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
+0.01 bps
Across 179 perps
Rich count
18
perp > spot
Cheap count
34
perp < spot
Flat count
127
|premium| < 2 bps
| # | Asset | Mark px | Premium | State | 8h funding | Open interest |
|---|---|---|---|---|---|---|
| 1 |  VVV | $20.790 | +24.52 bps | Rich | +16.5 bps | $48.80M |
| 2 |  HEMI | $0.00664 | +19.61 bps | Rich | +1.5 bps | $1.41M |
| 3 |  WLD | $0.50421 | +19.45 bps | Rich | +1.1 bps | $41.60M |
| 4 |  ZRO | $1.171 | +19.32 bps | Rich | +9.3 bps | $25.76M |
| 5 |  MEME | $0.00056 | -17.95 bps | Cheap | -7.1 bps | $437.4K |
| 6 |  XMR | $344 | +13.83 bps | Rich | +3.9 bps | $47.25M |
| 7 |  GOAT | $0.01616 | -12.35 bps | Cheap | -5.9 bps | $456.2K |
| 8 |  STBL | $0.03190 | +10.99 bps | Rich | +1.0 bps | $3.05M |
| 9 |  AR | $2.346 | +10.66 bps | Rich | +1.0 bps | $2.16M |
| 10 |  NEAR | $2.878 | +10.61 bps | Rich | +1.0 bps | $156.46M |
| 11 |  COMP | $18.069 | -9.39 bps | Cheap | -1.0 bps | $901.9K |
| 12 |  APEX | $0.30319 | +8.56 bps | Rich | +6.9 bps | $1.86M |
| 13 |  0G | $0.38318 | -7.99 bps | Cheap | -1.3 bps | $333.6K |
| 14 |  XLM | $0.22805 | -7.14 bps | Cheap | -2.7 bps | $14.84M |
| 15 |  ICP | $3.021 | +6.96 bps | Rich | +1.0 bps | $6.12M |
| 16 |  kLUNC | $0.07102 | -6.89 bps | Cheap | -7.4 bps | $919.0K |
| 17 |  ENA | $0.10461 | +6.79 bps | Rich | +1.0 bps | $31.53M |
| 18 |  TRX | $0.33225 | -6.59 bps | Cheap | -3.0 bps | $13.73M |
| 19 |  BIO | $0.03267 | -6.11 bps | Cheap | -2.9 bps | $2.20M |
| 20 |  ETHFI | $0.36821 | +5.71 bps | Rich | +1.0 bps | $3.89M |
| 21 |  TON | $2.017 | +5.26 bps | Rich | +1.0 bps | $87.72M |
| 22 |  PROVE | $0.19909 | -5.07 bps | Cheap | -1.7 bps | $378.2K |
| 23 |  DOGE | $0.09414 | -4.88 bps | Cheap | +0.2 bps | $29.90M |
| 24 |  CAKE | $1.344 | -4.76 bps | Cheap | -3.0 bps | $693.8K |
| 25 |  EIGEN | $0.21150 | +4.73 bps | Rich | +1.0 bps | $4.28M |
| 26 |  RENDER | $2.222 | +4.64 bps | Rich | +1.0 bps | $5.62M |
| 27 |  DOT | $1.121 | -4.63 bps | Cheap | +1.0 bps | $4.33M |
| 28 |  BNB | $640 | -4.34 bps | Cheap | +0.2 bps | $37.58M |
| 29 |  XRP | $1.240 | -4.03 bps | Cheap | +0.0 bps | $79.17M |
| 30 |  ETC | $7.861 | -3.94 bps | Cheap | +0.6 bps | $1.72M |
| 31 |  DYDX | $0.18098 | +3.87 bps | Rich | +1.0 bps | $6.05M |
| 32 |  FET | $0.26632 | -3.86 bps | Cheap | +1.0 bps | $11.61M |
| 33 |  BTC | $67092 | -3.81 bps | Cheap | +1.0 bps | $2.06B |
| 34 |  ETH | $1880 | -3.72 bps | Cheap | +1.0 bps | $1.18B |
| 35 |  2Z | $0.08111 | -3.69 bps | Cheap | +1.0 bps | $772.5K |
| 36 |  ADA | $0.21713 | -3.64 bps | Cheap | +1.0 bps | $14.72M |
| 37 |  SUI | $0.83321 | -3.60 bps | Cheap | -0.4 bps | $31.61M |
| 38 |  PAXG | $4458 | -3.56 bps | Cheap | +1.0 bps | $25.97M |
| 39 |  APT | $0.85840 | -3.49 bps | Cheap | +1.0 bps | $5.13M |
| 40 |  TIA | $0.38365 | -3.38 bps | Cheap | +1.0 bps | $2.61M |
| 41 |  BSV | $14.410 | -3.32 bps | Cheap | +1.0 bps | $516.2K |
| 42 |  GRASS | $0.46301 | +3.24 bps | Rich | +1.0 bps | $8.74M |
| 43 |  kPEPE | $0.00323 | -3.10 bps | Cheap | +1.0 bps | $15.75M |
| 44 |  ALT | $0.00686 | -2.91 bps | Cheap | -1.3 bps | $371.5K |
| 45 |  LTC | $48.245 | -2.82 bps | Cheap | +1.0 bps | $11.54M |
| 46 |  STRK | $0.03691 | -2.71 bps | Cheap | -0.0 bps | $3.43M |
| 47 |  APE | $0.15031 | -2.66 bps | Cheap | +1.0 bps | $1.29M |
| 48 |  SOL | $75.280 | -2.66 bps | Cheap | +1.0 bps | $279.72M |
| 49 |  ZEC | $593 | +2.53 bps | Rich | +1.8 bps | $351.37M |
| 50 |  NXPC | $0.43267 | -2.45 bps | Cheap | +1.0 bps | $973.2K |
| 51 |  SNX | $0.27723 | -2.16 bps | Cheap | -0.5 bps | $601.1K |
| 52 |  HBAR | $0.08804 | -2.04 bps | Cheap | +1.0 bps | $5.24M |
| 53 |  kBONK | $0.00522 | -1.91 bps | Flat | +1.0 bps | $4.59M |
| 54 |  STX | $0.22005 | -1.82 bps | Flat | -0.0 bps | $606.9K |
| 55 |  BERA | $0.31252 | -1.60 bps | Flat | +1.0 bps | $1.58M |
| 56 |  BRETT | $0.00651 | -1.53 bps | Flat | +1.0 bps | $183.0K |
| 57 |  WLFI | $0.06129 | -1.47 bps | Flat | +1.0 bps | $11.25M |
| 58 |  INIT | $0.06887 | -1.45 bps | Flat | +1.0 bps | $323.0K |
| 59 |  PENGU | $0.00724 | -1.38 bps | Flat | +1.0 bps | $4.24M |
| 60 |  SEI | $0.06387 | -1.25 bps | Flat | +1.0 bps | $2.09M |
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.