $324.34M |
| 45 |  POPCAT | $0.04242 | -6.12 bps | Cheap | -0.6 bps | $1.05M |
| 46 |  MOODENG | $0.03749 | -5.86 bps | Cheap | +0.2 bps | $283.4K |
| 47 |  ALGO | $0.08194 | -5.85 bps | Cheap | +0.3 bps | $1.93M |
| 48 |  COMP | $17.281 | -5.72 bps | Cheap | +1.0 bps | $872.3K |
| 49 |  PEOPLE | $0.00532 | -5.63 bps | Cheap | -2.9 bps | $122.8K |
| 50 |  GMT | $0.00718 | -5.56 bps | Cheap | -3.3 bps | $193.7K |
| 51 |  DOGE | $0.07223 | -5.53 bps | Cheap | +0.2 bps | $24.69M |
| 52 |  XRP | $1.088 | -5.51 bps | Cheap | +0.8 bps | $101.61M |
| 53 |  BCH | $220 | -5.49 bps | Cheap | +0.1 bps | $6.24M |
| 54 |  ZRO | $0.78097 | +5.38 bps | Rich | +1.0 bps | $23.44M |
| 55 |  BLUR | $0.01539 | -5.19 bps | Cheap | +1.0 bps | $1.17M |
| 56 |  AVNT | $0.08814 | -4.87 bps | Cheap | -1.8 bps | $651.1K |
| 57 |  PROVE | $0.19170 | -4.85 bps | Cheap | +0.5 bps | $242.7K |
| 58 |  FIL | $0.74415 | -4.57 bps | Cheap | -1.7 bps | $2.07M |
| 59 |  ICP | $2.145 | -4.47 bps | Cheap | +1.0 bps | $1.72M |
| 60 |  SUSHI | $0.16027 | -4.36 bps | Cheap | +1.0 bps | $381.6K |
How basis trades
Sustained premium (>+5 bps) means longs are paying up; combined with positive funding it's a classic top-of-rally signature. Sustained discount (< -5 bps) with negative funding means shorts crowded — squeeze risk. Use the funding column to confirm: when premium and funding both point the same way, the regime is strong.