DERIV Derivatives · Updated April 2026 · ~4 min · For TradingView desktop 3.2.1
Monitoring the Perp/Futures vs Spot Basis
Basis = futures/perp price − spot price. It reflects the derivatives market's sentiment premium over spot — another angle on leverage sentiment.
Premium and discount
- Positive basis (contango): futures dearer than spot, bullish leaning; a persistent large premium = crowded leveraged longs (consistent with high funding);
- Negative basis (backwardation): futures cheaper than spot, panic or short-dominant; extreme backwardation often appears in crash panics, possibly near a local bottom.
How to see it in TradingView
Use a spread chart: create a chart with an expression subtracting two symbols (e.g. perp − spot) to plot the basis curve directly. Or overlay futures and spot on one chart. Watch the turning points and extremes, not the absolute value.
Tip: basis + funding + OI together give the full leverage-structure picture. All three extreme at once (premium + high funding + surging OI) = crowded and fragile, a pullback easily triggers liquidations.