Is the perp trading above spot, below spot, or basically flat right now?

How this is calculated

• Basis in dollars is the perp price minus the spot price. Basis in percent is that dollar gap divided by the spot price, times 100.
• A positive basis means the perp is trading at a premium to spot, the more common state in a market with more traders paying up to hold long leverage than short. A negative basis means the perp is trading at a discount, more demand to hold short leverage than long.
• A basis inside plus or minus 0.05% is read as flat, close enough that it is within normal quote noise between the perp and its index rather than a genuine premium or discount.
• Basis and the funding rate are related but not the same number. Funding is the periodic payment exchanges use to pull the perp price back toward spot. This tool reads the price gap itself, not the funding payment; use a funding-rate calculator alongside this one if you need the actual carry cost or credit.